Understanding PCI DSS

Understanding PCI DSS

Today is the world of technology and businesses have gone digital by accepting payment through debit and credit cards. People even are more comfortable with the payment of credit cards than carry physical cash with them. This looks convenient for both but in middle, there are digital hackers who try to loot money by stealing financial information and using them to gain money.

Understanding PCI DSS – Security standards

PCI DSS stands for payment card industry data security standards. It’s a security standard that ensures privacy and security in the transfer of financial information. It’s designed in a way that at time of transfer of financial information it stores, process and transmit necessary credit card information through a secure and transparent way.

PCI DSS isn’t a law on the books but it is a globally accepted security set of protocols used to govern the health and integrity of the company to keep the vendor and consumer information safe.

The six main goals of PCI DSS are:

    1. Create, maintain and manage a compliant network of PCI
    2. Provide protection to the data acquired by your organization
    3. Create a plan and maintain it to manage the vulnerabilities of your environment
    4. Implement measure to gain control interface
    5. Regularly monitor and manage test networks
    6. Maintain a policy to manage the data security of your organization

Security Paradigm for Acceptance of Digital Card Payments

Phase One – Assessment

The first thing that PCI DSS does is to assess the technology of the company to make sure that cardholder information is safe and secure. PCI DSS does the assessment through Self-assessment Questionnaires and Qualified Assessors. After complete verification, PCI DSS allows the company to operate in this sector.

Phase Two – Remediation

Once the vulnerabilities are identified, you as a company has to fix it in order to get rid of noncompliance. The remediation process comprises of organization rectifying their flaws and makes it work as per compliance of PCI DSS.

Phase Three – Reporting

After the completion of the remediation process, you must submit all the findings and required documents to card processing centers and acquiring banks. Every small business that using a credit card system to accept payment must store a secure and functional PCI DSS in order to be PCI DSS compliant