With security breach arising every now and then, the IT companies are in the dilemma to tackle the personal data of the consumers. The company’s customers, especially the product-based or apps-related companies are sending consumers the emails regarding updating their data.
This is because of the European Union’s ruling on the GDPR or General Data Protection Regulation. According to Forbes, 40% of the companies are still not abreast of GDPR regulations, and it will take time for updating terms.
Insight into the GDPR v/s PCI Compliance
The GDPR and PCI compliance rules are set for the companies that are dealing with the online debit or credit-card transactions. It has become mandatory for them to follow the GDPR rules and prepared for its deadline. According to a survey, nearly 90% of the companies are still unprepared for this globalized trend.
Most of the organizations do not have the security features updated on their websites too. Verizon states that four companies out of five fail the PCI compliance and 80% of them still lack in following this regulation. This also creates a hurdle for the companies in saving the data of the consumers so one can take the professional services from the Magento Development Company. Let us now understand the GDPR v/s PCI Compliance standards in detail:
- Standardized Laws: The main difference between GDPR and PCI is that GDPR is the law framed by EU for saving the personal data of the customers who are transacting with their debit/credit cards. Whereas, PCI is the industrial security standard set up for protecting the personal information of the cardholders and helping them to carry out secured transactions.
Under this GDPR law, it has become necessary to comply with it neither the companies can face fines up to 4% of their Global Revenue annually or 20 million Euro, which is a higher amount according to Forbes. Moreover, it can be seen that if the companies are not PCI complied, then fine cannot be imposed upon them but yes, the merchant’s bank can face penalties if there is a breach in the customer’s data. The bank has to pay the monetary amount ranging from $5,000 to $5,000,000 on the monthly basis.
- Filing the Report for Breach of Personal Data: The reporting of any occurrence of the breach also differs in the case of the GDPR and PCI. If there is a breach of data, so under the GDPR law, the customers must report it within the 72 hours. The customers must report this breach to the supervisory authority that looks upon these matters.
If the organization possesses the PCI compliance and it does not have any suitable authority to report the breach, then the organizations get the reports from the card companies that the customer data has been leaked as soon as they are notified of some fraudulent activities. Moreover, the companies can only follow few security regulations here like updating their websites, clearing bugs, if their websites on the Magento platform, then they can consult and take services from the Magento Development service providers, etc.
- Relative Data handled by GDPR and PCI: The scope of data handling is also limited in PCI as compared to GDPR in relation to the consumers. The PCI has limited form of data handling as it manages information of cardholders’ credit and debit card numbers, SAD or Sensitive Authentication Data, including magnetic stripe data and CVV, and PAN or Permanent Account Numbers.
However, GDPR is the law framed to handle the security of the personal information of the consumers and making industries to follow the rules set by the law of the land. It covers the PII or the Personally Identifiable Information that is related to the residents. This data can be based upon their professional or personal life. The information can include:
- Name of the Person
- House Address
- E-Mail Address
- Photography or any Identity Proof
- Bank Details
- Medical Details
- IP Address
- Social Networking Information
Therefore, it is necessary for the PCI complied companies to be GDPR complied too as this will help in curbing any kind of frauds early. Since violation of the PCI compliance will also be taken as the breach upon the GDPR. However, it is not necessary in another case round where if the GDPR compliance is violated so it will breach PCI too.
- Maintaining the Security Log System of PII: The GDPR law states that the industries that are adopting new technologies for their transaction-related processes must have the robust security policy. So, it becomes necessary to possess the website that provides agile security solutions for handling the information of the cardholders.
The companies can take the expert services from the professionals of the Magento Development Company that will provide services related to updating the website, taking backup of the data, security maintenance, keeping a check on the bugs, etc.
Moreover, it has become necessary for the organizations to be PCI complied. The industries that already own the PCI compliance can seamlessly achieve the GDPR compliance also. This step is taken in lieu of saving the customers from the debit or credit card frauds that have taken a great leap in today’s time. According to Statista, only 50% of the companies possess the PCI standards. Therefore, to avert any kind of security error the ‘Security Log System’ of the companies must be updated.
Finally, it is important for the industries who handle the sensitive details about the cardholders to keep the personal information secured and not letting it fall into the wrong hands. As PCI is the industrial security standard and GDPR is the law set forth for protecting the rights of the consumers.
Both share the familiar factors as focus on protecting the user’s personal data, both tighten the noose on any access to cardholder’s information, the industries that are non-compliant they can face heavy fines, and GDPR and PCI frameworks require security provisions and repairing of any security lapses.