The Payment Card Industry Data Security Standard (PCI DSS) is a widely accepted set of policies and procedures aimed at improving credit, debit and cash card transaction security and protecting cardholders from abuse of their personal data. Four major credit card companies collectively developed the PCI DSS in 2004: Visa, MasterCard, Discover, and American Express. In this article, we will throw some light on how PCI-DSS compliance plays an important part in every white label cryptocurrency exchange software development.
The Role Of PCI-DSS Compliance In White label Cryptocurrency Exchange Software Development
The Objectives Of PCI-DSS
- It is necessary to maintain a secure network in which transactions can be carried out. This prerequisite requires the use of cardholders or vendors using firewalls that are reliable enough to be successful without causing undue inconvenience.
- Wherever it is stored, cardholder information must be protected. Repositories should be protected against hacking with sensitive data such as birth dates, mother’s maiden names, social security numbers, phone numbers, and mailing addresses.
- Systems should be protected from malicious hackers ‘ activities through the use of frequently updated anti-virus software, anti-spyware programs, and other anti-malware solutions. All applications should be free of bugs and vulnerabilities that could open the door to exploits that could be stolen or alter cardholder data.
- It is important to limit and control access to system information and operations. Cardholders should not be expected to provide business information unless those businesses need to know that information in order to protect themselves and conduct a transaction effectively.
- Networks must be monitored and reviewed on an ongoing basis to ensure that all security measures and procedures are in place, function properly, and are kept up-to-date. For example, the current definitions and signatures should be given for anti-virus and anti-spyware programs.
- At all times and by all participating organizations, a structured information security policy must be established, implemented and enforced.
The Role Of PCI-DSS In Whitelabel Cryptocurrency Exchange Software Development
Cryptocurrencies (“cryptos”) are now expected to remain here and will continue to evolve until they become the mainstream currency. While the global shift to cryptos is not going to happen anytime soon, the prospect is that it’s just a matter of time WHEN and not IF. There’s going to be a lot of “shake out” until that day before cryptos become the norm.
In 2014, a crypto space security standard, commonly referred to as the CCSS (Cryptocurrency Security Standard), was implemented to provide specific guidance for secure crypto management. For any information system that handles and maintains crypto wallets as part of its business logic, this standard is currently the go-to standard.
PCI DSS (Payment Card Industry Data Security Standard) can be attributed to the popularity of online payments using conventional or fiat currencies. The big payment brands were spearheading this norm, i.e. American Express, Discover Financial Services, JCB International, MasterCard, and Visa Inc. have become the default standard for companies processing credit card details or storing them. Non-compliance with this standard means that the use of credit cards will not enable an organization to make online payments.
In relation to crypto ventures, PCI DSS is considered to be a kind of manual for the operation. It is still the top best cybersecurity activity.
PCI DSS compliance in a White label crypto exchange software demonstrates a data-security platform ready to address risk, taking into consideration any aspect of payment-data protection, monitoring, and management. PCI is a level of compliance set by major credit card firms. It does not apply to transactions where credit or debit cards are not used.
There are many crypto-financial services hacking events. The rapidly growing industry makes crypto business owners move as quickly as possible in designing the company structure and exponentially scaling them up. Due to the lack of sustainable security measures, however, haste ultimately causes waste. Therefore, since 2017, the number of hacks in trade has doubled and the number of compromised crypto assets has been increased by 13 times. Even though the crypto becomes more mainstream, the problem is not going away. Thus, the need of the hour is that every Whitelabel crypto-exchange software development company adheres to the rules of PCI-DSS compliance for optimal security.
So we could say, based on the above information, that some crypto projects are based on the blockchain (while claiming the opposite). In fact, they are all similar to the basic financial services structure, such as card processing, e-wallets, exchanges, and other intermediaries. All businesses involved in financial services should, therefore, take care of the protection of their own funds as well as their customers ‘ funds. Once this or that project reveals the actual blockchain structure, they all remain open and server-based topics. This situation required for the protection of information to receive PCI DSS certificates or at least some kind of similar structure.
What Kind of Benefits Are Available for Whitelabel Crypto Currency Exchange Software With PCI-DSS
PCI DSS is a major security tool that ensures:
Elimination of infringements of defense: The issue of security is a predominant challenge in the age of cyber-attacks and malicious hackers. Contributing to security measures is a must to ensure online activity’s sustainability.
Develop a quality of protection: PCI DSS creates the safety practice baseline.
Increase the trust of users: Each consumer can have faith in their online financial transactions.
Strengthen the collaboration of companies: A trustworthy relationship is a guarantee for each business that uses the services or cooperates with a particular company that complies with PCI. Moreover, it is an opportunity to build a company image by following the safety measures of digital financial activities.
PCI DSS is an indicator of quality: Due to maintaining security and managing cyber risks the financial licenses could be obtained.
Sustainable cryptocurrency exchanges: Additionally, cryptocurrency exchanges that are used for buying, selling and exchanging cryptocurrencies for traditional currency, usually break down as a result of data breaches and malicious cyber attacks.
PCI DSS is an appropriate method for maintaining the security of online operations and enabling high-quality services to be created. Nonetheless, this program should not be viewed as a panacea, but as a valuable opportunity at the moment to improve the role of crypto sites.
It is crucial to realize that with the implementation of PCI DSS, the system of technology development might be more complicated. Indeed, the system mentioned is a valuable addition to crypto project protection. Just don’t forget to take care of your product’s security measures and new features.
It is suggested that the security approach must be binding until all industries and businesses switch to FinTech. But following traditional security rules up to this time, it will help to have a competitive advantage and become the industry leader.
From the very beginning, designing the project with the structural structure and enforcing safety standards such as PCI DSS could result in the release being delayed for years. But still, the security issue should not be ignored. That’s why you should take the best practices from the PCI DSS manual from the very beginning.
If you have left any questions or suggestions, please do not hesitate to contact us and we will help you with any inquiries!