Technology is constantly changing and advancing. Payment platforms are no exception. As these new platforms emerge, the software supporting the platform must be reliable and secure. Without secure payment platforms, payment transactions and data could be compromised. The PCI Software Security Framework (SSF) sets standards and requirements for both traditional and modern payment software.
As a consumer, I feel more confident about using my credit card online and in brick-and-mortar stores when I know retailers are being careful about PCI DSS compliance. Breached financial credentials can wreak havoc not only on the lives of consumers, but also on the well-being of merchant businesses. I think the PCI DSS is an excellent example of how security standards can be improved when organizations cooperate and collaborate.
The Payment Card Industry Data Security Standards (PCI DSS) defines the framework for protecting cardholder data. The framework was developed by the Payment Card Industry Security Standards Council (PCI SSC) and enables organizations to assess how well they are protecting cardholder data, training staff, and conducting PCI DSS audits. PCI compliance and accepting credit cards go hand in hand.
Organizations cannot afford to neglect their PCI compliance obligations. According to its website, PCI could punish offending organizations with a monetary penalty ranging in value from $5,000 to $100,000 per month. These fines could spell the end for a small business. Acknowledging those consequences, organizations need to make sure they’re PCI compliant. More than that, they must ensure they’re prepared for when auditors come knocking on their door.
Let’s begin with a short story. Imagine that we have two large organizations in the public sector. These entities are very similar. Both are on the receiving end of cyber threats. Both adhere to multiple compliance standards. And both need to ensure that their IT systems are functioning and working as planned. But they’re not entirely the same. Take Organization A, for example.
This is it, the best ever PCI DSS and what is hoped will be the definitive version. Despite being a major version change, the 12 core requirements we know and love remain. But there are some significant changes planned. In headline terms, the update is determined to make the standard more flexible and more open to new technologies.