What is PCI DSS?

A set of requirements established by the major credit card brands to protect consumers, merchants and service providers from theft, fraud and other security threats stemming from credit card transactions

PCI DSS was created by the Payment Card Industry Security Standards Council, which is comprised of American Express, Discover, JCB International, MasterCard and Visa. The Data Security Standards (DSS) are a set of regulations which are mandatory for all entities which store, process, and/or transmit cardholder data. PCI DSS was established in 2004 to protect consumers, merchants and service providers from fraud, hacking and other security threats stemming from credit card transactions. Businesses can lose their privilege to accept credit cards, and face fines up to $500,000 per security breach, if they are not in compliance.