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Today is launch day for a new consortium I've been helping structure for the last several months – the PCI Security Standards Council, LLC. You should be happy to hear about this new organization, because its purpose is to tighten the security procedures that protect your financial data against theft and fraud, not only globally but on an end-to-end basis, from point of sale to debiting of your account.
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The new organization was formed by the largest credit card brands in the world, and at the heart of the organization is the Payment Card Industry (PCI) Data Security Standard (PCI DSS). The standard addresses the establishment, maintenance, and monitoring of security measures for each type of participant in the transaction process, including merchants, processors, point-of-sale (POS) vendors and financial institutions, and includes requirements for security management, policies, procedures, network architecture, software design, among other requirements. By agreeing on a common standard, all participants in the credit extension and clearance process will have a single rulebook to operate under, providing greater efficiency and lower compliance costs for those being assessed, and greater certainty for those relying on their security practices. Full Story |
