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Payment Card Industry Data Security Standard (PCI DSS)
What is the Payment Card Industry Data Security Standard (PCI DSS)?
P - C - I
noun
PCI DSS, short for Payment Card Industry Data Security Standard, refers to essential guidelines and regulations implemented to reduce the risk of credit card fraud. These standards are designed to establish secure and reliable transaction processes, benefiting both customers and businesses by safeguarding their financial information.
How does the Payment Card Industry Data Security Standard (PCI DSS) work?
The Payment Card Industry Data Security Standard (PCI DSS) is overseen by the Payment Card Industry Security Standards Council. This collaborative group was formed in 2004 by Mastercard, Visa, Discover, JCB and American Express, with the aim of establishing a unified framework to combat fraud during the transmission of credit card data.
Currently, PCI Compliance is guided by six key objectives: establishing and upholding a secure network, safeguarding cardholder data, implementing a vulnerability management program, enforcing robust access control measures, conducting regular network monitoring and testing, and maintaining an overarching information security policy. These objectives are upheld through a stringent set of regulations that merchants and payment service providers must adhere to when handling and transmitting credit card information.
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