What does PCI DSS stand for?
PCI DSS stands for the Payment Card Industry Data Security Standard (PCI DSS). PCI DSS applies to your organization if you store, process or transmit sensitive cardholder data. You will need to achieve and maintain compliance to protect your business, agents and customers from fraud risk and data breaches. While not a legal obligation, it is required by the leading card companies for taking credit or debit card payments. If you suffer a breach and are found non-compliant - the significant fines can be crippling.
PCI compliance is more complex to achieve when agents need to receive cardholder data over the telephone or Chat. Anything that cardholder data touches is in scope from agents seeing and hearing the data, to the systems they interact with to process the information.
Learn about the new PCI DSS v4.0 requirements
What is PCI DSS?
Where does PCI DSS compliance apply?
The scope of a PCI DSS audit is extensive and can require either an external auditor or dedicated internal resource to spend a number of months analyzing and evaluating the environment and internal processes, to determine compliance without a guarantee of ongoing security.
Who is the Payment Card Industry Data Security Council?
The PCI SSC governs the PCI DSS regulation, offering robust and comprehensive standards to enhance payment card data security that merchants must comply with. Compliance monitoring comes in the form of an annual audit that concentrates on three main areas:
- Data collection and storage processes
- Reporting data protection processes
- Monitoring and alerting use of data
Benefits of PCI DSS compliance
Trust with card data
- Ensure your systems are secure and payment data free
- Give your customers confidence in doing business with you
Reputation for security
- Improve your reputation with acquirers and payment brands
- Reassure your customers that their card details are in safe hands
Compliance and security
- Stay ahead of all potential cyber and security threats
- Maintaining compliance is a good step toward total security
Other areas of Compliance
GDPR
Personal data now needs to be as secure as payment data
MiFID II
The Markets in Financial Instruments Directive now impacts a wider range of firms and people
