What is PCI DSS?

Pre-requisites: What is an Online Transaction?

The payment card industry data security standard (PCI DSS) is controlled by the PCI security standard council. The purpose behind this standard is to reduce payment theft and fraud which are caused due to vulnerability in security. 

Organizations which require card payments stores information of customer. For such organizations it is mandatory to maintain and follow this standard. This standard Install and maintain a secure network and systems, Protect cardholder data, Maintain a vulnerability management program, Implement strong access control measures, Regularly monitor and test networks and maintain an information security policy. 

It also applies across organization  or to a subset of the organization that transmits or stores the card holder data away from the rest of applications. It is applied to all people, processes and technologies that are involved in the processing, transmission, or storage of cardholder data. 

PCI DSS is not just an electronic system but includes all the systems including paper records such as receipts, mail order forms etc., and recordings of phone conversations if, they capture cardholder data being read out to call center operators. This standard needs all applicable merchants and member service providers(MSPS) who are involved with storage, processing or transmitting of cardholder data. IT governance advises on the applicability of the PCI DSS to the organization. 

Advantages of PCI DSS

• It implements and maintains security measures to protect payment card data from unauthorized access which prevents from theft, fraud and reduce the risk of data breaches and improves overall security posture.
• Reduces an organization’s liability in the event of a data breach or other security incident and also ensures that whether the organization has taken reasonable steps to protect payment card data that helps to limit financial and reputational damage.
• Representing their commitment for protection of customer data, which builds trust and confidence in their brand.
• Streamlines their payment card processing and data management practices which improves operational efficiency and reduce costs.

Disadvantages of PCI DSS

• It is highly expensive especially for small and mid-sized businesses as it requires investment in security technologies and training which strains limited resources.
• It is highly complex that makes it difficult to understand for organizations having limited technical experts as it becomes difficult for them to implement and maintain the standard. 
• It takes responsibility only for payment card data but for other types of sensitive data organizations has to take different measures.
• Organizations have to continuously monitor and update their security measures to keep up with new threats and vulnerabilities.