What does PCI stand for?
The term PCI stands for Payment Card Industry and is used to describe credit card companies' initiative to ensure that credit card data and customer information is protected. The Credit Card Companies: American Express, Discover Financial Services, JCB International (Japan Credit Bureau), MasterCard Worldwide and Visa Inc, came together to develop the Payment Card Industry (PCI) Data Security Standards (DSS).
PCI DSS
Inadequate security of credit card data and customer credit information can lead to credit card fraud, financial loss and reduced consumer confidence in using credit cards as a means of electronic payment. The Payment Card Industry Data Security Standards (PCI DSS) are requirements and security standards designed to help prevent breaches of security that might lead to the loss of confidential information. The standard attempts to reduce and limit network security vulnerabilities for companies and organizations that process card payments.
PCI Compliance
Companies that process credit card transactions, accept credit card payments, store credit card data, or are associated in any way with the processing of personal or confidential credit card payment information need to secure and protect their networks. PCI Compliance guidelines are designed to ensure that proper steps have been taken to implement security best practices so that credit card customer information is adequately protected.