Jan 10, 2022
 in 
Banking

Significance of PCI DSS Compliance for a Payment Solution Provider

M

any solution providers don't realize how important PCI DSS (Payment Card Industry Data Security Standard) compliance is. Not only is it important for a company's reputation, but it also protects individual customers' sensitive financial information. By following the requirements of this standard, companies can avoid hefty fines and ensure that their customers' data is secure.

PCI DSS compliance is crucial to protecting your organization's customers' financial information. Hackers and other criminal entities are increasingly targeting payment card companies because of the amount of sensitive data they collect. Therefore, it's important for businesses to take this issue seriously. The basic rules and requirements of PCI DSS have evolved through the years, and you should always be updated to ensure your business stays up to date.

Organizations should also have a solid information security policy. It should remain easily accessible to all employees and should be regularly reviewed and updated. It should incorporate changes in the regulatory environment. It should also be well-documented, and employees should be trained.

PCI DSS Certification for a Payment Solution Provider

The first step in ensuring PCI DSS compliance for a payment solution provider is to determine which business processes your company will focus on. The answer to this question will depend on the services offered by the provider and the type of data it will handle. A service provider should perform a background check on every employee handling cardholder information. It is also important to look for an in-depth background check to ensure that employees are knowledgeable and experienced in maintaining PCI-DSS requirements.

The level of PCI compliance will vary depending on the nature of the payment solution provider. While most service providers will make an assessment based on the standards of PCI DSS, some may be required by acquiring banks to use only PCI-certified service providers. This is an apt way to ensure that the service provider is meeting the basic security standards for accepting credit cards and will prevent the company from failing to meet these requirements.

The next step in PCI DSS certification for a payment solutions provider is to determine the specific requirements that the company will be responsible for meeting. The security standards are a part of the PCI DSS framework and have a number of overlaps with privacy mandates. However, it is imperative to note that PCI compliance is not a one-time event; it is an ongoing process. For example, a service provider must pass a QSA audit and obtain an AoC. For a payment solution provider, this can be very expensive.

All You Should Know About Cardholder Data

This information is stored, processed, or transmitted by a merchant or a service provider. Payment brand identity is also considered cardholder data, and all companies involved in accepting and processing these cards are deemed, service providers. A merchant can be a service provider or an ISP if the business has the necessary equipment and security measures in place.

The PCI DSS covers PII related to cardholder data. It also protects sensitive authentication data. This includes certain types of protected health information (PHI), such as diagnoses and lab test results. These types of data are protected under industry standards and must be kept confidential. The PCI DSS requires that all businesses protect this information. A business that complies with PCI DSS is required to protect PII related to cardholder data.

It must also protect PII not directly associated with cardholder data, such as sensitive authentication data. For example, it must be clear to employees that they are only authorized to access this information in certain roles. It must also clearly define the roles and responsibilities of each employee. Furthermore, all roles that need access to this information should be properly documented and regularly updated. Moreover, the organization must enforce a policy that mandates compliance with the PCI DSS.

Written by Dhrubajyoti Baruah

Consultant, Payment Solutions, Ottu