Payment Card Industry Data Security Standard

Payment Card Industry Data Security Standard
Name	Payment Card Industry Data Security Standard
Abbreviation	PCI DSS
Introduced	2004
Current version	3.2.1
Organizations	Visa Inc., Mastercard, American Express, Discover Financial Services, JCB Co., Ltd.

Payment Card Industry Data Security Standard is a set of security standards designed to ensure that companies that handle credit card information maintain a secure environment for the protection of cardholder data, as required by Visa Inc., Mastercard, American Express, Discover Financial Services, and JCB Co., Ltd.. The standard was developed by the Payment Card Industry Security Standards Council (PCI SSC), which is responsible for managing the security standards for the payment card industry. The PCI DSS is applicable to all entities that store, process, or transmit cardholder data, including merchants, service providers, and financial institutions such as Bank of America, JPMorgan Chase, and Wells Fargo. The standard is also supported by other organizations, including Microsoft, IBM, and Cisco Systems.

Introduction

The Payment Card Industry Data Security Standard (PCI DSS) is a critical component of the payment card industry's efforts to protect cardholder data and prevent data breaches, which can have severe consequences for consumers, merchants, and financial institutions such as Capital One, Citigroup, and U.S. Bancorp. The standard is based on a set of security requirements that are designed to ensure the confidentiality, integrity, and availability of cardholder data, as required by Federal Trade Commission (FTC) and Gramm-Leach-Bliley Act (GLBA). The PCI DSS is also aligned with other security standards and regulations, including the Health Insurance Portability and Accountability Act (HIPAA) and the Sarbanes-Oxley Act (SOX), which are enforced by Securities and Exchange Commission (SEC) and Department of Health and Human Services (HHS). The standard is supported by various organizations, including Symantec, McAfee, and VeriSign.

Overview of PCI DSS

The PCI DSS is a comprehensive security standard that consists of 12 requirements, which are divided into six categories: security management, policies and procedures, network architecture, access control, cryptographic protection, and vulnerability management. The standard requires entities to implement a range of security measures, including firewalls, intrusion detection systems, and encryption, as recommended by National Institute of Standards and Technology (NIST) and International Organization for Standardization (ISO). The PCI DSS also requires entities to conduct regular security audits and penetration testing, which can be performed by qualified security assessors (QSAs) such as Deloitte, Ernst & Young, and KPMG. The standard is applicable to all entities that handle cardholder data, including e-commerce merchants, brick-and-mortar stores, and financial institutions such as Bank of New York Mellon and State Street Corporation.

Requirements and Compliance

The PCI DSS requirements are designed to ensure that entities maintain a secure environment for the protection of cardholder data. The requirements include the implementation of access controls, authentication mechanisms, and authorization procedures, as required by Sarbanes-Oxley Act (SOX) and Gramm-Leach-Bliley Act (GLBA). The standard also requires entities to implement incident response plans and disaster recovery plans, which can be developed with the help of Federal Emergency Management Agency (FEMA) and National Cyber Security Alliance (NCSA). Entities that are subject to the PCI DSS must undergo regular security assessments and compliance validation, which can be performed by qualified security assessors (QSAs) such as PricewaterhouseCoopers and Accenture. The standard is supported by various organizations, including Amazon Web Services (AWS), Google Cloud Platform (GCP), and Microsoft Azure.

Security Measures and Controls

The PCI DSS requires entities to implement a range of security measures and controls to protect cardholder data. These measures include the implementation of firewalls, intrusion detection systems, and encryption, as recommended by National Security Agency (NSA) and Department of Homeland Security (DHS). The standard also requires entities to implement access controls, authentication mechanisms, and authorization procedures, as required by Federal Information Security Management Act (FISMA) and Health Insurance Portability and Accountability Act (HIPAA). Entities must also implement incident response plans and disaster recovery plans, which can be developed with the help of Federal Bureau of Investigation (FBI) and National Institute of Justice (NIJ). The standard is supported by various organizations, including Check Point, Cisco Systems, and Juniper Networks.

Enforcement and Validation

The PCI DSS is enforced by the payment card brands, including Visa Inc., Mastercard, American Express, Discover Financial Services, and JCB Co., Ltd.. Entities that are subject to the PCI DSS must undergo regular security assessments and compliance validation, which can be performed by qualified security assessors (QSAs) such as Ernst & Young and KPMG. The standard is also supported by various organizations, including International Organization for Standardization (ISO) and National Institute of Standards and Technology (NIST). Entities that fail to comply with the PCI DSS may be subject to fines and penalties, as imposed by Federal Trade Commission (FTC) and Securities and Exchange Commission (SEC). The standard is applicable to all entities that handle cardholder data, including merchants, service providers, and financial institutions such as Bank of America and JPMorgan Chase.

History and Updates

The PCI DSS was first introduced in 2004 by the payment card brands, including Visa Inc., Mastercard, American Express, Discover Financial Services, and JCB Co., Ltd.. The standard has undergone several updates since its introduction, with the most recent version being 3.2.1, which was released in 2016. The updates to the PCI DSS are designed to address emerging security threats and vulnerabilities, as identified by National Security Agency (NSA) and Department of Homeland Security (DHS). The standard is supported by various organizations, including Microsoft, IBM, and Cisco Systems. The PCI DSS is widely recognized as a critical component of the payment card industry's efforts to protect cardholder data and prevent data breaches, which can have severe consequences for consumers, merchants, and financial institutions such as Capital One and U.S. Bancorp.

Category:Information security standards