The term Payment Card Industry Data Security Standards is also known as PCI security standards and is collectively the technical and operational requirements that have been set by the Payment Card Industry Security Standards Council.
The objective of these cyber security solutions standards is to ensure the safety of cardholder data that includes debit as well as credit cards.
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In recent times, hacking the internet or even getting access to personal data on a computer has become quite easy if you are aware of the know-how. With complicated software, expert hackers are able to steal crucial cardholder data too.
This includes their vital information like the PIN number or credit card details and even their password. As a result of this, the norms implemented by the PCI council have become stricter and technically advanced too. On the whole, this helps to spruce up the security of customers and cardholders.
The PCI DSS is a global standard that has to be met by all merchants, service providers, and organizations throughout the world who are involved in storing, transmitting, and processing cardholder data.
This also includes software developers and manufacturers of applications and devices used in card transactions. Therefore, complying with the PCI security standards has become mandatory for these stakeholders and entities.
Who follows these norms?
Think of any credit card or major card companies across the world and they all follow or adhere to these PCI norms. In fact, the major payment card brands who founded the council include American Express, Discover Financial Services, JCB International, MasterCard Worldwide, and Visa Inc. They still ensure that the latest industry standards are enhanced and kept up-to-date in terms of security and that these norms are followed in the best way possible.