Payment Card Industry Council is committed to ensuring a hundred percent safety of cardholders’ data. To achieve a higher level of effectiveness, the council continuously upgrades norms and regulations. These changes are regulated based on the input from market research. New threats, malware, and ill practices are identified and then changes are the floated as new requirements.
Online fraud is at an all-time high, hackers are devising new methods to gain control and steal valuable data. Firms that store or process cardholders’ data continues to be the hot target because attacking them provides perpetrators with the instant gratification of monetary benefits.
It is undoubtedly one of the most recurring PCI DSS questions and the answer is No. Not every organization needs to furnish PCI DSS requirements. Enterprises that receive, processes, or supports online payment are only required to get PCI DSS Compliant.
Earlier, this compliance was only applicable to businesses that processed credit card transactions but owing to the increasing number of frauds, PCI Council has included both debits as well as prepaid card transactions too. Now any organization that stores, processes or transfer any kind of cardholders’ data is required to be PCI Compliant.
One thing key stakeholders need to understand is that the compliance was devised based on the information related to hacking, breaches, and modes of unauthorized access. Over time, the council has identified new and emerging threats and provided fixes for those too.
Today, getting PCI Compliant guarantees a level of protection against all kinds of threats and breaches and it is possible only because of the 12 requirements of PCI DSS. The mentioned requirements take care of everything, they:
Building and maintaining a secure network and systems is one of the primary requirements of PCI DSS Certification. Without securing network and systems organizations cannot apply for scrutiny.
The compliance urges enterprises to maintain the safety of network and system, which acts as an assurance for customers. End-users are relaxed that their PCI Compliant service providers are maintaining a healthy network.
Install and Maintain Latest Firewall Configuration: PCI Compliant businesses are required to install and maintain the latest firewall configuration or they will fail their succeeding PCI inspections. When updated firewall configurations are used, the chances of hackers getting into your system reduces drastically offering a higher level of protection.
Vendor Supplied and Default System for Password Protection is Banned: The council has restricted the use of vendor-supplied and default system for password protection, which protects against unauthorized routes of access and attempts of internal sabotage.
As mentioned earlier, the PCI DSS Council keeps an eye on all developments. The council keenly studies technological advancements and the kind of threats it can be subjected to. By identifying these developments and threats related to them, the council suggests change and compliant enterprises are expected to adhere by it at the earliest, which eliminates all kinds of challenges new technologies can bring.
Maintaining a vulnerability management program is an important aspect of PCI DSS Compliance because it helps organizations:
A huge percentage of data breaches and hacks occur due to ignorance by businesses. They often fail to delete access of former employees or run vulnerability assessments once third-party organizations leave their platform.
PCI DSS compliance requires enterprises to “implement strong access control measures”. Here’s how it helps in keeping fraudulent events at bay:
PCI Council consists of players like VISA, American Express, and Master Card, these are some of the leading online payment facilitators. Every time there’s a breach, VISA and American Express are under pressure, they are often dragged into courtrooms and made to answer queer questions about cardholders’ data safety.
To minimize the damage and save customers as well as themselves, PCI Council has made it compulsory for businesses to continuously monitor and test networks for hackers or viruses.
This is how regular monitoring helps with fraud detection & prevention:
The pretext is very clear, to function under a safety blanket and offer to-notch customer experience, merchants and Fintech enterprises need to get PCI DSS Compliance at the earliest. Since PCI DSS is a set of regulations designed by electronic payment facilitators, you cannot get it done on your own.
Businesses today need to get in touch with a PCI DSS Certificate vendor to become compliant. PCI DSS Compliance Certificate provider can help Fintech start-ups and online merchants develop the requisite the infrastructure before applying for the certificate.
COVID-19 impact on job and economy has led to an increase in online frauds. Hackers are trying to take illicit advantage of organizations that are flunking PCI DSS requirements. While some hackers are trying to gain access to servers, some are happy in taking ransom money from enterprises that are in violation of PCI Compliance.
By adhering to the norms of compliance, enterprises can easily safeguard themselves from ransomware attacks and also protect their servers from getting hacked. The compliance provides the requisite protection against all kinds of existing and brewing hacks.