What Is PCI DSS Compliance and Why Is it So Important to Us?

PCI DSS - Wallester

The PCI DSS is a set of standards or rules companies must follow to be considered PCI DSS compliant. Meeting these standards allows them to do business with credit and debit card companies and process these companies’ transactions. PCI DSS stands for Payment Card Industry Data Security Standard.

Where Does the PCI DSS Come From?

The PCI Data Security Standard was created in 2004 as a joint project between Visa, Mastercard, American Express, and Discover. It aims to protect debit and credit card transactions from fraud and theft.

It requires companies that process these transactions to meet the PCI Data Security Standard and comply with its rules.

The PCI DSS is accompanied by an overseeing body — the PCI Security Standards Council. The PCI SSC is a global forum that enforces the rules and standards outlined in the PCI Data Security Standard. In other words, they ensure that companies are PCI DSS certified or compliant.

Though it was established by companies rather than a government, PCI DSS has become the global standard of rules for credit and debit card transactions. In some places in the world, like a few states in the US, PCI DSS compliance is legally mandated. However, the PCI SSC has no legal authority to enforce its standards — only the ability to revoke a business’s right to process debit and credit card transactions.

The Purpose of the PCI DSS and PCI SSC

Since all credit and debit card companies require PCI DSS compliance, they can refuse to let you use their service/product if they find you are not PCI compliant. And because they have a united council to decide on these matters, your business will be banned from using any of these credit and debit card companies’ services simultaneously if they choose to do so.

These companies feel obligated to be strict with PCI DSS because they are sending over their customers’ sensitive banking information. They created it for a reason.

Today, PCI DSS is the global security standard for the payment card industry.

What Are the Rules Outlined in the PCI Data Security Standard?

The PCI DSS standards consist of 12 rules requiring things such as firewalls, encryption, and security policies to keep unauthorized employees from viewing sensitive information.

A link to the complete list of rules outlined in the PCI DSS can be found here.

All these are in place to make sure companies protect consumers and businesses from fraud and theft.

In addition to us following PCI DSS rules, we must undergo an annual audit from an authorized PCI auditor to remain Level 1 certified. These auditors assess our security systems and procedures to ensure we uphold the PCI rules correctly.

What Does PSI DSS Certification Mean to Wallester?

At Wallester, the safety and security of your information are our highest priority. Compromised information can have far-reaching effects on everyone from banks to consumers.

That is why we are pleased to share that we are PCI DSS Level 1 certified — the most stringent PCI certification possible.

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