Any company that processes, stores, and transmits credit card data must be PCI DSS compliant. This compliance is important because it helps ensure that your customers’ data is safe and secure.
It is worth noting that credit card data breaches are becoming increasingly common these days. By complying with PCI DSS, financial institutions can reduce risk and prevent their customers’ data and their business from being compromised.
Read on to learn how important PCI DSS compliance is for financial institutions.
Why financial institutions must comply
Requirements defined by PCI DSS are implemented primarily to protect the privacy of credit card data holders and to ensure that their data is kept safe from theft or fraud.
Companies that fail to comply are subject to fines and the loss of the right to process credit card payments. As such, it is important that companies understand what these requirements are.
Some of the key PCI DSS requirements include the use of firewalls and anti-virus software, protection of sensitive data, and regular testing of security measures.
The Benefits of PCI DSS Compliance for Financial Institutions
In fact, financial institutions that handle credit and debit card transactions are required to comply with the PCI DSS. While compliance can be expensive and time consuming, there are several benefits that make it worth the effort.
First, as stated at the very beginning of the article, PCI DSS compliance helps protect against data breaches.
By ensuring that credit card data is properly protected, companies can reduce the risk of a costly breach.
Second, compliance can help companies build trust with their customers. Customers are increasingly concerned about the security of their personal information, and a company that is PCI DSS compliant can show that it takes credit card data security seriously.
Finally, companies avoid fines and other penalties. Lack of compliance results in fines from credit card companies or other regulators.
In addition, they may also lose the ability to process credit card transactions, which can have a significant impact on their bottom line.
When it comes to PCI DSS compliance, financial institutions face several challenges
As new ways of stealing credit card information are developed, financial institutions must be quick to adapt their security measures.
In addition, PCI DSS requires financial institutions to keep detailed records of their compliance efforts.
Compliance can be a challenge, especially for smaller institutions. One of the biggest challenges is to keep up with the ever-changing threat landscape.
First, financial institutions must ensure that all data is encrypted, both in transit and at rest. They also need to have robust security measures in place to protect against external threats, such as cybercriminals.
In addition, companies must have a process for dealing with compromised customer data.
Finally, they must keep up with the ever-changing PCI DSS landscape, which can be difficult due to the other demands on time and resources.
This can be a lengthy and expensive process, especially for institutions that do not have the resources of larger banks.
payShield 10K: You can secure your digital payments with confidence
The payShield 10K, the fifth generation of payment HSMs from Thales, Eval’s partner company, offers a suite of proven security features in critical environments, including transaction processing, protection of sensitive data, payment credential issuance, mobile card acceptance, and tokenization.
The payShield 10K solution can be used throughout the global payments ecosystem by issuers, service providers, acquirers, processors, and payment networks, offering a number of benefits:
- Simplifies deployment in data centers;
- It offers high resiliency and availability;
- It offers the broadest card and mobile application support in a timely manner;
- Supports performance upgrades without hardware change;
- Maintains compatibility with all Thales payment HSMs.
You can secure digital payments with confidence
Playing a key security role for remote digital and face-to-face payments, the payShield 10K solution provides the necessary trust that underpins communications between those involved in payment processes.
payShield 10K meets the latest mandatory security requirements and best practices for a wide variety of organizations, including PCI DSS, ANSI, LGPD, and various global and regional payment brands and networks.
- Simplify Deployment
Payment HSMs can be securely configured, managed, and monitored remotely from convenience locations to reduce your costs and simplify your ongoing operations;
- Maximize Resilience
Equipped with two power supplies and hot-swappable fans, Thales HSMs significantly increase mean time between failures (MTBF) and simplify field maintenance;
- Take advantage of proven integrations
Thales’ payment HSMs are the most widely deployed in the world and supported by the largest number of payment application providers.
As an institution that handles credit card information, it is important to be PCI DSS certified
This certification proves that you are taking the necessary precautions to protect your customers’ data from being compromised.
By achieving PCI DSS certification, you can be sure that your company meets the highest security standards in the industry.
EVAL has been developing projects in the financial, health, education, and industry segments for over 18 years. Since 2004, we have offered solutions for Authentication, Electronic and Digital Signature, and Data Protection. Currently, we are present in the main Brazilian banks, health institutions, schools and universities, and different industries.
With value recognized by the market, EVAL’s solutions and services meet the highest regulatory standards of public and private organizations, such as SBIS, ITI, PCI DSS, and LGPD. In practice, we promote information security and compliance, increase companies’ operational efficiency, and reduce costs.
Innovate now, lead always: get to know Eval’s solutions and services and take your company to the next level.
Eval, safety is value.