Paycorp achieves PCI-DSS compliance for a fifth consecutive year after being one of the first companies in the financial services industry to achieve the rigorous security standard.
Paycorp, the leading provider of payment services in emerging markets, has once again met the rigorous security requirements of Version 3.1 of the PCI-Data Security Standard; the industry-mandated security standard that applies to all businesses that store, process or transmit credit and/or debit card data. This five-year achievement is testament to the rigorous controls that are at the heart of Paycorp and its companies.
Compliance with PCI-DSS Version 3.1 presents many benefits: it certifies that Paycorp enforces information security best practice and reassures its clients that payment card data is accepted and processed in a secure manner. For a third party processor like Paycorp, who works with various clients and partners, this is a notable and significant achievement.
There is simply no room for complacency in the current business environment where cybersecurity continues to pose a significant threat for all businesses. In 2013, South Africans lost more than R2.2bn from internet fraud and phishing attacks alone, according to the South African Banking Risk Information Centre (SABRIC).
Meeting PCI requirements is an ongoing process. An audit is conducted annually to ensure that Paycorp remains compliant. A regular review of PCI standards by the PCI Security Standards Council ensures that improved data security measures are introduced for detection and prevention of fraud.
At a time when many companies fail to uphold their ongoing PCI requirements, Paycorp’s highly skilled IT department has embedded the necessary PCI compliance processes in the group’s day-to-day activities ensuring the highest level of security.