Understanding PCI DSS certification for Filipino Business – Complete Guide
Every now and then people are making payments through credit and debit cards but with the increasing digital transactions, all around the globe, data safety is no longer optional but is essential. For businesses that handle payment transactions, operating in the Philippines, it is crucial to have PCI DSS certification, to ensure safety of customer data and meet the global security standards.
What is PCI DSS Certification?
PCI DSS(Payment Card Industry Data Security Standard) is a set of standard security protocols for safeguarding the cardholder’s sensitive information during the card transactions. This protocol is developed and followed by major card brands like Visa and Mastercard. This protocol outlines 12 requirements across 6 objectives to ensure data safety. The PCI DSS Certification shows that the business follows the standard card security protocols and ensures a safe transaction process.
Who needs PCI DSS Certification?
Any organization in the Philippines who stores, processes or transmits cardholder data for transaction processing must have PCI DSS certification and must adhere to compliance to avoid penalties. These include – online retailers, banks, financial institutions, BPO’s, payment gateways or any business which accepts card transactions.
Levels of Compliance in PCI DSS
In PCI DSS Certification there are 4 levels of compliances. These levels identify security measures to the transactions. The compliance level depends upon the nature and need of the business.
Level 1 – Business processing more than 6 million transactions annually. These are required to take annual on-site assessment by a Qualified Security Assessor (QSA) and quarterly network scans by an Approved Scanning Vendor (ASV).
Level 2 – For business with annual transactions between 1 – 6 million. They must undergo annual on-site assessment by a Qualified Security Assessor (QSA) but Approved Scanning Vendor (ASV) is optional.
Level 3 – For business with annual transactions between 20,000 to 1 million. These are required to undergo annual on-site assessment by a Qualified Security Assessor (QSA).
Level 4 – Businesses with less than 20,000 transactions annually only require an annual on-site assessment by a Qualified Security Assessor (QSA).
Cost of PCI DSS Certification in Philippines
The cost of getting a PCI DSS Certification may vary depending upon from partner to partner and business to business. The average cost for PCI DSS Certification in the Philippines is between $50 to $15,000 depending upon the compliance level and business size.
Benefits of PCI DSS Certification
Here is why business must take PCI DSS compliances –
- The PCI DSS compliance enhances the security on payment and helps to build consumer trust during card payments.
- The PCI DSS follows standard global protocols thus can be accepted and implemented globally.
- The PCI DSS certification reduces the risk of data theft and security breach and ensures that sensitive card information is secured and encrypted.
How to get PCI DSS Certification in the Philippines ?
To get your PCI DSS Certification in the Philippines, follow the following steps –
- Analyse the data flow and where the information is stored and processed.
- Conduct a thorough analysis to identify the gaps in security and weaknesses.
- Implement improvements in the identified vulnerabilities by introducing necessary security measures.
- Undergo PCI DSS level compliance audits like QSA and ASV as per business need.
- Submit a compliance report and attestation of compliance to get certified.
GQS as your PCI DSS Certification Partner
GQS (Global Quality Service) is a provider of inspection, auditing and quality service. GQS provides services in the Oil and gas industry and has a global presence in countries like Australia, Asia and the United Kingdom. The GQS provides PCI DSS certification for its clients by measuring the level of PCI DSS compliance required, analysing the gap for improvements, assessment and implementation of improved security measures and handling report preparation and documentation required for certification.
Conclusion
PCI DSS certification is theft proofing of business. The certification might be a little costly but the benefits outweigh the cost. Whether you are running e-commerce, banking, financial institution or a payment gateway, PCI DSS certification helps to secure all the data of transactions and prevent the breach.
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