Compliance with Payment Card Industry (PCI)

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Payment card systems have become an essential best practice at a global scale. The main reason is security for both customers and business people. As the use of plastic payment cards has grown, so has the demand for quicker services with safety and reliability for financial institutions.

Businesses which use payment cards for payment must ensure best practices to ensure the effectiveness of their services. This is why most IT managers and business owners need to have adequate knowledge about the Payment Card Industry (PCI). There are usual concerns about the amount of time and budget which will be invested into maintaining and handling the payment by card system. If there are breaches in the system needed to sustain the PCI, there will be consequences which will amount to losses worth millions of dollars. Therefore there must be best practices to ensure proper risk management and compliance with the PCI. These best practices include compliance with the requirements for a comprehensive and formal security system to use payment cards.

PCI Compliance

There are four levels of PCI compliance which differ based on the number of PCI transactions annually and Payment Card Industry Data Security Standard (PCI DSS) requirements. To ensure PCI compliance there must be a security framework in place such as the ISO 17799.

Best Practices Required for PCI

With these best practices, PCI compliance will be effective and payment processes using credit cards will be secure and effective. Therefore, using the PCI is an important best practice.

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