PCI Compliance Stands for Payments Card Industry Compliance and DSS Stands for Data Security Standards. These are the set of procedures the payment Card industry recommends for compliance with security standards and prevent Data Breaches.
The core behind the implementation of a standardized set of procedures is to protect the cardholders ‘information. While using the cardholder’s information identity theft is very common and needs prevention. Using the card holder’s information identity theft can be easily done and that needs to be prevented. The strict adherence to PCI Compliance is the sole responsibility of merchants to ensure the security of cardholder data. Being a strict business requirement, all compliance rules are made by Payment Card Security Counsel. If you’re accepting card payments as a business, these requirements are absolutely crucial and cannot be missed. The reason is so that sensitive customer information and card data doesn’t fall into the wrong hands. The data is highly protected and is not used for malicious purposes.
Identity theft is something very common in the digital age. Hence, for the sole purpose of securing data, data privacy, and securing key info. were the two key highlights. Via any means or through phone, the card information can be taken easily. For the purpose of the data breach and using personalized information. Hence, hackers used to hack information for their advantage.
PCI COMPLIANCE PROCESS
For security measures or for compliance, the PCI Compliance process is a set of highly secure procedures. Hence, for the processing of transactions, the merchants need these procedures for the completion of transactions. Think of it as a car that needs to go through a security clearance. Hence, when all checkpoints are clear, a car can move forward in a strict security zone. Similarly, for compliance in the Card industry, credit card payments need to follow all security measures. As a business and for secure processing, this is to make sure payment is processed securely. Hence, you need to complete an annual security check. This is critical to make sure you are processing payments securely by being PCI compliant.
Without any breaches, and keeping in mind the security measures. Hence necessarily for more improved transactions, we have PCI Compliance. Finally, they take good care of data protection under the data protection Act 1998. In practice, the normal compliance procedures are easy and require completing a simple online questionnaire. This questionnaire assesses whether you are following the necessary steps required. These are for the cardholder’s data protection.
This questionnaire covers several key aspects:
- What steps you follow to process a card payment
- Who apart from you has access to your payment processing terminal (Point of Sale Device)
- In order to process payments securely. Hence, the training of employees is also a big question mark in attaining heights in payment processing.
- Whether you’re storing any cardholder data/information for future use, and if yes, how/where do you store such data
- What is the connection type (IP/Phone) you are using for your point of sale device? How secure is the connection from potential breaches
- If you have had cardholder data stolen from your premises in the past.
IMPORTANCE IN DATA BREACHES, SECURITY, AND DATA THEFT
The importance of PCI is for the sole purpose of data breaches, the security of data and data theft. For instance, if you are a frequent online shopper, you could be at risk of having your card data stolen. Hence, If you shop at a Non- PCI Compliance merchants store or website, your data can be hacked. Furthermore, for the sake of fraud and unauthorized purchases. Your card can be mishandled through data breaches. The personal information can be accessible and this is for the sole purpose of identity theft. This is where PCI compliance comes into play.
The Payment Cards industry has taken dynamic and increased steps. For the reason of securing through strict PCI compliance. Additionally for the purpose of securing information and making it safe. Hence, heights have been achieved in minimizing identity thefts. An individual’s identity online, is highly important, as it holds information that can easily be used online. Hence, someone can have a credit card as well through a data breach.
A ‘Data Breach’ is accessing data that is not yours or has a legal binding. In addition to this, it is somebody’s data and has been breached. This breach is for the sole purpose of hacking or getting through someone’s information.
While you access important and safe websites you would need online security measures. As an example, while accessing your bank website, you use your ID and P/W, as well as your memorable information. It is similar while you are at an online security check or while on the phone. Security is vital in modern online transaction systems or E-Banking because many people mostly use the website to check their accounts, or even if they are accessing online. In order to fully achieve PCI standards, customers can be fully guided.
Data theft is similar to a data breach. However, the difference lies in nature i.e. Data Theft is more on purpose and the hacker is solely responsible. It means stealing highly private and confidential data to use it for the purpose of hacking or other deliberately wrong reasons. It can also be termed as stealing corporate data in the most intelligent and sophisticated manner. Hence, to drain money from online bank accounts and stock brokerages.
The most common forms of online data frauds, and is the main reason why strict PCI compliance is important to get hold of the online security issues. There has been a reduction in data theft, and the credit goes to the Data Protection agencies whose agendas are very clear, to protect critical, and vital information from being unsafe. Since, the start of the online payments industry and use of the internet for payments, and online banking, there have been contributions in this regard and improvements to the handling of sensitive data.
POTENTIAL DANGERS OF BEING NON-COMPLIANT
There are always some risks associated with certain procedures that require industry standards, and these risks are manipulated and calculated in a very systematic way to minimize the losses that will incur as a result. Noncompliance means ignoring compliance or maybe there is no compliance available for certain transactions. The dangers of being non-compliant can result in the risk of information being shared by others, and that information is un-safe or unprotected and can be misused. This will give risks to the customers, and customers can be in a position where their information can be used. This risk will result in your business.
- Loss of customer trust in case a breach occurs and customer card data or other information is stolen
- Damage to your business’s reputation
- Negative impact on your credit history and termination of merchant processing account
- Difficulty in obtaining credit card processing services in the future if your business has been a point of compromise in the past.
- A bad effect on a loan or credit card account.
The strict adherence to PCI Compliance procedures will only give the consumers safety, security and peace of mind and will increase their trust in your business. Plastic money is the new age phenomenon and is the most relaxed mode of payments. It has not only eased the banking needs, and e-banking, but also paved way for an online transaction system that monitors your credit profile internationally, however, it comes with its own security risks and adhering strictly to the security standards and staying PCI compliant is crucial to the smooth functioning of your business.
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