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The Payment Card Industry Data Security Standard, or PCI DSS, is in essence a council which has designed and set a comprehensive list of standard requirements to ensure that all firms are able to protect their client's confidential data. What this means is that any firm that either processes, transmits or stores credit or debit card details have to maintain a safe environment for all transactions. Put simply, if your organization allows credit card transactions of any type then you need to be PCI DSS compliant. In September of 2006, world renowned banks American Express, Discover, JCB International, MasterCard, and Visa. They made it their mission to increase data integrity within firms. These businesses established a council, the Payment Card Industry Data Security Standard or PCI DSS. The PCI standard is applicable to all merchants or firms, regardless of their size or the numbers of transactions, that they transmit, store or accept. It is imperative that every corporation is in compliance to these standards to ensure a secure and safe shopping environment for all consumers. This governing body has made it compulsory for all medium, small and large businesses, as well as their financial institution to meet these standards and they imply harsh penalties for any PCI compliance violations. For any degree of noncompliance, firms could get fines up to $100,000 for every month they are in violation. As the owner of the business it is your duty to make sure that your service providers are PCI DSS compliant. It is all very well that your business sticks to the regulations but if your financial institution does not then all your efforts may well be for nothing. Financial institutions are liable as well for noncompliance penalties. However, the sad likelihood is that the fines will make their way down the chain and could end up directly affecting your business. Fines of this amount could be ruinous to smaller firms. There are a variety of principles by which businesses and suppliers must abide to be compliant. PCI DSS compliancy might even make your organization more attractive to possible consumers as you will be able to make sure that their information will be safe and secure. This will make them more willing to use their credit cards to buy merchandise from your firm instead of your competition.
Article Source: http://www.gambling-articles.org
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