PCI DSS and card brands: Standards, compliance and enforcement

Donna Wilson, Ethan Roman and Ingrid Beierly

Cyber Security: A Peer-Reviewed Journal, 2018, vol. 2, issue 1, 73-82

Abstract: The payment card brands have a private regulatory system, the PCI DSS, that affects every entity worldwide that accepts, processes, stores or transmits credit card information. Participation is mandatory for companies to function in the modern economy, and the consequences of non-compliance can be harsh. A further complication is that the PCI DSS uses its own terminology, which can be confusing to a beginner. But there are also benefits to understanding PCI compliance, including to avoid the potentially harsh consequences, and the fact that PCI compliant entities have a stronger defensive posture against cyberattacks. Because of this, all organisations should know about and understand the PCI DSS, including how to implement and maintain compliance. This paper outlines the history and reason behind the PCI DSS and the broad requirements entities must follow to be compliant; provides an overview of the basic terminology and requirements, information on additional programmes that affect an entity’s PCI DSS compliance, a high-level view of compliance and information on its enforcement by the card brands, state legislation and the legal system; and offers some views from both critics and supporters of the current enforcement system.

Keywords: PCI; PCI compliance; payment cards; PCI enforcement; cyber security (search for similar items in EconPapers)
JEL-codes: M15 (search for similar items in EconPapers)
Date: 2018
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