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Credit Card Processing Industry Watchdog to be Implemented

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A few months back, the Card Processing Industry (CPI), in an effort to minimize imminent government security requirements that are being considered, created its own security standards to which all major industry players subscribed.

To bolster the case that PCI members, such as VISA®, Mastercard®, Discover®, etc., can prevent data breaches by self regulation, the PCI has announced that it is about to launch a watchdog organization to monitor their compliance with the new security standards, and also to monitor the compliance of all their merchants and vendors. This will be a very big task, especially since early plans call for semi-annual or quarterly audits.

Any such talk is good for NAID Members, since the PCI security standards address secure destruction of consumer information in a number of places, as well as the qualifications of third-party vendors that process or take custody of consumer information.

NAID is in discussions with the PCI at a number of levels and has joined with many of the PCI’s high-profile members in sponsoring the Better Business Bureau’s nationwide information security initiative.