Several kinds of digital platforms have perfectly opened countless opportunities for business organisations to expand their operations. Every organisation is very much focusing on enablement of the cashless projections in the modern-day business world which has also opened the doors for online fraud and theft elements. Different kinds of issues are prevalent in the modern-day business world which is the main reason that organisations need to adhere and comply with standards of technology and operational aspects for processing systems for example PCI DSS.
PCI DSS is an acronym for the Payment Card Industry Data Security Standard. This is one of the most important standards in the world of cyber security systems and has been perfectly implemented with the motive of keeping the debit card and credit card information safe and secure. The Payment Card Industry Security Standards Council has been perfectly credited with the development of a cohesive set of standards for the regulation of online payments in this area. Different companies are perfectly implementing all these kinds of standards to ensure that unauthorised access can be clubbed down to the bare minimum.
What is the working process of the PCI DSS?
It is very much vital for the organisations to note down that PCI DSS is not a very single time event and companies always need to continue in terms of being compliant with the security standards to be adequately confident in terms of protecting the payment systems. Investing the time and funds into the implementation of such security procedures is a very good idea so that entity is very much capable of ensuring that everything has been successfully undertaken.
The compliance associated with the PCI DSS will always include different kinds of steps like:
- In the very first step, the cardholder data has to be identified and assessment of the things has to be carried out so that conducting of the card production can be done very easily to detect the vulnerabilities.
- The second step will be based upon remediation in which the detected vulnerabilities will be perfectly fixed and storing of the car data will be carried out to ensure absolute smooth operations at every step.
- In the third step, reporting has to be carried out in which the report will be submitted to the acquiring bank and car brands and this is considered to be the best way of declaring the compliance status of the companies.
The very basic compliance procedure will also be based upon a determination of the level of the organisations in this particular level can be perfectly dependent upon the annual number of credit card transactions conducted by the company. A self-assessment questionnaire has to be filled by the companies and there will be different questionnaires depending upon the availability of the credit card data and several other things. Several organisations also have different tie-ups with the third parties in this particular sector to ensure that standalone payment terminals have to be carried out very easily and an appropriate questionnaire will help in understanding the areas of improvement.
PCI DSS applies to any kind of entity which will be storing and transmitting the cardholder data and it will also help in meeting that every organisation will be there regardless of size and number of transactions handled to adhere to this particular standard. If the organisation is collecting the card information over the phone then compliance is a must in this particular sector. Any organisation which is selling the products or is accepting the donations will also be required to follow the best practices laid down by the sector and the payment brands will also be responsible for enforcing different kinds of compliance systems in this particular area. PCI SSC will help in serving two different kinds of financial institutions and hardware and software developers involved in the whole process so that Infrastructure support can be easily provided to the organisations at every step.
The levels of compliance in this particular sector are explained as:
- Level 1:Any entity which is processing more than 6 million transactions will be coming at this particular level and have to go through the audit of the internal security assessor at this particular point.
- Level 2: All the entities which are processing transactions anywhere between one and 6 million annually need to comply with this particular area and have to fill a self-assessment questionnaire.
- Level 3:Entities of level three will be the ones that will be processing more than 20,000 and 1 million transactions per year and have to submit a self-assessment questionnaire appropriately.
- Level 4: All the merchants which are processing less than 20,000 transactions per year will be falling into this particular category and have to deal with the PCI scan compliance requirements in the whole process.
Some of the basic requirements of these particular compliance standards are explained as
- Implementation and installation of the firewalls are very much important in this particular area because they will be based upon the revival of the reviews which have been recommended to be undertaken annually.
- Configuration of the passwords and settings in this particular sector is very much important to be carried out.
- Organisations need to protect the storage of data as per the requirement so that everything can be implemented very effectively.
- Encryption of the transmission of cardholder data has to be carried out very well so that assessments can be undertaken very effectively and professionally.
- Updating of the antivirus software and programs will be done very well so that generating of the auditable logs will be done very effectively in the whole process.
- The companies need to maintain secure systems and applications so that everything can be perfectly updated as per the latest security standards.
- Restricting the accessibility of the cardholder data is very much important to be dealt with in this particular area.
- Assigning the unique ID to every user has to be done so that everything can be carried out very easily and efficiently.
Apart from all the above-mentioned points organisations need to depend upon experts of the industry like Appsealing so that perfect policies can be launched by them and maintaining of the policy which will address the information security can be done very easily and effectively.