Learn what it means to be a part of the Payment Card Industry
The PCI (payment card industry) consists of all organizations that store, process or transmit cardholder data. The PCI SSC (payment card industry security standards council) is the governing body over the PCI and consists of the major card brands; Visa International, Mastercard Worldwide, Discover Financial Services, American Express, and Japan Credit Bureau (JCB).
Prior to the establishment of the PCI SSC each individual major card brands established its own individual security standards in response to credit fraud in the late 1980’s and 1990’s. The growth of the internet age and ecommerce capabilities in the early 2000’s resulted in an explosion of card fraud which was a catalyst for the establishment of a unified approach to card data security by the major card brands with the establishment of the PCI SSC on Sept 7, 2006. These standards known as PCI Compliance, are now required annually by all organizations involved in the handling, processing, management or storage or cardholder data.
Since 2006, the PCI SSC’s resulting data security standards (PCI DSS) have assisted merchants globally with best business practices to better secure customer cardholder data through annual updates to the PCI DSS. With each new iteration of the standards, The PCI SSC addresses changes in risks and technologies to ensure merchants are well equipped to handle all scenarios around data security risks that may affect them.