What is PCI - DSS Standard ?

PCI - DSS (Payment Card Industry Data Security Standard) is a set of security standards designed to protect payment account data and ensure the security of credit card transactions

 

PCI - DSS is intended for all entities that store, process, or transmit cardholder data (CHD) and/or sensitive authentication data (SAD) or could impact the security of the cardholder data and/or sensitive authentication data. This includes all entities involved in payment account processing —including merchants, processors, acquirers, issuers, and other service providers. Whether any entity is required to comply with or validate their compliance to PCI DSS is at the discretion of those organizations that manage compliance programs (such as payment brands and acquirers); contact these organisations for any additional criteria.

 

Purpose:

The primary purpose of PCI - DSS is to safeguard sensitive cardholder data, suc as credit card numbers, expiration dates, and security codes from unauthorised access, fraud and ID theft. 

It aims to minimise the risk of data breaches by enforcing robust security measures for organisations that store, process or transmit payment card information. Compliance with PCI - DSS fosters among customers and stakeholders by ensuting adherence to industry best practices for handling payment data securely.

 

Scope: 

PCI - DSS applies to all entities involved in payment account processing, including: 

  • Merchants, processors, acquirers, issuers, and service providers.
  • Internal systems, networks, databases, and applications that store, process, or transmit cardholder data.
  • Third-party service providers such as payment gateways and hosting providers that handle or impact the security of cardholder data.

The scope extends to any process, technology, or individual that could affect the security of cardholder data.

 

PCI compliance levels are divided into four levels based on the total volume of credit, debit card, and prepaid card transactions over 12 months. Organisations must determine their transaction volume accurately and comply with the corresponding level's requirements to ensure and maintain PCI - DSS compliance. Maintaining the appropriate level of compliance is critical for securing e-commerce transactions, maintaining a secure environment for cardholder data, and preventing potential breaches. More information regarding the four levels compliance you can find in the slides below.

 

Benefits of Compliance with PCI - DSS:

  • Enhanced Data Security: PCI - DSS helps organisations implement strong security measures to prevent data breaches and protect sensitive customer information.
  • Customer Trust: Demonstrating compliance builds confidence among customers by showing a commitment to safeguarding their personal data.
  • Avoidance of Penalties: Adhering to PCI - DSS standards helps businesses avoid fines, legal consequences, and reputational damage associated with non-compliance or data breaches.
  • Operational Efficiency: Secure systems reduce fraud risks and streamline payment processes for smoother operations.
  • Competitive Advantage: Compliance differentiates businesses from competitors by positioning them as trustworthy stewards of customer data.

 

WHY is PCI - DSS important for small businesses?

Small businesses are increasingly targeted by cybercriminals due to weaker security measures. A study found that 43% of cyberattacks target small businesses, and only 14% successfully defend against them. PCI DSS helps mitigate these risks by implementing robust security protocols.