PCI DSS Compliance in Dubai for businesses dealing with payment card data is given great importance and priority. PCI DSS Compliance is a global payment card data security standard established in the online payment industry. It is a standard created and adopted by major card brands (Visa, Mastercard, Discover, American Express, and JCB) to promote secure card transactions in the industry. So, businesses that deal with these credit card brands need to ensure compliance with PCI DSS.
The payment security standard outlines requirements that mirror the industry’s best security practices. So, any organization or business processing, storing and transmits cardholder data are required to comply with PCI DSS. It is an internationally accepted standard applicable to businesses across the globe. So, businesses that are a part of the payment card industry are expected to ensure PCI DSS Compliance in Dubai as well.
What is PCI DSS Compliance?
The Payment Card Industry Data Security Standard (PCI DSS) is one of the most stringent and comprehensive Information Security Standard designed for organizations that deal with online payment cards. Comprising of 12 requirements and multiple sub-requirements PCI compliance works as a guide for organizations in matters concerning with security of card data.
Merchants and Service Providers are expected to protect the cardholder data of customers by implementing the highest level of security measures for protecting the systems, networks, and infrastructure comprising the card data. So, technically all Merchants and Service providers are contractually obliged to comply with PCI DSS requirements. This is to reduce and minimize the risk of payment data breaches and theft of cardholder data.
PCI DSS Compliance in Dubai
Like in any other country, PCI DSS Compliance is an essential standard for online retail businesses and related service providers dealing with card data. Businesses are required to demonstrate PCI DSS Compliance in Dubai to reflect their commitment and implementation of high-level information security. The certificate demonstrates that the service offered by these organizations to all the Dubai-based customers is safe and of the highest level of security.
Obtaining the certificate implies that businesses are adhering to the industry’s best security practices and standards governing all security aspects of online payment. This would include technology, operations, human resources, policies, procedures, etc., ensuring the highest level of card data protection. Any businesses in Dubai that wish to accept and store consumer credit card data are required to have their systems, operations, and IT infrastructure compliant with PCI DSS.
How does PCI DSS Compliance in Dubai Benefit Business?
Achieving PCI DSS standard although not mandatory but is seen as an industry best practice that organizations must adhere to. Not just from the compliance and security perspective but PCI DSS Compliance in Dubai for business comes with multiple benefits. Let us learn the benefits of achieving PCI DSS compliance for businesses in Dubai and other countries around the globe.
Benefits of PCI DSS Compliance
1.Security is Prime Focus
In PCI DSS Compliance security of payment card data is the prime focus. So, PCI compliance in Dubai for business means establishing strong payment security measures in the cardholder data environment and the overall IT Infrastructure. Organizations are required to build multiple layers of security including firewalls, antivirus software, techniques of encryption, and software that helps detect and monitor threats in the payment card systems and network. Further, they need to have in places policies, procedures, and processes that support their strategy for overall IT and online payment security.
PCI DSS Compliance is an international payment security standard in the payment card industry. So, meeting the security standard requirement will help in building a strong business reputation and brand. PCI DSS Compliance is not just about secure payment but also building strong credibility in the industry. The certification reflects secure operations and handling of card data. So, this builds credibility in the market and automatically a sense of trust among customers. Trust is an important factor in the success of any retail or online business and PCI DSS Compliance will help cement the trust of customers in your business.
3.Prevents Data Breach
Since PCI DSS is an industry best payment security standard and practice, the chances of a data breach are low. The PCI Requirements outlines a comprehensive list of operational and technical security measures that ensure the highest level of security is met for processing or storing sensitive customer data. So, this way businesses turn out to be less vulnerable targets to cybercriminals. Hacking businesses with strong encryptions, firewall installations, etc. makes it harder for hackers to hack into systems and create a breach. So, achieving and maintaining PCI DSS Compliance is a wonderful way of preventing data breaches.
4.Global Payment Security Standards
PCI DSS is a globally accepted payment security standard and framework. So, be it any business in Dubai that plans to process, store or transmit card data will need to meet the PCI DSS Compliance requirements. This allows organizations to scale their business globally among other international players who are compliant with this international security standard and data protection program. Compliance with this standard gives a competitive edge to businesses on a global platform.
5.Baseline for Other Security Program
PCI DSS compliance simply means you have taken the necessary steps to protect sensitive card data. Compliance with this security standard means having achieved some of the basic parameters of security standards across different regulatory requirements including GDPR, HIPAA, CCPA, and other international data security regulations. It gives a good kick-start to these compliance programs and facilitates an easy journey of Data Security and Privacy. Achieving PCI DSS Compliance in Dubai will mean organizations will be better equipped to comply with other federal and state-mandated data security regulations.
PCI DSS Compliance is an international standard and best practice that should be adopted by organizations across the globe. It is not a payment security standard for a specific region but for businesses around the globe dealing with payment card data. So, be it an organization or business from any nation, ensuring compliance with payment security standard is a good practice to ensure high-level security of sensitive card data. Besides ensuring PCI DSS Compliance in Dubai for businesses will also mean prevention of data breach, financial consequences, reputational loss, and potential lawsuits in case of data breach or theft.