What is PCI Compliance?

by Mickey Smith Author

“A problem well defined is half solved” - so goes an axiom. This is what PCI Compliance is about In general, PCI stands for Payment Card Industry. With the internet explosion all over the world, there has been a growing need for corporations to stay in touch with the customers on the move 24/7, 365 days a year. Smart phones contributed to the burgeoning success in this sector. This, in turn, accentuated the need for an extra layer of online security on businesses handling credit cards (like payment gateways). This brings us to the PCI Security Standards Council.

The PCI Security Standards Council is a global body that oversees and mentors the development, storage, enhancement and security of customer credit card data. PCI Compliance actually helps curb the menace of credit card data theft, internationally. It translates into a safer environment for customers, and businesses. However, the PCI Compliance is a quarterly affair, which means you have to seek validation of the PCI compliance every year.

Being PCI Compliant, means you essentially contribute to a safer business environment and this goes in sync with the greater interest of your business in the long-run. Did you know 40% of the global internet users bought products online and that roughly translates to 1 billion buyers? The best part is that this online buyer community is increasing on a daily basis.

There are five founding members of PCI;Visa Inc., Discover Financial Services, American Express, MasterCard, and JCB International. These members certify and recognise Approved Scanning Vendors and Qualified Security Assessors of the PCI Security Standards Council. The best part is that each founding member and the strategic members of the council have the equal right of voicing their concerns and recommendations. The council encourages organisations around the world to become either a strategic member or an associate, and equally share the responsibility of running the council efficiently.

Having read this far, we can presume that you have fairly understood the need for PCI compliance for your business. However, the question that may bother you at this stage is; how you should go about it? Well, since its inception, the PCI Data Security Standard (PCI DSS) has been evolving especially on requirements under the twelve core points that have summarily remained unchanged until today - from the very first day of PCI SSC. However, these twelve heads are logically grouped under six heads that are termed as the “control objectives” of the PCI DSS. The main objective over all is: Keep credit card data and customers safe.

A business is an entity recognised by the law of the land. A business runs on a mutual trust and confidence of the customers, that are essentially the outcome of years of effort in successful operation of a business. They are also the invaluable assets of any business.

This last paragraph above got abit too hazey and was no longer about “What is PCI Compliance”. Also “12 heads” was very hard to understand (what is 12 heads…?)

Sponsor Ads

• Ad Space Available - Rent it Now!

Created on Dec 31st 1969 18:00. Viewed 0 times.

Comments