Evaluating the Efficiency and Effectiveness Of Payment Card Industry Data Security Standard [PCI DSS] In Preventing Payment Card Data Breaches.

Abstract

This paper addresses the growing challenge faced by merchants dealing with credit card transactions which are known to be payment card data breaches and efficiency and effectiveness of payment card industry data security standards. The Payment Card Industry Data Security Standard (PCI DSS) is a critical framework designed to protect cardholder data and mitigate the risks associated with payment card data breaches. However, despite widespread adoption, the efficiency and effectiveness of PCI DSS in preventing data breaches remains areas of ongoing debate. This study evaluates PCI DSS's role in safeguarding payment card information, focusing on its operational efficiency and ability to prevent breaches effectively. Very few studies were carried out to evaluate the efficiency and effectiveness of PCI DSS in preventing payment card data breaches. To address this gap, this study will analyze the data on factors affecting the efficiency and effectiveness of PCI DSS in preventing payment card data breaches. A comprehensive questionnaire was conducted across multiple financial institutions to gather data from security experts on pertinent factors affecting the efficiency and effectiveness of Payment Card Industry Data Security Standard (PCI DSS). This data was meticulously analyzed through a structured analysis using SmartPLS to gauge the effectiveness and efficiency of PCI DSS in thwarting payment card data breaches. The success factors of PCI DSS in preventing data breaches considered in this study are network and system security, data protection, access and identity management, and monitoring and governance. The iv findings revealed that the efficiency and effectiveness of PCI DSS in preventing data breaches is critically contingent on these factors. With a statistical significance level set below 0.05, the study highlights how adherence to PCI DSS protocols, combined with robust security practices, substantially enhances data protection. This research offers profound insights into refining PCI DSS frameworks and supports the enhancement of security measures to boost the safeguarding of payment card information and prevent data breaches. Also, as the recommendations, after exploring factors affecting the efficiency and effectiveness of PCI DSS in preventing payment card data breaches, the challenges of PCI DSS implementation, asses the applicability and suitability of related security and audit frameworks and proposes recommendations by observing the results and by using the frameworks such as COBIT, ITIL, and ISO 27002 for robust data and information protection. Ultimately, the study underscores the need for continuous improvement in compliance strategies to address evolving security threats effectively.