What is the Payment Card Industry (PCI)
Financial jargon can often be overwhelming for some individuals. Contractual agreements, numbers, percentages, and legal terminology can confuse just about anyone. In the massive amounts of paperwork distributed by financial services providers to potential clients, you may have come across the phrases "Payment Card Industry" or "Data Security Standard." So, what exactly do these things mean?
Well, the Payment Card Industry can be defined as any credit or debit card that uses electronic coding to link your card to a monetary account. As technology advances and criminals begin to find new methods of theft and fraud, financial institutions are taking extra measures to ensure that the highly sensitive personal or confidential data about an individual client is extremely protected. Therefore, the Data Security Standard was created.
The PCI Data Security Standard is intended to provide a secure network for all users. A firewall configuration is typically established and maintained to protect cardholder data. Financial institutions are required by law to maintain a policy which addresses information security procedures and protocol. Usually these policies will include risk management programs such as anti-virus software. These security systems and processes are also mandatory regulated and tested to assure quality.
Additionally, financial institutions in compliance with the Data Security Standard will also control accessibility to information by distinguishing differing levels of security access. As a general rule, institutions will control security by restricting physical access to cardholder data secured on a database with personal customer information, which is generally only supplied on a need-to-know basis.
Overall, Data Security Standards are set up to protect the customer. With a growing number of internet and technological incidents of fraud or identity theft, it is crucial that personal information remains confidential. Financial institutions, therefore, are responsible for using highly evolved authentication processes in order to ensure that cardholder data is protected.
Well, the Payment Card Industry can be defined as any credit or debit card that uses electronic coding to link your card to a monetary account. As technology advances and criminals begin to find new methods of theft and fraud, financial institutions are taking extra measures to ensure that the highly sensitive personal or confidential data about an individual client is extremely protected. Therefore, the Data Security Standard was created.
The PCI Data Security Standard is intended to provide a secure network for all users. A firewall configuration is typically established and maintained to protect cardholder data. Financial institutions are required by law to maintain a policy which addresses information security procedures and protocol. Usually these policies will include risk management programs such as anti-virus software. These security systems and processes are also mandatory regulated and tested to assure quality.
Additionally, financial institutions in compliance with the Data Security Standard will also control accessibility to information by distinguishing differing levels of security access. As a general rule, institutions will control security by restricting physical access to cardholder data secured on a database with personal customer information, which is generally only supplied on a need-to-know basis.
Overall, Data Security Standards are set up to protect the customer. With a growing number of internet and technological incidents of fraud or identity theft, it is crucial that personal information remains confidential. Financial institutions, therefore, are responsible for using highly evolved authentication processes in order to ensure that cardholder data is protected.
