Week 2W Compliance with Laws and Regulations
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Prince George's Community College, Largo *
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413
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Information Systems
Date
Nov 24, 2024
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docx
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Uploaded by seth7up.sf
CSIA 413 Week 2 Discussion: Compliance with Laws and Regulations
Compliance with PCI-DSS for Protecting Credit Card and Transaction Information
The Payment Card Industry Data Security Standard (PCI-DSS) is a vital regulatory framework that mandates stringent security measures to protect credit card and transaction information. As Red Clay handles sensitive financial data from its clients, including credit card numbers and transaction details, it is imperative that the company adopts guidance policies to ensure compliance with PCI-DSS regulations. This standard specifically covers collecting, processing, managing, and storing credit card information, ensuring that comprehensive security measures are in place to prevent data breaches and unauthorized access (2023, Barney).
PCI-DSS entails a range of requirements to safeguard credit card information. These requirements encompass data encryption during transmission and storage, implementation of access controls, regular security testing, maintenance of secure network infrastructure, and monitoring of network activities for potential security threats. Failure to comply with PCI-DSS puts clients' financial information at risk and exposes Red Clay to potential legal consequences and reputational damage in the event of a data breach. As stated by Baykara on PCIDSSguide.com (2021) depending on the amount of time in compliance mismatch and the amount of payment processor usage can
be used to determine the fines. I have listed the example cases she provided below:
“One to Three Months in Non-Compliance:
$ 10,000 per month for high-volume customers / $ 5,000 per month for low-volume customers
Four to Six Months in Non-Compliance:
$ 50,000 / month for high-volume customers / $ 25,000 / month for low-volume customers
Seven Months and More in Non-Compliance:
$ 100,000 per month for high-volume customers / $ 50,000 per month for low-volume customers”
Given the increasing frequency and sophistication of cyberattacks targeting financial data, Red Clay's commitment to adopting policies aligned with PCI-DSS is paramount. These newly adopted policies will enhance the company's security posture and engender trust and confidence among its clients. By safeguarding credit card and transaction information through compliance with PCI-DSS, Red Clay demonstrates its dedication to protecting its clients' privacy, maintaining regulatory compliance, and upholding its reputation as a secure and trustworthy partner in today's digital landscape (2021, Irwin).
References:
Barney, N. (2023, June). PCI DSS (Payment Card Industry Data Security Standard). TechTarget. https://www.techtarget.com/searchsecurity/definition/PCI-DSS-Payment-Card-Industry-Data-Security-Standard
Baykara, S. (2021, March 12). What are the PCI Compliance Fines and Penalties?. PCI DSS Guide. https://www.pcidssguide.com/what-are-the-pci-compliance-fines-and-penalties/
Irwin, L. (2021, July 13). 4 powerful benefits of PCI DSS compliance. ITgovernance. https://www.itgovernance.eu/blog/en/4-powerful-benefits-of-pci-dss-compliance
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