The Role Of PCI-DSS Compliance In White label Cryptocurrency Exchange Software Development

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 Objectives Of PCI-DSS

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.

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