What does PCI-DSS stand for, and what is its primary purpose?

PCI-DSS stands for Payment Card Industry Data Security Standard. Its primary purpose is to establish a set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment. The standard was created to protect consumers from data breaches and fraud related to credit card transactions. By adhering to these standards, organizations can significantly reduce the risk of credit card information being compromised, thereby building consumer trust and safeguarding sensitive financial data.

This focus on secure credit card transactions is at the core of PCI-DSS, making it essential for any business involved in handling such information to comply with its requirements to enhance their overall security posture.