In 2006, American Express, Visa International, JCB and Discover Financial Services formed the Payment Card Industry Security Standards Council. Its main purpose was to form a body of security standards known today as the Payment Card Industry Data Security Standard (PCI DSS). The sole aim of this standard is to increase control over information and reduce exposure to risk, thus helping organizations working with card payments to prevent credit card fraud.
PCI DSS is consisted of twelve high-level requirements including multiple sub-requirements which contain numerous directives against which businesses may measure their own payment card security policies, procedures and guidelines.
We decided to share with you the TOP SIX requirements that QaiWare covers as a solution provider in the fintech space
1.Protect the network infrastructure
The objective is to completely isolate the card network infrastructure from other networks in the organization, with all card data processing systems compiled into a single network.
2.Protect card data
For this purpose, all locations where card data is collected are localized. All places are protected, and the data is encrypted. The transfer of card data is also encrypted.
3&4 Management of vulnerabilities and control of logical and physical access to card data
Physical security includes the requirement for any user who physically accesses the storage place to be identified. Logical Access Control means there is a unique ID for each user.
5.Regular monitoring of vulnerability and documentation network testing
Log files, system traces or any tool enabling the tracking of access to sensitive data is critical in preventing, detecting or minimizing a data breach. The availability of logs enables tracking, alerting and analysis when an intrusion occurs. It is almost impossible to identify and diagnose a breach without system logs.
6.Maintaining a policy that addresses information security
It is critical to ensure every employee understands what is expected of him or her regarding the security of our client’s sensitive data. At QaiWare, all our employees are aware of the data’s sensitivity and the individual and group responsibilities for protecting it.
The PCI SSC has provided basic guidance for compliance, including a three-step process to assess, repair, and report PCI DSS in-scope data.
QaiWare facilitates PCI DSS compliance at multiple levels by providing our clients with superior payment solutions designed to meet and exceed compliance thresholds for all PCI DSS requirements.