PCI Compliance – What is it, why is it needed and who needs to comply?

Payment processing security has, in technology terms a long history. Toward the end of 2004, five major credit card companies (American Express, Discovery Financial Services, JCB International, MasterCard, and Visa Inc) collaborated together to create the Payment Card Industry Data Security Standard (PCI DSS) and all organisations dealing with payment processing regardless of size or number of transactions have a contractually obligation to meet this standard. PCI enforcement is upheld by the Federal Trade Commission (FTC) and the PCI Security Standards Committee (PCI SSC) which is made up of the five credit card companies listed above.