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Payment Card Industry Data Security Standards |
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The Payment Card Industry Data Security Standards have been put into place to help ensure that consumers’ credit card information doesn’t fall into the wrong hands. The Payment Card Industry Data Security Standards were created in 2004 and went into effect in June of 2005.
When you use your credit card to make a purchase, whether you make that purchase online or over the telephone, do you know what happens to your credit card details? Most of us probably don’t give much thought to who else might have access to those details. Fortunately some do and they’re the ones who have worked at putting together the Payment Card Industry Data Security Standards.
After the point of sale, your credit card details are processed and then they are stored. And all along the way, hackers are lurking, looking for weak links that might enable them to get their hands on your credit card details. But now that the Payment Card Industry Data Security Standards are in place, those vulnerabilities are few and far between.
The Payment Card Industry Data Security Standards advises that any business handling sensitive credit card data comply with these new security measures including scanning networks quarterly and participation in assessments or audits annually.
Compliance with the Payment Card Industry Data Security Standards is voluntarily and most companies voluntarily comply because the benefits of doing so far outweigh the costs. Penalties of up to $50,000 can be imposed if an investigation reveals a company is in noncompliance. Just as serious and perhaps even more so, is the damage that can be done to a company’s reputation should a hacker infiltrate a system designed to protect consumers’ credit data.
The Payment Card Industry Data Security Standards vary depending upon the number of transactions a company processes annually. These numbers and the corresponding security measures are clearly outlined. Some of these measures are obvious, such as ensuring that anti-virus software is installed and regularly updated, and ensuring that as few people as possible have access to the databases that store credit card details. Network management is another important security measure.
But security measures are costly and they take time to implement. And some companies, especially smaller ones, don’t always have the extra funds or the extra time. The Payment Card Industry Data Security Standards help to remind all companies that if they are going to gather, process or store credit card information, they have an obligation to protect such information.
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Credit Card Definitions > N - Z > Payment Card Industry Data Security Standards
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