Federal regulators want more payment security
While PCI compliance, the use of SSL certificates and other security measures can be great ways to protect credit cards and payments online, BankInfoSecurity reports that federal regulators want to see increasingly better regulations. Cary Whaley, of the Independent Community Bankers Association, said regulators are now asking IT departments to show exactly how they protect customer data.
"The biggest accountability for the community bank is for the customer," Whaley said, according to the news source. "Community banks [and institutions, generally] want to ensure that the data is protected. Priority No. 1 is data security; that's always the biggest the concern."
Regulators may start looking further into PCI compliance, but it isn't something that can be legally enforced. It helps regulators have a reference point for where things need to be and gives a jumping off point for where federal officials want payment security to go.
All organizations that accept credit and debit cards already have to use PCI compliance, especially those that handle a large number of transactions, so the PCI DSS guidelines could be a good place for federal regulators to start pushing for better security.