What is PCI DSS

PCI DSS (Payment Card Industry Data Security Standard) is a set of security guidelines created by credit card companies to protect cardholder data. 

In simple terms, it requires businesses that process, store, or transmit credit/debit card information to follow strict security practices. 

Benefits: 

PCI DSS compliance protects both businesses and customers. By meeting the standards, companies reduce the risk of data breaches, fraud, and potential fines. It builds customer trust (they know their payment data is handled safely). 

For SaaS and fintech companies, being PCI-compliant is often a requirement to process payments (payment processors usually require it). In short, PCI DSS ensures secure transactions and helps maintain a company’s good standing with payment networks.

Examples: 

An example of PCI DSS in action is a SaaS subscription platform that encrypts customers’ credit card information and uses secure payment gateways. 

When a customer enters their card details to subscribe, the SaaS must follow PCI rules for data transmission and storage. 

Merchants that fail to meet PCI requirements can face penalties or lose the ability to accept credit cards.