At the beginning of the 2000s, card transactions had yet featured prominently in the world’s money circulation. It led to the creation of one more protective measure for preventing fraudulent attempts. So, in 2004, the five biggest payment card companies, Visa, Mastercard, American Express, and others got together to work out a solution. Their efforts resulted in the first version of the Payment Card Industry Data Security Standard or, shortly, the PCI DSS. Eventually, it replaced the policies of these companies and became worldwide. The PCI DSS has already got the fourth version and continues to develop.

After creating the PCI DSS, five card brands formed the Council, which was called to administrate the Payment Card Industry Data Security Standard. Now, to the five founders, UnionPay was added to the Council. The PCI DSS has twelve requirements, the acceptance of which is known as PCI compliance. It has four levels, depending on the number of transactions and cyber-attack risks. 

Requirements of the PCI DSS can be summarised into 6 large provisions:

• Create and preserve a secure network and systems.
• Protect card details and other cardholders’ data.
• Support a vulnerability management program.
• Apply solid access-control measures.
• Keep networks in check.
• Maintain an information security policy.

Although these principles are quite simple, implementing the whole technical procedure is complicated. That’s where an experienced payment processor such as CrossBill can help. With us, you can delegate PCI compliance to us and run your business, focusing on your financial goals.

PCI compliance benefits

As the PCI DSS is widely accepted, businesses can’t avoid it in their work with card companies. Nevertheless, many advantages can be taken from PCI compliance, except avoiding fines from card companies. Among them are:

• reasonable, strict, and understandable regulatory requirements create a healthy payment ecosystem;
• preventing the leaking of data of customers and merchants;
• enhancing the company’s reputation and trustworthiness;
• PCI compliance facilitates compliance with other regulators;
• universal approach, which any company of all sizes, types, and incomes can implement.

The number of transactions can reach more than 2 billion in two years. Such an enormous number requires robust protection systems from fraudulent attacks and hacking attempts. The PCI DSS, invented in the early 2000’s, is evolving all the time and now is one of the essential tools of transaction safety. However, PCI compliance isn’t just the measure focusing only on online payment protection. It helps companies release resources, time, and effort and increase their credibility.