PCI Compliance - Details, Standards and Advantages
Acquaint yourself with the requirements of the Payment Card Industry Data Security Standard as well as the independent entity known as the PCI Security Standards Council, which is responsible for the management and enforcement of the PCI DSS.
A DEFINITION OF PCI COMPLIANCE
The Payment Card Industry Data Security Standard, often known as PCI DSS, is a collection of rules developed by the Payment Card Industry to guarantee that all businesses that handle, store, or transmit credit card information do so in a safe setting. It began operations on September 7, 2006, with the goal of managing PCI security requirements and enhancing account security across the board, beginning with the transaction process. The Payment Card Industry Data Security Standard (PCI DSS) is managed and administered by the Payment Card Industry Security Standards Council (PCI SSC), which is an independent group established by Visa, MasterCard, American Express, Discover, and JCB. It is interesting to note that the payment brands and acquirers, rather than the PCI SSC, are responsible for ensuring compliance with the standards.
This page covers the following so that it may serve as a comprehensive reference for PCI compliance:
A comprehensive introduction to the PCI SSC Data Security Standards (along with multiple resources for further review).
Detailed below are the 12 prerequisites for PCI DSS compliance, along with an explanation of each.
The advantages of becoming PCI compliant.
The possible consequences of not complying with the regulations.
A summary of advice compiled from the input of 18 PCS DSS specialists.
AN OVERVIEW OF PCI SSC DATA SECURITY STANDARDS
PCI Security Standards Council (SSC) provides comprehensive standards and supporting materials in an effort to enhance the security of payment card data. These materials include specification frameworks, tools, measurements, and support resources to assist organizations in ensuring the security of cardholder information at all times. The Payment Card Industry Data Security Standard (PCI DSS) is the linchpin of the council because it provides the necessary framework for developing a comprehensive payment card data security process. This process includes the prevention of security incidents, the detection of security incidents, and the appropriate reaction to security incidents.
Tools and Resources Made Available by the PCI Security Standards Council
Self-Assessment Questionnaires designed to help businesses in assessing their adherence to the PCI Data Security Standard.
PIN Transaction Security (PTS) standards for device vendors and makers, as well as a list of PIN transaction devices that have been given the approval stamp of approval.
Payment Application Data Security Standard (PA-DSS) and a list of Validated Payment Apps are two resources that may assist in the development of safe payment applications by software providers and other parties.
The public domain includes:
Lists of Approved Scanning Vendors, Qualified Security Assessors for Payment Applications (PA-QSAs), and Qualified Security Assessors for Payment Applications (QSAs) (ASVs)
The education curriculum for the Internal Security Assessor (ISA).
The 12 Prerequisites for PCI Data Security Standard Compliance
1. Install and regularly check your firewalls.
In its most basic form, firewalls are designed to prevent access to private data by unidentified or foreign groups. These preventative measures are often the first line of defense against computer hackers (malicious or otherwise). Because of their efficiency in blocking unwanted access, firewalls are essential for PCI DSS compliance. This is due to the standard's requirements.
2. Use of Secure and Appropriate Passwords
It is very uncommon for routers, modems, point of sale (POS) systems, and other third-party goods to come pre-configured with generic passwords and security mechanisms that are simple for the general public to circumvent. The failure of firms to protect these vulnerabilities occurs much too often. Maintaining a list of all the hardware and software that calls for a password is part of the process of ensuring compliance in this area (or other security to access). In addition to compiling a list of devices and passwords, one need also implement certain fundamental safety measures and setups (e.g., changing the password).
3. Safeguard the Data of Cardholders
The security of cardholder information in two different ways is the third criteria for PCI DSS compliance. Data stored on cards is required to be encrypted using certain algorithms. Encryption keys are used to put these encryptions into place, and for compliance purposes, the encryption keys themselves are also needed to be encrypted. It is necessary to do routine maintenance and scanning on primary account numbers (PAN) in order to guarantee that no unencrypted data is present.
4. Encrypt the Data Being Submitted
Data pertaining to cardholders is sent through a variety of standard routes (i.e., payment processors, home office from local stores, etc.). When being sent to these well-known destinations, this information must always be encrypted. Account numbers should also never be emailed or otherwise sent to unidentified sites.
5. Install and regularly update anti-virus software.
Outside of the requirements of PCI DSS compliance, using anti-virus software is a recommended best practice. On the other hand, anti-virus software is essential for any and all devices that engage in PAN-related activity or store PAN. This program really need to have frequent patches and updates applied to it. In areas where anti-virus software cannot be physically deployed, your POS supplier should additionally include anti-virus protections.
6. Software That Is Kept Properly Up to Date
It will be necessary to often update your firewall and anti-virus software. Updating each and every piece of software used in an organization is another sound practice. The majority of software products' updates will contain additional layers of protection, such as patches to address newly found vulnerabilities and other security measures. This provides an additional layer of defense. These upgrades are particularly necessary for all of the software that is installed on devices that interact with cardholder data or store it.
7. Restrict Data Access
It is needed that only those with a "need to know" access to cardholder data may access it. It is important that none of the employees, executives, or outside parties who do not need access to these details have it. The PCI Data Security Standard mandates that the responsibilities that do need access to sensitive data be meticulously documented and continually brought up to date.
8. Unique IDs for Access
Those individuals who do have access to the data of cardholders need to be in possession of individual credentials and identity in order to get access. For instance, there should not be a single login to access the encrypted data with several workers knowing both the username and the password. When data is compromised, having a system with unique IDs makes it less vulnerable to attack and allows for a more rapid reaction.
9. Place barriers in the way of actual access
Any data pertaining to cardholders has to be physically stored in a safe area. The data that is physically written or typed, as well as the data that is saved digitally (for example, on a hard drive), should be locked away in a safe location, such as a room, drawer, or cabinet. Not only should access be restricted, but also, in order to maintain compliance, a record need to be maintained detailing every time sensitive data is accessed.
10. Start Keeping Access Logs and Create New Ones
Every transaction that involves cardholder information or primary account numbers (PAN) must have an accompanying log entry. When it comes to accessing sensitive data, a lack of effective record keeping and documentation is perhaps the most typical kind of compliance problem that arises. Documenting the manner in which data enters your organization as well as the frequency with which access is required is required for compliance. In order to guarantee accuracy, software solutions that log access are also required.
11. Conduct Scans and Tests to Identify Weak Spots
All 10 of the compliance criteria that came before it entail a number of different software packages, certain physical locations, and most likely a few of workers. There are a lot of different objects that have the potential to break down, become obsolete, or be the victim of human mistake. If you comply with the PCI DSS requirement for frequent scans and vulnerability testing, you may significantly reduce the impact of these attacks.
12. Document Policies
For purposes of regulatory compliance, an inventory of the equipment, software, and workers who have access will need to be recorded. Documentation will also be required for the logs that were kept when cardholder data was accessed. Documentation is required for not just the flow of information into your firm but also its storage locations and the ways in which it is utilized beyond the point of sale.
The Advantages of Being PCI Compliant
To say that complying with the PCI Security Standards is a challenging endeavor would be an understatement. Even for huge corporations, the tangle of regulations and problems looks like a lot to manage; imagine what it would be like for smaller businesses. However, compliance is becoming a greater priority, and it may not be as challenging as you anticipate, particularly if you have the appropriate tools at your disposal.
The Payment Card Industry Security Standards Council (PCI SSC) states that there are several advantages to complying with their standards, particularly when one considers that failing to comply may result in severe and ongoing repercussions. Take, for instance:
PCI Compliance indicates that your systems are safe, which gives your consumers the confidence to entrust you with sensitive information about their payment cards; this, in turn, leads to increased customer retention and loyalty.
Maintaining PCI Compliance will strengthen your image with acquirers and payment brands, which are exactly the kind of business partners your company needs.
PCI Compliance is a continuous procedure that contributes to the prevention of security breaches and the theft of payment card data in the present as well as in the future. PCI Compliance indicates that you are contributing to a worldwide solution for the protection of payment card data.
As you work toward meeting PCI Compliance requirements, you will become better equipped to fulfill the requirements of other regulations, such as HIPAA, SOX, and others.
Compliance with PCI standards is beneficial to company security strategy (even if only a starting point).
PCI Compliance almost certainly results in an increase in the productiveness of IT infrastructure.
Difficulties Presented by Non-Compliance with PCI
PCI SSC also draws attention to the potentially catastrophic consequences of failure to comply with PCI standards. After putting all the effort to establish your brand and reassure your clients, you shouldn't take any chances with the private information they have provided. When you secure your clients by adhering to PCI Compliance standards, you ensure that they will continue to be your customers. The following are some of the potential consequences of not complying with PCI:
data that has been tampered with, which has a negative effect on customers, business owners, and financial institutions.
causing irreparable harm to your reputation and severely impeding your capacity to successfully do business, not only in the present but also in the future.
Account data breaches may result in catastrophic losses of revenue, connections, and community status. In addition, as a consequence of account data breaches, public organizations often notice a decline in their share price.
Lawsuits, insurance claims, canceled accounts, penalties from payment card issuers, and fines from the government are all examples of potential consequences.
PCI Compliance, along with other legal standards, may provide difficulties for businesses that are not well equipped to cope with the issue of preserving essential information. With the appropriate hardware, software, and services, however, the chore of data protection becomes much more manageable. Select a data loss prevention program that correctly categorizes data and makes proper use of it so that you can get a better night's sleep knowing that the information pertaining to your cardholders is safe.
Recommended Methods for Achieving Compliance with the PCI-DSS, According to the opinions of 18 PCI-DSS Industry Professionals and Experts
The Payment Card Industry Data Security Standard, also known as PCI-DSS, is a set of guidelines that any business that accepts, stores, processes, or transmits credit card information is required to follow. These guidelines apply regardless of the number of transactions or the size of those transactions. The goal of PCI-DSS is to improve consumer safety. Because of this, hundreds of businesses in almost every sector of the economy are required to demonstrate compliance with these requirements.
The upkeep of regulatory compliance is a primary focus. We went out to a group of information security professionals and posed the following question to get their input on what firms need to know and do in order to guarantee that they are in compliance with PCI-DSS.