After five years, Visa executive evaluates importance of PCI DSS

After five years, Visa executive evaluates importance of PCI DSS

Now that the industry has passed the five-year anniversary of the inception of the PCI Security Standards Council, one Visa executive recently commented on the impression the organization has left.

Writing for SC Magazine, Visa head of global payment system risk Eduardo Perez said the council, with the PCI Data Security Standard, has helped pick up the payment security industry from a largely ignored framework and turn it into an industry standard. A member of the PCI SSC, Perez said this was part of the council's initial objective.

"At the time of our launch, PCI adoption rates were at levels that matched lack of awareness in the market," Perez wrote for SC Magazine. "Our stakeholders told us, and we recognized the challenge with the multiple ways that merchants had to tackle data security and report their compliance to each of the payment card brands. We listened and knew there had to be a change in order to increase adoption of PCI standards and improve payment data security."

Now, PCI compliance has proven to be a key cog in security efforts for businesses that process financial information. A study conducted by the Ponemon Institute found that 64 percent of PCI compliant organizations had not experienced a data breach in at least two years.