Recent data breaches, hacking incidents that resulted in massive money losses, and scant reports of cybersecurity have begun to distrust customers of payment and money institutions. Personal data stored in databases and clouds has become a significant risk for customers.
Creating secure payment networks that enable customers to easily make payments without risking the privacy of their data is a critical part of financial data security.
PCI DSS has been designed to address these concerns by introducing rules to protect bank and credit card information.
The Payment Card Industry Data Security Standard (PCI DSS) has been created in 2006 as a joint venture of the five largest payment systems brands (Visa, MasterCard, American Express, Discover, and JCB). A set of policies and procedures aimed at optimizing the security of all personal data and information for the processing, transmission, and storage of credit card, cash card, and bank information and also protecting cardholders against misuse of their personal information were introduced. Created and overseen by the independent agency, the Security Standards Council (PCI SSC) PCI DSS’s purpose is to establish an open set of standards to protect consumer information, improve the security of payment card transactions, and reduce credit card fraud.
It applies to any organization that deals with credit, debit or cash card information, regardless of size and industry.
A data breach that exposes customers’ personal information has serious repercussions for an organization. A breach results in large fines for organizations, years of litigation, declining sales, and most importantly, a badly damaged image.
After experiencing a breach, a business is forced to suspend credit card transactions or pay higher than the initial cost of security compliance.
PCI SSC identifies 12 requirements for processing cardholder data and maintaining a secure network. It defines the 6 main objectives and sub-headings and the procedures necessary for a business to align.
With Network Configuration Manager, users can easily make bulk changes to network device configurations, including system passwords and security parameters.
Cardholder sensitive data and authentication information must be encrypted in transit over open, public networks.
The principle of least privilege must be applied when deciding who has access, according to PCI DSS. That idea restricts access to data to only those who require it and only for as long as they require it. Access ought to be determined by a person’s obligations and informational needs.
SolarWinds offers both cloud (SolarWinds Threat Monitor) and on-premises (SolarWinds Log & Event Manager) SIEM tools to monitor your network and help protect against potential cybersecurity incidents. Both include near real-time event correlation, automatic threat remediation, and advanced search and forensic analysis.
A strong PCI DSS compliant security policy helps secure your infrastructure covered by PCI DSS and sets a standard for what is expected of your employees.
It is critical to ensure that every employee understands what is expected of them regarding the security of sensitive customer data. All personnel should be aware of the sensitivity of data and their individual and group responsibilities for protection