Which industry-specific law governs payment card data protection?
- PCI DSS
Explanation: The Payment Card Industry Data Security Standard (PCI DSS) is a set of contractual rules that seek to protect payment cardholder payment data during a transaction and reduce fraud. In theory, the PCI DSS is a voluntary standard. However, in practice, any organization that stores, processes or transmits cardholder data that fails to comply with the PCI DSS standard may face significantly higher transaction fees, fines up to $500,000 and, in extreme circumstances, lose the ability to process payment cards.
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