The PCI DSS (Payment Card Industry Data Security Standard) is a set of security standards designed to ensure that all companies that accept or process information maintain a secure payment ecosystem. The PCI DSS was created jointly in 2004 by five major credit-card companies: Visa, MasterCard, Discover, American Express, and JCB.
The standard specifies and elaborates on six major objectives for compliance:
- Build and Maintain a Secure Network and Systems
- Protect Customer Transactional Data
- Maintain a Vulnerability Management Program
- Implement Strong Access Control Measures
- Regularly Monitor and Test Networks
- Maintain an Information Security Policy
The main purpose of the PCI DSS is to reduce the risk of payment or transaction. It suggests how this could be prevented, detected, and how to react if potential data breaches occur. It provides protection for both sellers and buyers. It’s important for companies to ensure their customers that the website is secure to purchase products or services and risk financial losses.
Any company under PCI DSS standards must be PCI compliant. However, there are 4 levels of PCI Compliance which are based on how much a company processes in a year and as well as other details about the level of risk assessed by payment brands. Each card issuer maintains its own table of compliance levels.
- Level 1 – Over 6 million transactions annually
- Level 2 – Between 1 and 6 million transactions annually
- Level 3 – Between 20,000 and 1 million transactions annually
- Level 4 – Less than 20,000 transactions annually
PCI-DSS in Agribazaar
AgriBazaar, India’s leading agritech platform, owns Level 3 PCI Compliance by meeting all the required PCI DSS parameters. It is 1st B2B company in the agri-space to obtain the certification. The Asset Triple A Awards recognized incorporation acquires some other well-known certifications such as STQC, CMMI Level 3, Tier IV Data Center, ISO 9001, ISO 27001, ISO 22301 which is SSL Encrypted. Due to the security standards, our online payment system is secured and protected with an organized security policy. Since many businesses may not see the PCI DSS is necessary, it is important to both businesses and their customers that they follow the requirements. After all, they’re handling valuable information about their clients, and should that information get stolen, it has repercussions beyond just a simple theft.