In the ever-evolving landscape of electronic payment systems, ensuring the security and integrity of sensitive cardholder data is a necessary procedure. The Payment Card Industry Data Security Standard (PCI DSS) stands as a key framework, guiding companies, that deal with payment card information, in maintaining robust security measures to protect against fraud and data breaches.
Nowadays every personal data is a very valuable tool that can be easily misused in various forms. Every company, dealing with that level of sensitive data is obliged to manage the security in their environment and guarantee the safe usage of services.
What is PCI DSS?
PCI DSS was created two decades ago, in 2004, as a collaborative effort by 5 credit card companies including Visa, Mastercard, American Express, Discover, and JCB International. The set of security standards were designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment.
The primary purpose of PCI DSS is to ensure that businesses securely handle credit card information throughout all credit card payment processing steps. This includes a secure network, protecting cardholder data, implementing strong access control measures, regularly monitoring, and testing networks, and maintaining an information security policy.
To make sure that cardholders’ data is protected at any time, there were 12 requirements of PCI DSS created:
1. Implement firewall protection.
2. Do not use default passwords and standard security configurations provided by vendors.
3. Safeguard stored cardholder data.
4. Secure the transmission of cardholder data over open, public networks through encryption.
5. Employ anti-virus software and ensure it is kept up-to-date.
6. Create and uphold secure systems and applications.
7. Limited access to cardholder data should be granted only to employees whose job responsibilities necessitate such access.
8. Provide unique IDs to each person with access to data or computer systems.
9. Control and limit physical access to cardholder data.
10. Implement continuous tracking and monitoring of network resources and cardholder data access.
11. Conduct routine security systems and processes testing.
12. Establish and uphold an information security policy that applies to both employees and contractors.
PCI DSS levels
There are four levels that companies are categorized to when it comes to PCI DCC compliance. The level depends on the number of card transactions processed every year. Level 1 certified companies process more than 6 million credit card transactions, level 2 between 1 and 6 million, level 3 between 20 000 and 1 million, level 4 less than 20 000 transactions per year. The more credit card payment processing is performed, the more complex compliance requirements need to be met.
Compliance – core of the fintech businesses
At PAYSTRAX we believe that compliance is the core of the electronic payment system business. Following the regulations not only allows to maintain the security but also protects customers from potential threats. When meeting a higher set of standards more security measurements are implemented, which creates a more trusting environment for card transactions.
As technologies are moving forward every day – so are the threats to them. That’s why the electronic payment system must be updated with various security tools that cover the latest technological innovations.
Data breach is one of the most common security violation these days. With so many companies using our personal information, much of it can get leaked when security measurements are not in place. For customers, this can result in fraudulent card transactions, financial losses and more. For the companies – the consequences are very similar. Complying with PCI DSS enables companies to achieve various levels of security, minimising the risk of data breach while maintaining transparency and integrity.
Adhering to the PCI DSS standards is not merely a regulatory obligation but a strategic imperative for businesses operating within the electronic payment systems. By implementing robust security measures, including encryption, access controls, regular monitoring, and policy enforcement, companies can effectively safeguard cardholder data and mitigate the risks of cyber threats and data breaches. Prioritizing PCI DSS compliance not only creates trust among customers but also demonstrates a commitment to upholding the integrity and security of the company. As the financial landscape continues to evolve, embracing these standards remains essential to ensuring a secure and resilient electronic payment system for all stakeholders involved.
