Growing importance of PCI DSS Compliance for the enterprises

#pcidss #Axiata #Telenor

PCI DSS Compliance

The Payment Card Industry Data Security Standard (PCI DSS) is a set of information security requirements intended to ensure that all companies that process, store, or transmit credit card information maintain a secure environment. Since almost every business accepts credit or debit cards as a form of payment, PCI compliance has a very real appeal for data security. The control measures laid out in the PCI DSS reduce the risk of credit and debit card data loss. Not only is PCI compliance a requirement to prevent identity theft, but it is also packed full of best practices for detecting, preventing, and remediating data breaches. Any business entity that accepts credit cards, anywhere in the world, needs to comply with the Payment Card Industry Data Security Standard(PCI DSS). One of the mandatory requirements is to protect cardholder information.


As governments look for more ways to reduce costs, electronic payments have become an economical method of purchase. Using credit or debit cards reduces the time it takes to receive funds, is less error-prone and makes it easier for residents to pay. Failure to comply with PCI DSS comes at the cost of fines that may end a business owner’s ability to conduct e-commerce, accept payment cards, accept online payments in the future. In case of a breach event, penalties for non-compliance are huge - ranging from $5000 to $100,000 per month. Also, one can lose their merchant account, which means the company can't accept credit card payments anymore. A company placed on the terminated merchant list, won’t be eligible to have another merchant account maybe for several years.

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