What is PCI-DSS, and what does it mean for your business? We’ll cover PCI requirements, compliance, and compensating controls. And, of course, we’ll cover how to use it. If you want to learn more, read on. Below are some tips and resources. So, how do you implement PCI-DSS in your business? Here are things you need to know: :
PCI-DSS
Organizations can protect their card data by ensuring that the network is configured correctly. A firewall, or a router, controls incoming and outgoing network traffic. A firewall is the first line of defense in protecting your network from cyber-attacks. Organizations should adopt firewall and router standards and have a standard process for configuring and denying access rules. They should periodically review and update these rules.
A PCI DSS self-assessment questionnaire will help organizations assess their current security controls. The questionnaires are provided by the Payment Card Industry Security Standards Council. They serve as an excellent first step in determining the risks and benefits of PCI DSS compliance. In addition, some banks require an Attestation of Compliance packaged with each questionnaire. Once the assessment is completed and the audit data has been appropriately documented, the organization should retain this data for one year.
Compliance
A PCI DSS compliance assessment identifies a merchant’s level of security, which must be met by all companies that handle credit or debit card information. The standards were created by the Payment Card Industry Security Standards Council (PCI SSC), an industry consortium comprised of American Express, Discover, and Mastercard. The goal of the PCI DSS is to increase controls over cardholder data and reduce credit card fraud.
In addition to security and privacy, the PCI DSS requires an enterprise to establish and maintain a secure processing network. The PCI DSS includes requirements for internet transactions involving payment card data. It is designed to help merchants manage the risks associated with credit card data security. These standards apply to any business that processes credit cards and has a web presence. The Council’s PCI DSS has been developed to help merchants protect customer information and ensure the integrity of payment card data.
Requirements
The PCI DSS standard is a set of requirements for credit card account data security. The credit card industry developed it in response to increased identity theft. Binghamton University must set up controls for handling and storing credit card data, implement computer and internet security measures, and complete an annual self-assessment questionnaire to comply with this standard. In addition, if Binghamton University does not follow the criteria, it could face fines from the payment card industry, plus the additional monetary costs of remediation.
The PCI DSS requires merchants to implement multiple security measures. A comprehensive breach response plan is needed for any business that processes payments. Incident response plans are also required. These plans include notifying card brands, monitoring and testing networks, and backup data. In addition, merchants must comply with local laws regarding the notification of security breaches to customers. Ultimately, the PCI DSS is a complex process, and many businesses may find it challenging to implement the measures required to comply.
Comp compensating controls
Comp compensating controls in the payment card industry (PCI) data security standard are additional controls that go beyond an original PCI DSS requirement. They must address risks that the initial requirement did not cover. In other words, compensating controls must ‘overcompensate’ for the ineffectiveness of the original control. In the end, these controls may not protect the company from liability or financial consequences.
However, while compensating controls are not incompatible with PCI DSS, they are often used to achieve the same goal. For example, they are used in cases where a technical constraint prevents the organization from achieving the original requirement. Moreover, they mitigate the risk of not adhering to the initial condition. Since compensating controls are complex, they will be broken down into various components, including guidelines, processes, documentation, and lessons learned.
Applicability
The Payment Card Industry Data Security Standard (PCI-DSS) was introduced in 2006, as the Internet was growing in maturity. With it, companies leveraged the power of the Internet to connect their payment processing systems online or wirelessly. Consumers were also more comfortable using their credit cards online, making the standard more relevant. However, as new avenues of commerce opened, so did the risks of fraudsters.
A fundamental PCI DSS principle is the need to know. Therefore, every access to cardholder data must be assessed appropriately to prevent the exposure of sensitive data. This requires card companies to keep a detailed document listing each individual’s roles, privileges, and data resources. Then, they must assign each person a unique access control key. Ultimately, PCI-DSS ensures that data remains safe and accessible to authorized individuals only.
