New Security Standard for SMBs to Protect Cardholder Information

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New Security Standard for SMBs to Protect Cardholder Information

July 5, 2010 Leave a commentCompliance Risk Management, PCI ComplianceBy Chandra Bilugu

You must have read the news about a new security standard for SMBs- Visa changes rules for SMBs: be PCI DSS compliant or face penalties– Primarily focusing on safeguarding customers_blank’ confidential data after making payment using a credit card, this new security standard requires SMBs accepting credit/ debit card payments to enroll into the PCI DSS program or face penal action.

Coming to effect from July 1st 2010, this new standard would mean that SMBs now have a mandate to build secure networks aimed at protecting cardholder information. It prohibits third-party payment software from storing authentication details like the cardholder PIN and Magnetic Stripe. Read more on this in Visa Puts Credit Security on You.

While that is for SMBs, larger enterprises are required to comply with the full version of PCI DSS standard by 30th September. The new standard would now control how cardholder data is stored, processed or transmitted.

With these new requirements, GRC solutions have gained more significance. By using SecureGRC^TM, a GRC platform that integrates with the business process, companies can now successfully deal with compliance and risk management.