The more compliant you are with Payment Card Industry Data Security Standards (PCI DSS), the less likely you are to suffer a data breach, is a key takeaway of the Verizon 2015 PCI Compliance Report. Security needs to be a part of the culture of the organization — something that has been said for a while and emphasized in Version 3.0 of the PCI DSS, the Council’s updated data-security standard.
Protecting payment card data is critical to reduce the risk of fraud and identity theft. TransFirst® advocates a multi-layered approach to payment security including EMV acceptance, end-to-end encryption, tokenization and Secure Commerce Architecture.
The National Retail Federation (NRF) has gone on the record as opposing any legislation that would force retailers to follow data security rules created for the banking industry. Instead, it has asked Congress to pass a uniform national data breach law.
Merchants and all other parties involved in electronic transactions have to take every precaution to protect all entities from identity theft and fraud resulting from payment security breaches. If you accept credit card payments, the Payment Card Industry Data Security Standard (PCI DSS) should be adhered to as your first line of defense for protection.
Acquiring and maintaining PCI compliance isn’t complicated. The process is made up of common sense practices to assess your payment card processing scope and analyze it for vulnerabilities that could potentially expose cardholder data.