Fear of Digital Payments? Let's look at how PCI DSS protects your personal payment data.

It creates secure payment networks that allow consumers to easily make payment card transactions without risking the privacy of one's personal data is a critical part of financial data security. PCI DSS is designed to address these concerns by imposing requirements to safeguard credit and debit card information. These requirements have spurred improvements in information security around the world.

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What is PCI DSS? 

The Payment Card Industry Data Security Standard (PCI DSS) is a set of unified globally recognized data security standards launched in 2004. It results from collaborating with five international payment card brands (VISA, MasterCard, JCB International, American Express, and Discover Financial Services). Governed by an independent agency, the Payment Card Industry Security Standards Council (PCI SSC), the PCI DSS compliance scheme aims to improve the security of payment card transactions against data theft and fraud. 

Who should consider compliance with PCI DSS?

As per network standards, the merchant who is accepting card payments is required to be PCI compliant. Irrespective of the industry, size, location, or number of transactions, PCI DSS applies to any organization that accepts, transmits, or stores cardholder data. 

PCI DSS compliance levels

Companies are validated at one of four (4) levels based on the total transaction volume over twelve (12) months. The classification level determines what an enterprise needs to do to remain compliant. 

Level

Business Conditions

Requirements

1

Processing more than 6 million payment card transactions per year

  •  An annual internal audit by an authorized Payment Card Industry (PCI) auditor
  • Quarterly vulnerability scan by an Approved Scanning Vendor (ASV)
  • Attestation of compliance

2

Processing between 1 million and 6 million transactions per year

  • Yearly assessment using Self-Assessment Questionnaire (SAQ)
  • Quarterly vulnerability scan
  • Attestation of Compliance

3

Processing between 20,000 and 1 million e-commerce transactions per year

  • Yearly assessment using a self-assessment questionnaire
  • Quarterly vulnerability scan
  • Attestation of Compliance

4

Processing less than 20,000 e-commerce transactions per year

  •  Yearly assessment using a self-assessment questionnaire
  • Quarterly vulnerability scan
  • Attestation of Compliance

How to become PCI DSS compliant?

The roadmap to PCI DSS specifies 12 REQUIREMENTS that are organized into 6 CONTROL objectives.

To follow the PCI DSS standard, a business must have technical and organizational controls to address the twelve (12) requirements that accomplish six (6) broader controls. They are specified by the PCI SCC as follows:

6 controls that specify the roadmap to PCI DSS

1. Secure Network

  • A firewall configuration must be installed and maintained
  • System passwords must be original (not vendor-supplied)

2. Secure Cardholder Data

  • Stored cardholder data must be protected
  • Transmissions of cardholder data across public networks must be encrypted

3. Vulnerability Management

  • Anti-virus software or programs must be used and regularly updated
  • Secure systems and applications must be developed and maintained

4. Access Control

  • Cardholder data access must be restricted to a business need-to-know basis
  • Every person with computer access must be assigned a unique ID
  • Physical access to cardholder data must be restricted

5. Network Monitoring & Testing

  • Access to cardholder data and network resources must be tracked and monitored
  • Security systems and processes must be regularly tested

6. Information Security

  • A policy dealing with information security must be maintained.

As businesses move from on-premises systems to the cloud, data security, in general, has become an increasing concern as any compromise has far-reaching consequences, including but not limited to reputational loss, customer loss, financial loss liabilities, litigation, regulatory notification, etc. E-commerce and online financial services are booming alongside a rise in more sophisticated online fraud and hacking practices, a dangerous combination. 

Standards like PCI DSS are more critical than ever for protecting these businesses’ consumers and private data. Designed around modern data privacy concerns, PCI DSS has become critical and established guidelines for enterprises dealing with more and more payment data in the cloud to promote secure digital transactions. Remembering that a PCI DSS breach is always a Data Privacy breach, as cardholder data is classified as personal data.

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AuroPay-  A payment gateway platform that completes PCI-DSS certification

AuroPay has been awarded the “Standard - PCI-DSS v3.2.1” certification denoting compliance with the various standards prescribed under the Payment Card Industry Data Security Standard Requirements and Security Assessment Procedures (PCI DSS).

Standard - PCI-DSS v3.2.1 Certification​

Do check our blog about payment instruments included in digital payments.