Describe the role and functions of the PCI security standards council
“The PCI Security Standards Council is an organization created by the major credit card companies in an effort to better protect credit card holder data.” (Rouse, 2012) The council was formed in response to the increase in data security breaches that not only affected customers but also credit card companies cost. With PCI Security Standards Council being a open global forum, The five founding credit card companies – American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa Inc. – are responsible for carrying out the organization’s work. Functions of the council include coming up with a framework of specifications, measurements, and support resources to help organizations ensure the safe handling of cardholder information at every step. This is done by managing the Payment Card Industry Security Standard (PCI DSS) and the Payment Application Data Security Standard.
Identify/describe key requirements for data security standards
The key requirements for the Data Security ...
Therefore, a reassessment of the controls we have in place would be necessary. Ed’s previously mentioned tasks, when completed, will lay the foundations for our revamped security system. To supplement this, we will need to rework our security policies and create an incident response plan. This will include creation of a RACI matrix so that everyone is aware what role they play in the successful implementation of this plan. As we are storing credit card data, we should also consider being PCI DSS compliant. This would require us to conduct an audit of our current systems and run it by a checklist to make sure we are up to the required standards of PCI. Furthermore, we will need to appoint a dedicated Chief Information Security Officer whose task will be to develop the company’s long term information security program which will align with the company’s
...rder to better protect consumers. I learned that in Europe, there is a technology that supports greater cardholder verification, and there has been a great decrease in the number of people affected by financial fraud. I think that advanced technology like this should be more widely used in order to make credit card use more secure.
Council, P. S. (2010, 02 5). PCI Security Standards Council. Retrieved 02 05, 2010, from https://www.pcisecuritystandards.org/index.shtml
Security helps the organization meet its business objectives or mission by protecting its physical and financial resources, reputation, legal position, employees, and other tangible and intangible assets through the selection and application of appropriate safeguards. Businesses should establish roles and responsibilities of all personnel and staff members. However, a Chief Information Officer should be appointed to direct an organization’s day to day management of information assets. Supporting roles are performed by the service providers and include systems operations, whose personnel design and operate the computer systems. Each team member must be held accountable in ensuring all of the rules and policies are being followed, as well as, understanding their roles, responsibilities and functions. Organizations information processing systems are vulnerable to many threats that can inflict various types of damage that can result in significant losses (Harris, 2014). Losses can come from actions from trusted employees that defraud the system, outside hackers, or from careless data entry. The major threat to information protection is error and omissions that data entry personnel, users, system operators and programmers make. To better protect business information resources, organizations should conduct a risk analysis to see what
About 15 million United States residents have their identities and information used fraudulently each year. Along the use of their identities, they also had a combined financial loss totaling up to almost $50 billion. Major companies such as Apple, Verizon, Target, Sony, and many more have been victims of consumer information hacking. In each of the cases, millions of consumers’ personal information has been breached. In the article “Home Depot 's 56 Million Card Breach Bigger Than Target 's” on September 18, 2014, 56 million cards were breached due to cyber attackers. Before the Home Depot attack, Target had 40 million cards breached. Company’s information is constantly being breached and the consumers’ are the ones who end up having to pay the price. If a company cannot protect the information it takes, then it should not collect the information.
Recently, many people have focused on credit card security. The credit card as a payment and financial instrument, it does separate purchases and payments (Berthoud and Kempson 1992). Many banks provide many kinds of credit cards, for example, LLOYDS bank actually have 10 types credit cards for different customers. However, when people are enjoying the convenience for using a credit card, they almost forget these potential problems on credit card security. Especially, online credit card fraud, organized crimes for credit cards and lost/stolen cards, when people found someone stole their accounts, maybe it was too later. Therefore,
Thesis statement: My audience should improve the security measures used in the mobile payment application because it puts customer’s information at risk of exposure to unauthorized person. The solution suggested will ensure that customers will feel safer using a more secure application to conduct their transactions. In addition, it will help prevent future loses and complaint against Starbucks.
To perform our research study, we attempted to get answers to these questions: How do North Carolina bank policies reduce the spread of identity theft? To what extenet are the policies of one bank better than the policies in the others in reducing identity theft occurrence? What role can N.C. bank consumers play in reducing the risk of becoming identity theft victims? We hoped that the responses would prove our hypoithesis: the banks that have tight security policies in place have less consumer complaints than those that do not.
{8} Compare the use of encryption technology in making a credit card purchase (see CyberCash, Six Steps of a Secure Internet Credit Card Payment (visited Oct. 5, 1977) <http://a.dn.cybercash.com/cybercash/shoppers/ stopsteps.html>), with the use of encryption in making a digital cash purchase, (see DigiCash, An Introduction to Ecash (visited Oct. 5, 1977) <http://www.digicash.com/ecash/docs/ease/ease(g).html>).
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
Colleges and universities are the leading adopters of smart cards security systems application for security reasons. The University Utara Malaysia (UUM) was the pioneer adopter and implementer of this system among universities in Malaysia (Mohammad, 2011). According to Sivalingam (2009), among the most reputable universities that use smart card security systems in its premises include University of Cambridge and University of Ottawa.
As established by PCI DSS, our company needs to include different aspects to securely handle and store credit cards information. From the perspective of the Information Security Analyst we must to consider the following points:
Smart cards- They incorporate stored financial value and other important personal and financial information used for online payments.
Most consumers don’t know that they aren’t liable for any unauthorized transactions made with their own credit cards. During the year 2014, credit and debit card fraud resulted in losses up to $16.31 billion. Card issuers bore a share of sixty-two percent of losses due to fraud; where merchants have the other thirty-eight percent of the liability. Losses that occur with the card issuer are usually at the point of sale, and this is due to counterfeit cards. Losses that occur with the merchant usually only occur in a card not present transaction such as online or over the phone. In 2014, the United States had 48.2% of card fraud losses worldwide. Retailers encounter $580.5 million in debit card fraud losses. They in return spend $6.47 billion on credit and debit card prevention, but there is more that could be done. In 2011, statistics show that eighty-five percent of all fraud with debit cards involved a signature verification. Of the $1.35 billion in debit card fraud losses, $1.15 billion included debit card transactions using a signature (Kiernan). These debit and credit card frauds amount to a lot of money for the banks and the retailers, but maybe paying an extra amount towards prevention would be worth it for
Digital wallets are quickly becoming mainstream mode of online payment. Shoppers are adopting digital wallets at an incredibly rapid pace, largely due to convenience and ease of use. Tech -savvy shoppers are increasingly demanding seamless, Omni-channel retail experiences and looking for solutions that deliver this. There’s no question 2017 will be a pivotal year as digital wallets gain more widespread acceptance.