Understanding PCI DSS Certification in Australia
With the ever-growing fraud cases in society especially in the realm of electronic money, it is therefore important for companies to embrace the security of their customer’s information. PCI DSS certification is applicable here today in real-time scenarios. PCI DSS means Payment Card Industry Data Security Standard, a group of norms that regulates the safety of credit and debit card transactions and decreases the level of fraud. To attract and prevent potential customers and the consequences of fraud in Australia, all the companies which accept card payments have to adhere to a number of rules, known as the PCI DSS standards.
That leads to the question, what is PCI DSS Certification?
PCI DSS in particular certifies that a certain business complies with guidelines that prevent cardholder data exposure. It applies to organizations of any size that receive, process, or transmit payment card data, whether you are a small internet business selling goods online or a large store trading across borders.
The certification involves compliance with 12 core security standards grouped into six goals, such as:
Securing a network for instance, through firewalls.
The second issue of the PCI standard deals with protecting cardholder data through encryption.
Scanning and checking networking systems periodically for weaknesses.
The restriction of access to some data by putting up barriers and controls.
Why PCI DSS is critical to Australia for Australian companies and businesses
Cybersecurity threats are becoming more frequent and common all over the world and the same applies to the Australian region. PCI DSS compliance assists businesses in safeguarding them and their clients from fraud and embezzlement. Also, most Australian banks and payment processors demand that merchants are PCI DSS complaint as a condition of contract.
Failure to comply with these regulations attracts penalties, erosion of reputation and customer trust. On the other side, having PCI DSS certification helps you prove that you care about security and can benefit your business by improving its reputation.
How to Get PCI DSS Certification?
Understand business types – Decide on the PCI DSS level due to the number of transactions processed.
Sometimes it is recommended to conduct a gap analysis – this is when one will try to determine which areas in the organization’s security are most lacking.
Employ security measures – Respond to risks, for instance, poor passwords or old software.
For the initial level of certification, a Self-Assessment Questionnaire (SAQ) must be filled up; for the second level, a Qualified Security Assessor (QSA) must be sought.
Do periodic assessments – Keep it consistent and do it frequently.