Payment Card Industry Data Security Standard (PCI DSS)
Everybody knows that Financial Technology Organizations work based on offline and online transactions. To run the operations, they need support from four entities. All of them are equally responsible for the performance of the firm and the market planning.
The first of them is technology. That’s because nowadays everything is running online and need a stable website to counterpart everything. Here, the other thing they need is a bank. The bank is needed for providing funds, and tying up with them is necessary to provide financial help to the people at a rate different from the usual procedure that a person has to deal with a real-time transaction with the bank.
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Now the next thing is public. If you don’t have any customers to serve, then whom would you deal with for your product or services? That’s why people are important for your business as a customer. In the end, we need Security. But what kind of security is needed in these firms and the financial industry?
These firms needed security because of the payment methods they accept. Some of the types they accept are as follows:
- Debit Cards
- Credit Cards
- Mobile Payments
- Electronic Bank Transfer
- Digital Wallets
- Direct Debit
About these payment methods, if we say something, then that is – most of these methods are online and could be under the attack of adversaries. This is because online hacktivists always search for an easy target to trap.
Through loopholes in their payment security measure, these adversaries get into the databases of victims and try to get monetary benefits by victimizing an easy target. The services that can help victims of such attacks are PCI DSS compliance offered by payment security professionals in the financial sector. But what is this PCI DSS? Also, how could it help companies to fight against cybercriminals? Let’s find out!
What Is PCI DSS?
PCI DSS is a set of rules and regulations that companies follow to be secure from online attacks. However, to get introduced to these regulations, you need professionals who have worked in the industry for a long time. Where could you get these?
Several PCI DSS Service Providers in Singapore offer PCI DSS Services to organizations. However, the best service provider you can approach is Craw Security. You should consider PCI DSS services to help you out for several reasons.
Doing online transactions is not safe if your security measure isn’t actively getting better. First, online platforms are not that safe now because many online hackers are actively attacking several organizations with malicious attacks to get access to their platforms.
After getting access to the platforms getting data out of the platforms’ databases won’t be hard. What is this PCI DSS Compliance? Let’s continue.
PCI DSS Compliance
Companies involved in the process, store, or transmission of credit card information to maintain a secure environment in any form need PCI DSS to ensure a set of rules for the safety of online data related to customers for the mentioned services.
PCI DSS Requirements
- Install and maintain a firewall configuration to protect cardholder data
- Don’t use business-supplied defaults for system passwords and other security parameters
- Secure saved cardholder data
- Encrypt transmission of cardholder data around open, public networks
- Use and regularly update anti-virus software or programs
- Develop and maintain secure systems and applications
- Restrict access to cardholder data by businesses need to know
- Assign a unique ID to each person with computer access
- Restrict physical access to cardholder data
- Track and monitor all access to network resources and cardholder data
- Regularly test security systems and processes
- Maintain a policy that addresses information security for all personnel
PCI DSS Compliance Checklist
- Install and maintain a firewall.
- Reconfigure default vendor settings.
- Protect stored cardholder data.
- Encrypt cardholder data transmission.
- Protect against malware.
- Maintain your system’s and applications’ security.
- Restrict access to cardholder data.
- Assign user access identification.
PCI DSS Framework
Well, anyone can suggest a precaution for upcoming bad incidents. However, what if you get a customized framework designed to support merchants and financial institutions to get to know and install standards for security policies to secure their payment systems and clients? PCI DSS also offers services to businesses that want to install a secure payment solution.
Why choose Craw Security for PCI DSS?
Craw Security has been offering cybersecurity services for several organizations for a long time and has been in contact with several professional information security professionals. With the help of professionals, you can get the best services ever as a financial services organization. What are you waiting for? Contact Now!
Frequently Asked Questions
About Payment Card Industry Data Security Standard Qualified Security Assessor
PCI DSS services provider is responsible for offering security services to organizations dealing with financial institutions' online payment transactions. Suppose you want to get in contact with a professional agency. In that case, you can rely on Craw Security in Singapore, a Payment Card Industry Data Security Standard Qualified Security Assessor.
Every company that offers Payment Card Services needs to be ensured as a safer institution for the cardholders to rely on. Therefore, they must be certified with PCI DSS, Payment Card Industry Data Security Standard Compliance. This certification proves that the financial services providing company are safe to invest your time, interest, and money. That is basically needed for those financial institutions who are providing card services, or we can say card brands.
There are so many companies that are offering online payment services security. However, the best one you can choose is PCI DSS Level 1 Service Provider, which is Craw Security in Singapore. That’s because Craw Security has been offering Cyber Security Services to several organizations for a long time. Also, it has PCI DSS compliance. What are you waiting for? Get in Contact Now!
Totally! That is because this is one of those payment methods that come in the list which is acceptable with financial institutions. Also, Debit Cards and Credit Cards are the most commonly used payment methods globally. So, you definitely need PCI DSS Qualified Security Assessor to offer you online payment services.
Any company that accepts Credit or Debit Card Payments or transactions with online payment needs PCI DSS compliance. If you want to become one of the companies professionally handling their card transactions without worry, you can rely on Craw Security.
That’s because Craw Security has offered Payment Card Industry Data Security Standard Qualified Security Assessor Assistance to several organizations for a long time. You can become one of them if you contact Craw Security.
PCI SSC (Payment Card Industry Security Standard Council) is the one judges the level of service providers for PCI DSS compliance. You can also take help from your payment card service provider or reporting tools.
The four PCI DSS standards are
Level 1: Merchants that process over 6 million card transactions annually.
Level 2: Merchants that process 1 to 6 million transactions annually.
Level 3: Merchants that process 20,000 to 1 million transactions annually.
Level 4: Merchants that process fewer than 20,000 transactions annually.
It's the lowest level of standard audit set by major credit card firms. In this audit, only checking is done to know whether the company had ever confronted data breaches or was victimized by cyberattacks that compromised cardholders' data or not.
Companies have their AOC, which means Attestation of Compliance. It works as evidence that the company complies with the requirements of PCI DSS. Or you can check how many credit card transactions they deal with in a year. Their POS reports. To be more accurate, you can ask for PCI DSS compliance.
First, every company offering financial services to other companies, clients, or individuals must be PCI compliant. That’s because no one that is not known your company won’t believe in your trust if you’re not reliable with evidence that could prove your reliability.
Every company in the world is trying to get the trust of its customers/ clients to get more volume in sales. PCI DSS compliance can get your there in the first place if you want to win the market and save your place at the safest. Moreover, you won’t be able to get any merchant account to accept payment from a Debit/ Credit Card.