PCI-DSS, short for Payment Card Industry Data Security Standard, is a mandatory Standard for all enterprises, big and small, which accept the credit card mode of payment. It is a regulatory norm imposed on businesses to protect consumers’ personal/financial information.. Non-compliance with this standard could result in losing its ability to process credit card transactions.

The main aim of this standard is it to make business owners aware of the sensitivity of credit card information and make sure that consumers’ account data are well-protected. PCI-DSS covers an extensive list of requirements, which organizations have to comply with, in order to guarantee complete information security. This is especially pertinent for businesses, which process customers’ credit card information.

The online market provides great opportunities for businesses and many have started to tap this market to enjoy a competitive advantage, Online payments are now widely being accepted. And with the growing popularity of internet shopping, a need arises for strict security protocols to protect customers’ financial data and avoid its misuse. Hence, PCI-DSS compliance is very important for companies, mainly those involved in the exchange of sensitive data.

Here are some basic prerequisites for PCI-DSS compliance:

The standard requires that companies build secure networks to protect card-holder information, which should be firewalled using fail-safe firewalling methods.

Since data is most vulnerable during transmission, PCI-DSS standard requires that data be encrypted when transmitted through open, public networks.

Fixing flaws in the program and arresting malware are very important to ensure that sensitive data remains protected.

Businesses should make sure that security passwords are changed frequently. Some businesses are seen to use passwords and security settings as provided by vendors of the security software. This can be a giveaway to hackers and can pose a major threat to sensitive data.

PCI-DSS also states that a fundamental and easy way to protect information is monitoring website traffic. This can help obtaining visitor behavior which can be helpful in eliminating frauds to a great extent.

PCI-DSS compliance can help companies in guaranteeing customers safe and secure transactions. More often than not, this standard has helped enterprises save their failing reputation. However, implementing PCI-DSS compliance is not easy for companies. Hence many have now resorted to secure GRC solution vendors who help by integrating PCI-DSS guidelines with daily business practices to ensure smooth functioning and complete information security.

Cybercrime incidents are steadily increasing each year, and incidents of data theft and online fraud have become progressively common. Companies should therefore understand the risks involved in dealing with sensitive data, and manage them effectively in order to serve customers better and win their trust.

PCI-DSS or Payment Card Industry Data Security Standard is a very significant regulation for all businesses. By complying with this standard, companies can make sure effective vulnerability scanning and efficient threat management, which in turn makes the business more competitive and enhances customer satisfaction.

Tags: Identity Theft