Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards that guarantees any business handling, storing, or securely transmitting credit card data.
To handle PCI security standards and enhance account security throughout the transaction process, it was introduced on September 7, 2006. The independent PCI Security Standards Council was established by major credit card companies, including Visa, MasterCard, American Express, Discovery, and JCB, to oversee and maintain the PCI DSS. Enforcing PCI compliance is the responsibility of the payment brands and acquirers.
Failure to comply may result in fines, legal ramifications, lost revenue, and damage to one’s reputation. Through the creation of a uniform set of rules that all businesses, regardless of the volume or magnitude of their transactions, must abide by to conduct business, PCI seeks to strengthen client security.
