About 18 months ago, the five major credit card brands banded together for the express purpose of setting uniform standards for securing the data associated with card transactions. As a result, they created the PCI Security Standards Council and gave it the mandate to manage the maintenance and growth of the PCI Data Security Standard (PCI DSS), under which all of us in the payment industry now operate for our card-based transactions.
The creation of the council is a textbook case of what happens when organizations that normally compete aggressively find a way to cooperate for their own benefit and for the good of the industry and, ultimately, the consumers. Complying with PCI standards isn’t trivial or inexpensive, but the effort and expense are necessary.
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