The Data Security Standard (DSS) usually refers to PCI DSS, that is, Payment Card Industry Data Security Standard. It is a set of rules and guidelines that any organization using customers’ card details must follow to ensure card data security.
It is to safeguard the customers’ confidential personal information as well as protection against fraudsters and malpractices. In other words, it is the security standards for maintaining data that financial companies must abide by.
The Payment Card Industry Security Standards Council (PCI SSC) established PCI DSS security requirements. It involved 5 major payment card brands – Visa, MasterCard, American Express, Discover, and JCB.
There are many different data security standards and certifications available as well. Some of the most common include ISO/IEC 27001, PCI DSS, and HIPAA. PCI DSS is specifically designed for organizations that accept payment cards.
It covers the security of cardholder data, including encryption and physical security. Non-compliance may result in penalties, fines and loss of reputation. More importantly, it can increase vulnerability to data breaches or the loss of the ability to process payment card transactions.
It has six major objectives –
- Payment gateways (PGs) or any organisation processing card payments must provide a secure network for conducting transactions. It is the first step towards compliance with Data Security Standards (DSS)
- Data encryption is important so that customers’ card details like cardholder’s name, card number, PIN, etc. are secure. Encryption adds a safety layer and card payment processors must ensure that they do not subject customers’ confidential information to any online threat. It should be safe against hackers and as per new regulations, card tokenisation is mandatory for saving card details. Card payment processors should avoid vendor-supplied default passwords or security parameters
- PGs or any organisations conducting card payments must protect the data both in on-site storage as well as transmission. To protect from data breaching, hacking, malware, fraud and other such vulnerabilities, they must have robust security measures. They should have anti-virus protection, firewall configuration, secure operating system (OS) and other applications
- All websites and apps using card details should ensure security by regularly monitoring their network. They should track all access to network resources and cardholder data. They should regularly test all their security systems and processes
- Card payment processing organisations should restrict access to the system and its operation. This is necessary to restrain physical access to confidential and personal card data of the customers. They should give access to cardholder data on a need-to-know basis. For example, they can assign a unique ID to each person with computer access
- Maintaining a formal information security policy is important, such as taking enforcement measures (for example – audits). Otherwise, regulatory bodies may and must impose fines and penalties for non-compliance
In the payment ecosystem, DSS is a widely recognised and most implemented security practice. It is one of the best security provisions to protect sensitive payment data. It maintains the security of the cardholder’s details during processing, transmission, and storage. These standards can uphold the confidentiality, integrity, and availability of payment information.
Therefore, Data Security Standards (DSS) not only reduce the risk of data breaches, fraud, and unauthorized access but also help to build healthy relations with customers. Protecting sensitive payment data maintains customer trust and also establishes legal authenticity by complying with regulatory requirements.
