Major credit card issuers created PCI (Payment Card Industry) compliance standards to protect personal information and ensure security when transactions are processed using a payment card.
All members of the payment card industry(financial institutions, credit card companies and merchants) must comply with these standards if they plan on accepting credit cards. Failure to meet compliance standards can result in fines from credit card companies and banks and even the loss of the ability to process credit cards.
The first step in PCI compliance is to meet those standards. Credit card companies and financial institutions validate that vendors are abiding by the regulations, giving them ratings based on their volume of transactions. The rating that a company receives determines its validation process. Next month, we’ll take a look at the four validation ratings, and what each rating means to a company.
An SSAE 16 Type 2 (formerly SAS 70) Report is officially a "Report on management's description of a service organization's system and the suitability of the design and operating effectiveness of controls".
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