What is Bank compliance jobs and Why Is It Important?

In response to the Increase in fraud and identity theft related to credit cards, MasterCard Worldwide and Visa International took an initiative in 2005 to institute a consistent data protection mechanism for all significant stakeholders such as banks, credit card providers, financial institutions and retailers. Because of this, PCI compliance criteria were created to ensure better protection and security of private information during the payment process whether online or in shops. The PCI (Payment Card Industry) criteria were further revised and enhanced in September 2006 and the last document provides more detailed Data Security Standards (DSS) for retailers. That is to say, PCI compliance ensures greater protection during an online or in store trade with credit cards.

PCI Compliance Requirements

The PCI security Standards include layers of security that has to be guaranteed by financial institutions, Bank compliance jobs hong kong providers while processing funds using credit cards. These criteria include a comprehensive set of requirements from any company interested in processing payments through credit cards such as:

  • Maintaining policies such as Information Security Policy.
  • Procedures associated with implementing Access Control Measures.
  • Security management like maintaining a secure network.
  • Software Design that may protect cardholder data.
  • Network testing of networks and monitoring & architecture.
  • Keeping a vulnerability management program.

Companies that Practice and follow PCI criteria will need to perform activities that may validate their compliance including onsite inspection and quarterly scans by qualified information protection firms (QDSCs). Beside PCI standard, there are a few additional data security regulations for retailers like the Sarbanes-Oxley Act and Accountability Act, but PCI standard is regarded as the most accurate, precise and easy to follow even for smaller merchants.

payroll policies

Why PCI Compliance is Important?

The Main goal of Setting up PCI criteria was to provide better protection during payment card transactions, but now PCI compliance has become a standard and standard in card processing sector. Failing to comply with the set standards for each and every transaction may lead to heavy penalties from banks or credit card companies around tens of thousands of dollars. Sometimes, banks or credit card providers can stop providing the services to retailers completely.

Today, complying with PCI criteria is an industry standard. It is now a sign of good business practice and can be used to guarantee quality levels that customers can trust. PCI compliance ensures better delivery of financial services to customers and reduces the risk associated with capital transactions. Clients can feel comfortable when doing trade with business that complies with PCI DSS even if discussing their personal information. Nowadays, security is an Essential part of customer services offered by any organization and payroll policies hong kong may project any retailer for a company that is serious about client is security and protection of the personal data. Simply put, compliance with information protection standards like PCI means more customers for companies today.