PCI-DSS defines security standards to protect credit card transactions. Managed by the PCI Security Standards Council, it prevents data leakage and online fraud. In the next sections, you'll learn about its importance, target audience and key requirements, along with the benefits of software solutions such as DOT Anonymizer for compliance.
1. What is PCI-DSS?
Payment Card Industry (PCI) compliance involves adhering to security standards to ensure the safety of credit card transactions, in line with the requirements imposed by credit card companies. PCI standards are managed by the PCI Security Standards Council, comprising companies such as Visa, MasterCard, American Express, Discover and JCB. The PCI DSS standard, which stands for Payment Card Industry Data Security Standard, aims both to eliminate the risk of payment data leakage and to reduce online fraud by imposing requirements for payment data security.
These standards were created to protect end-users, intermediaries, banks, and merchants against bank data fraud through the establishment of strict rules to ensure the secure processing, storage, and transmission of credit card data.
2. Which companies need to comply, and when?
The level of PCI DSS compliance varies according to the company's annual transaction volume, whether it's a small family-run business or a large multinational. Whatever their size, companies must comply with the PCI DSS standard if they accept, send, process or store credit card or cardholder data. By adopting the PCI DSS standard, companies demonstrate their commitment to protecting their customers' data, as the consequences of a security breach can have a serious impact on revenues, customers, and the company's reputation.
Version 4.0 of the PCI DSS standard was first released in 2022 to address emerging cyber-attack threats, and companies have until March 31, 2025, to be compliant.
Although PCI DSS compliance is not federally mandated in the US, companies must comply with applicable laws and regulations in their jurisdiction, and non-compliance can result in significant fines.
3. What are the different PCI DSS compliance requirements?
There are the 12 requirements of the PCI DSS standard that have been established in the latest version 4.0:
1. Install and manage a firewall configuration to protect cardholder data.
2. Do not use the default values provided for system passwords and other security settings.
3. Protect stored cardholder data.
4. Encrypt transmission of cardholder data over public and open networks
5. Use and regularly update anti-virus software or programs.
6. Develop and maintain secure systems and applications.
7. Restrict access to cardholder data according to business needs.
8. Assign a unique identifier to each person with access to a computer.
9. Limit physical access to cardholder data.
10. Track and monitor all access to network resources and cardholder data.
11. Regularly test security systems and processes.
12. Maintain an information security policy for all staff.
4. Why is PCI DSS important?
The exponential growth in the amount of banking data processed every day reflects the global population growth, with over 90% of this data generated in recent years. According to the PCI SSC (PCI Security Standards Council), the average cost of a data breach is $3.8 million. This number alone justifies the imperative to take steps to avoid such incidents.
It's also worth noting that some jurisdictions consider cardholder data to be personal data, making it subject to the GDPR (General Data Protection Regulation) and adding a legal dimension to its protection.
5. What are the advantages of using a software solution like DOT Anonymizer to comply with this standard?
Using our software solution, DOT Anonymizer, offers several advantages for PCI-DSS standard compliance. DOT Anonymizer masks or anonymizes personal data such as credit card numbers, reducing the risk of data leakage, stolen data, or unauthorized use. It also enhances the security of credit card data during transmission and storage, in line with PCI-DSS requirements.
6. Conclusion
PCI-DSS standard compliance is essential to safeguarding the security of credit card transactions and avoiding costly data breaches. As we approach version 4.0 of the directive and the compliance deadlines, companies are urged to get ready with no further delay. Complying with these standards enables companies to protect the trust of their customers, preserve their reputation and reduce the financial risks associated with data hacking, while ensuring that users' personal and identifying data is protected.