Easier PCI DSS and GDPR Compliance Through Cloud Computing

The financial services industry can benefit immensely from adopting cloud technology. Other industries have already gained considerable benefits out of cloud technology, which has served as a boost to faster. To embrace cloud computing the financial services industry must comply with EU General Data Protection Regulation (GDPR) rulings and the PCI DSS (Payment Card Industry Data Security Standard). This is being considered as quite a difficult task that has put off many in the financial services industry to embrace cloud computing.

 Cloud computing offers immense benefits including flexibility, better efficiency, and value. Flexibility enables users to scale services, customise programs/applications, and access cloud services through the internet from anywhere. Cloud computing drastically reduces the cost of infrastructure, which by itself is a major advantage. 

The threat to data security, migration cost, and stringent regulations have been the dampener till now. However, cloud technology has actually made compliance with PCI DSS and GDPR easier. 

 The financial services industry is facing stricter rules as part of the EU GDPR which is being introduced in place of the Data Protection Directive from May 2018, and the industry is scrambling on how to make this work. The most prominent change seems to be the largest non-compliance fines. These fines are 4% of organization/enterprise's global turnover or up to €20 million. This is a considerable penalty...

 Non-compliance to PCI DSS is another issue plaguing the financial services industry. Compliance is essential for all entities that need to accept card data, store it, process the data or transmit the data. A significant fine has been specified for PCI-DSS non-compliance and data breach occurrences. 

 Cloud Communication
Providers of cloud communications also function as ‘data processors’. This means that these entities – apart from providing cloud communication services also process the data, which would mean that they would have an infrastructure and processes that comply with the necessities of PCI DSS demands and GDPR rules. Hence, all subscribers (the financial institutions) of such full-fledged services would not have to worry about compliance issues. 

 One of the requirements of data processing is to totally secure data, which would mean that the cloud service providers must secure the data through strong encryption and also protect it from theft. 

 Handling of Card Data 
The rules of PCI DSS and GDPR specify that stored payment information must be accessible only by the card processing entity. Cloud communication facilitates this by using a secure Interactive Voice Response (IVR) system to collect the details of the payment. The payment processor will receive all collected data except the payment details. This ensures better protection for the data.

 Availing cloud communication also facilitates easier and faster up-gradation and migration to newer technologies as they are discovered. 

Location: New York, NY, USA

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