The acronym PCI DSS stands for Payment Card Industry Data Security Standard. It is a set of security standards designed to protect cardholder data during financial transactions. Businesses that handle credit and debit card information must adhere to these standards to ensure secure processing and minimize the risk of data breaches. Compliance with PCI DSS is essential for any entity involved in accepting or processing payment card transactions, as it helps maintain customer trust and reduces financial liabilities related to fraud.