Compliance Roadmap and Essential Tasklist for PCI DSS Adherence
### Compliance with PCI DSS: Essential for Businesses Handling Credit Card Data
The Payment Card Industry Data Security Standard (PCI DSS) is a crucial set of operational and technical standards designed to protect cardholder information, endorsed by Visa, MasterCard, Discover, American Express, and JCB International. Any business that electronically stores, transmits, and processes customer credit card data is required to comply with this standard.
The PCI Security Standards Council (SSC) is the organisation responsible for developing and overseeing PCI DSS. The 12 core requirements of PCI DSS include installing and maintaining a secure network, applying secure configurations, protecting stored cardholder data, and defending against malware, among others.
To ensure adherence to these requirements, merchants are categorised into four levels based on their annual transaction volume with major card brands. Level 1 businesses, processing over 6 million transactions annually across all channels, require a comprehensive Report on Compliance (ROC) by a Qualified Security Assessor (QSA) or Internal Auditor, and an Attestation of Compliance (AOC) Form. Level 2 businesses, processing 1 to 6 million transactions annually across all channels, need to complete a Self-Assessment Questionnaire (SAQ), an Attestation of Compliance (AOC) Form, and quarterly network scans by an Approved Scan Vendor (ASV). Level 3 businesses, processing 20,000 to 1 million e-commerce transactions annually, must follow the same requirements as Level 2 businesses. Level 4 businesses, processing less than 20,000 e-commerce transactions annually and all other merchants who process up to 1 million transactions annually, also need to complete an SAQ, an AOC Form, and quarterly network scans by an ASV.
Non-compliance with PCI DSS can lead to penalties for businesses, including fines, increased transaction fees, termination of the business, actions by state, federal governments, and lawsuits that can cost non-compliant entities a fortune. To stay compliant, businesses need to integrate a set of rules split into six categories: creating a protected network, safeguarding cardholder data, consistently managing malware, restricting and controlling access, constantly monitoring, and maintaining a compliant security policy.
To maintain PCI DSS compliance, companies require in-house expertise and integrate various management platforms to automatically form reports and gather analytical data for submission to regulators. By adhering to PCI DSS, businesses can ensure they are compliant with regulations such as the General Data Protection Regulation (GDPR) and the US Gramm-Leach-Bliley Act (GLBA).
[1] PCI Security Standards Council. (n.d.). PCI DSS. Retrieved from https://www.pcisecuritystandards.org/pci_security/ [2] PCI Security Standards Council. (n.d.). PCI DSS 3.2. Retrieved from https://www.pcisecuritystandards.org/documents/PCI_DSS_v3-2.pdf [4] PCI Security Standards Council. (n.d.). PCI DSS 3.2 Self-Assessment Questionnaire (SAQ) Series. Retrieved from https://www.pcisecuritystandards.org/documents/PCI_DSS_v3-2_SAQ_Series.pdf
- For businesses handling credit card data, adherence to the Payment Card Industry Data Security Standard (PCI DSS) is essential, as it involves the use of financial resources to integrate management platforms ensuring compliance with regulations like the General Data Protection Regulation (GDPR) and the US Gramm-Leach-Bliley Act (GLBA).
- The PCI Security Standards Council, the organization responsible for developing and enforcing PCI DSS, focuses on technology by emphasizing the importance of securing networks, protecting data, and defending against malware to maintain business compliance with the standards.
