Importance Of Applying Payment Card Industry Data Security Standard
The Payment Card Industry Data Security Standard was created in order to help the financial institutions to provide high standards of security to protect the sensitive data of the cardholders. It is a mandatory rule for every company who accepts processes, stores and transfer sensitive data like credit card information to fulfill PCI Compliance Requirements. If any company fails to maintain the Payment Card Industry Data Security Standard then it will have to pay fines and penalties.
This may lead to the cancellation of term to receive any credit card as well. Hence, it would be a wise decision for all the companies dealing with such things to make the necessary changes as per the requirements of Payment Card Industry Standard.
Ways To maintain Payment Card Industry Standard
The Payment Card Industry Data Security Standard can be done in various ways. You can go for PCI DSS 2.0 at the beginning itself if you are a new company. In case you are an established company you must switch to PCI DSS 2.0 in a painless way as it may be a painful affair later on. The Payment Card Industry Data Security Standard has offered some help to several companies so that they can switch to PCI DSS 2.0 and maintain the PA DSS Compliance.
Tools To Maintain Payment Card Industry Data Security Standard
One tool that deserves special mention is Payment Card Industry Data Security Standard Self assessment Questionnaire (SAQ). This tool is very useful in pointing out the areas where you need to develop to meet the requirements of PA DSS Compliance. It also lets you show your compliance with Payment Card Industry Data Security Standard. It is very important for you to maintain good documentation for your company. When you are moving towards maintaining PCI Compliance Requirements, it is required by you to show them your compliance or else the steps that you have taken to maintain compliance.
Why It is Important To Maintain PA DSS Compliance?
It is seen that auditors and bureaucrats become part of the compliance team. Hence, you should clearly document the steps that you have taken or are going to take for maintaining PA DSS Compliance. It is going to make the compliance less painful. It is unfortunate that inspite of getting mandate from Payment Card Industry Data Security Standard many companies are still not obliging to take necessary steps to fulfill PCI Compliance Requirements.
Expensive Process Makes The Company Hesitant To Go For It
It is true that the Payment Card Industry Standard is a complex process and requires a lot of investments however it is also true that most of the companies, who are so tied up with their day-to-day affairs, find it hard to justify the need for spending so much amount of money to prevent an attack, which may never happen. However, one must not waive the consequences that he may have to face if the PCI Compliance Requirements is not followed.
It would lead the company to suffer loss of thousands of dollars in the form of penalties and fine. It is going to damage the reputation of a company immensely. Hence, it is extremely important to get PA DSS Compliance or at least show the documentation, which states that you are taking all the necessary steps to finalize it in order to avoid earning bad reputation.
Mike is writing about Payment Card Industry Data Security and Payment Card Industry Data Security Standards available at www.groundlabs.com
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