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Payment Card Industry Data Security Standard or PCI-DSS is a mandatory standard enforced to protect consumers from identity/financial information theft. This is a mandatory requirement for all businesses, big and small, which accept the credit card mode of payment. Non-compliance with this standard could result in losing its ability to process credit card transactions.

Payment Card Industry Data Security Standard or PCI-DSS is a mandatory standard enforced to protect consumers from identity/financial information theft. This is a mandatory requirement for all businesses, big and small, which accept the credit card mode of payment. Non-compliance with this standard could result in losing its ability to process credit card transactions.

The standard aims at making business owners aware of the sensitivity of credit card information and ensuring that they understand the responsibility of safeguarding consumers' account data. PCI-DSS consists of a detailed list of regulations, which businesses have to abide by, in order to ensure absolute information security. This is particularly significant for businesses, which process customers' credit card information.

Many businesses have started to tap opportunities provided by the online market and are now widely accepting online payments. With internet shopping gaining more and more popularity, there is a pressing need for strict security protocols, which can protect customers' financial information and prevent its misuse. Therefore, PCI-DSS compliance is very important for businesses, mainly financial institutions involved in exchange of sensitive data.

Here are some basic prerequisites for PCI-DSS compliance:

The standard requires that companies build secure networks to protect card-holder information, which should be firewalled using fail-safe firewalling methods.

Since data is most vulnerable during transmission, PCI-DSS standard requires that data be encrypted when transmitted through open, public networks.

Fixing flaws in the program and arresting malware are very important to ensure that sensitive data remains protected.

Businesses should make sure that security passwords are changed frequently. Some businesses are seen to use passwords and security settings as provided by vendors of the security software. This can be a giveaway to hackers and can pose a major threat to sensitive data.

PCI-DSS also states that a fundamental and easy way to protect information is monitoring website traffic. This can help obtaining visitor behavior which can be helpful in eliminating frauds to a great extent.

Companies can guarantee safe and secure transactions to customers by complying with PCI-DSS. This standard has proved helpful in saving the failing reputation of many enterprises. While PCI-DSS compliance is not very easy for organizations to put in practice, many are now resorting to secure GRC solutions. Secure GRC vendors help by integrating PCI-DSS rules with the overall operations, to ensure complete information security and smooth functioning.

There has been a steady rise in number of cybercrime incidents being reported each year. Incidents of data theft and online fraud are becoming increasingly common. Hence it is important for companies to understand these risks and manage them effectively in order to provide quality service to customers and win their goodwill.