PCI DSS (Payment Card Industry Data Security Standards) have been created by an official Global Forum Council to offer comprehensive “standards and supporting materials to enhance payment card data security” to companies throughout the World. The Council was founded by five Global payment organisations- American Express, JCB International, Discover Financial Services, Visa Inc and MasterCard in an effort to unite and produce a globally accepted standard for all PCI DSS matters.
Unfortunately, many organisations have been cited saying the PCI DSS rules and regulations are not clear enough. This results in companies believing they are compliant when in fact they are not. With this in mind, PCI DSS v3.0 was announced in November 2013 with enforcement from January 2015. This promises to correct the problems of clarity and poor enforcement and signifies a new era of robust compliance activity.
There are many benefits to organisations becoming PCI DSS compliant. The PCI Security Standards Council believes that as systems are secure “customers can trust you with their sensitive payment card information” which results in “trust means your customers have confidence in doing business with you are more likely to be repeat customers, and to recommend you to others”. The Council also goes on to add that by incorporating a PCI DSS solution, “you’ll have a basis for a corporate security strategy” and “you will likely identify ways to improve the efficiency of your IT infrastructure”.
However, to match these benefits, they also highlight negative effects for companies who choose to opt out of the PCI DSS system:
- Insurance claims
- Cancelled accounts
- Payment card issuer fines
- Government fines
At Signal Networks, we can provide you with security audits to ensure you are PCI DSS compliant and that your data is kept safe and secure. Our IT Security services can help protect your organisation from online dangers and provide viable advice how to overcome any negative issues we discover for you.