PCI DSS requirements must be followed by all e commerce web sites. In this article, we will take a closer look at this set of compliances and provide an extensive checklist.
What are PCI DSS compliances?
PCI DSS (also known as Payment Card Industry Data Security Standards) requirements are set of compliances that are mandatory for all e commerce websites. The main aim of PCI DSS is to protect sensitive data regarding card holders.
The extent of PCI DSS compliances are governed by the most prominent credit card companies in order to make sure that online transactions are secure enough for both parties: seller and buyer. Data regarding the cardholder and transaction, data storage restrictions and how the transaction is conducted are within the scope of PCI DSS compliances.
Why is PCI DSS important?
In 2014 alone, 1540 data breaches regarding sensitive information like card holder identity was stolen. Moreover, over 16 billon dollars were lost because of credit card frauds. It is estimated that this number will go as high as 35 billion in 2020. That is why being able to process secure and safe transactions are one of the main concerns of all online payment providers and e commerce websites. As a result, PCI DSS compliances gain more importance each day.
In addition to fraud, there are various awful consequences to data breaches including but not limited to:
- Losing the hard earned trust of your customers and clients,
- Legal costs like settlements,
- Costly fines and penalties issues by the state,
- Other high monetary costs that can cause your organization to go bankrupt or going out of business.
In order to prevent data breaches and frauds, it is vital to make sure that your business complies with PCI DSS. Below you can find a brief PCI DSS compliance checklist to see the status of your organization.
PCI DSS Compliance Checklist
- Provide secure network systems.
The very first requirement of PCI DSS is to build and maintain a secure network. In order to do so, you must install a strong firewall and keep it updated. Avoid using vendor-supplied defaults.
- Protect cardholder data.
Take necessary actions to secure stored cardholder data. You can opt for encryption the transmission of cardholder data, not storing the card details, and using a safe payment gateway.
- Maintain a thorough vulnerability management program.
Take necessary measures to protect your organization against malware and always update your security software including anti-virus programs, malware detection programs, firewalls etc.
- Implement proper access control measures.
Before anything, you need to restrict access to cardholder data, both physical and digital. Also, you should identify access to all components of the system and implement an authentication process.
- Monitor and test your networks regularly.
Keep an eye on all access to important resources of network and keep logs of access to cardholder data. In addition, conduct regular tests to see if your security systems are holding up.
- Set an information security policy.
Set an information security policy that explicitly defines musts and must nots for all employees. Make sure that this security policy is known and followed by all members of your organization.