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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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