Compliance Glossary

PCI security drafts the guidelines organizations must adhere to to comply with the Payment Card Industry Data Security Standard (PCI DSS). These guidelines ensure that any company processing credit card information has and maintains a secure environment to protect cardholder data. 

PCI DSS was established in 2006. The PCI Security Standards Council (PCI SSC), created by major payment companies like Visa and MasterCard, manages PCI DSS and enforces and regulates the PCI DSS. 

Why does PCI security certification matter?

While the PCI SSC can’t legally force compliance, it’s a requirement for businesses processing credit or debit card payments. PCI certification is seen as the best way to protect sensitive data and earn customers’ trust.

Also, PCI certification ensures card data security through specific requirements set by the PCI SSC. These requirements include global best practices in security, such as installing firewalls, encrypting data transfers, and using antivirus software among others. 

Importance of PCI-compliant security

PCI compliance is a valuable asset for organizations that signals customers and potential prospects of their security posture and builds trust. Conversely, noncompliance can be costly and damaging to your reputation. A data breach could lead to fines, lawsuits, lost sales, and a tarnished brand image.