What is PCI Information Security and Why is it Important?

Information Security - Complete Controller

Information security and the importance of its support system

So, what is information security? Usually, it is known for protecting information and a business from any accidental activities that can damage the employees and managers. Information security ensures that a company is prevented from every kind of security risk.

Information leakage might lead to various difficulties for a corporation that can include significant economic losses or even complete bankruptcy. More often, financial documents, technological and design developments, logins, and passwords for entering the network of other organizations are “leaking out” from companies. But severe damage can happen as well as a leak of the personal data of employees. You need to keep private information protected. Check out America's Best Bookkeepers

PCI information security and why it is important

After major hacking of card payment systems that occurred in recent years, organizations facing the issues of card hacking began actively discussing implementation and compliance with information security standards.

The survey was attended by IT executives responsible for compliance with PCI specifications in organizations from education, financial services, government, health, and retail. The researchers wanted to assess the PCI DSS standards accurately, measure the costs of its implementation, identify the problems associated with compliance with these regulatory requirements, and evaluate the spread of specific technologies to understand better what organizations are following when implementing the PCI DSS specification. Check out America's Best Bookkeepers It turned out that:

  • 70% of respondents believe that compliance with the PCI DSS standard makes their organizations more secure.
  • 87% of respondents believe that the requirements of the PCI DSS standard are necessary for the protection of cardholders’ data.
  • Of all industries, the PCI DSS requirements of retailers and financial institutions proved to be the best. Retail took the most severe attitude towards the implementation of this standard.
  • 67% of respondents expect that their expenses for compliance with the PCI DSS standard will increase in the next year. Increased costs mean that company executives and board members consider PCI DSS a significant initiative.
  • In addition, 60% of the respondents suggested that efforts to comply with the PCI DSS standard can stimulate other projects related to networks and network security. Check out America's Best Bookkeepers

Payment card industry and data security standard

The standard for the protection of information in the field of payment cards

The PCI DSS standard is designed to ensure the security of processing, storing, and transferring data in information systems of companies operating with international payment systems such as Visa, MasterCard, and others. The PCI standard establishes the PCI Security Standards Council community that contains the leading payment cards of the world, such as MasterCard Worldwide, American Express, Visa International, and JCB. The PCI DSS standard applies to every company that processes, stores, or transfers data on the other economic sectors (banks, processing centers, service providers, and e-commerce systems). You can also use bookkeeping to keep the client’s financial records: banks and economic sectors to ensure that all the clients’ data and information are secured.

PCI standards are operated worldwide and concern all organizations that process credit cards and store or transmit information about their holders. This standard gives the payment card industry more control over confidential data and excludes the possibility of their leakage. PCI also guarantees the protection of consumers from fraud or identity theft when using credit cards.

Who is covered by PCI DSS?

First, the standard of PCI defines the requirements for organizations in the information infrastructure that store, process, or transmit payment card data and organizations that can affect the security of this data. The purpose of the standard is obvious – to ensure the safety of payment cards.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers