Payment Card Industry Data Security Standard
What you need to know
PCI DSS is a set of security policies and procedures designed to ensure that allorganizations that accept, process, store, or transmit credit, debit and cash card transactions implement and maintain a secure environment. The goal is to strengthen the security of card transactions and protect cardholders from misuse of their personal data.
PCI DSS is a global standard that was developed by the major credit card companies, including Visa, MasterCard, American Express, and Discover and it is mandatory for any organization that accepts credit card payments.
PCI DSS is not structured in regulatory style articles but into six goals, which are further divided into twelve requirements, covering areas such as network security, access control, and data protection.
New PCI DSS version (v4.0) is released and goes into effect on March 31, 2024?
PCI DSS v4.0 requires organizations to maintain an inventory of all systems, applications, and data stores that are used for cardholder data processing, transmission, and storage?
PCI DSS compliance can vary depending on the number of transactions a retailer processes each year? Retailers that process fewer than 20,000 transactions per year have different compliance requirements than those that process more than 6 million transactions per year.
Non-compliance with the PCI DSS can result in fines ranging from USD $5,000 to USD $100,000per month, depending on the severity of the violation?
PCI DSS requires retailers to perform regular security awareness training for their employees to help prevent data breaches caused by human error? In addition, penetration testing is required to assess effectiveness of attack methods and threats with PCI DSS v4.0
PCI DSS v4.0 requirements requires organizations to reflect the latest industry standards and best practices for encryption including quantum-resistant algorithms? As a result, current security controls and protection technologies could result in noncompliance consequences.
With PCI DSS v4.0 new requirements will result in expanded scope, meaning organizations will expect PCI DSS to now cover a wider range of environments, technologies, and payment channels that will be subject to regulatory mandates that were previously not applicable?
Organizations must implement incident response plans with detailed strategies and procedures for addressing security incidents and data breaches?
To demonstrate PCI compliance, organizations will need to implement or update reporting measures and work with external auditors?
With PCI DSS you can reduce audit scope? By minimizing risk by storing less sensitive data and enable new projects without additional audit burden.
Key Benefits of comforte’s PCI DSS Compliance Services
The comforte Data Security Platform provides data discovery, classification and protection capabilities to help you:
FAQs on PCI DSS Compliance
What is the meaning of PCI DSS?
PCI DSS, which stands for Payment Card Industry Data Security Standard, is a crucial set of security standards developed collaboratively by major credit card companies, including Visa, Mastercard, American Express, Discover, and JCB. Its main objective is to ensure the protection of cardholder data and promote secure payment card processing within the industry.
What is PCI DSS v4.0?
PCI DSS v4.0 is the latest version of these standards, introducing updated and enhanced security requirements to address emerging threats and technology advancements in the payment card industry. The new version aims to improve security measures and adapt to the evolving cybersecurity landscape, enhancing the protection of sensitive cardholder data.
Who does PCI DSS apply to?
PCI DSS applies to a wide range of organizations involved in payment card transactions, including merchants, financial institutions, payment processors, and service providers. Any entity that stores, processes, or transmits cardholder data is subject to PCI DSS requirements. It applies to both brick-and-mortar businesses and online merchants engaged in payment card transactions.
Why comply with PCI DSS?
Complying with PCI DSS is critical for organizations as it helps safeguard sensitive cardholder data and prevent payment card fraud and data breaches. By adhering to these standards, businesses can build trust with customers and payment card networks, and avoid significant financial and reputational consequences that may arise from non-compliance.
How to be PCI DSS compliant?
To achieve PCI DSS compliance, organizations need to follow a set of security requirements and best practices outlined in the standard. These include maintaining a secure network by using firewalls, implementing strong access controls, regularly monitoring and testing security systems, and ensuring the proper encryption of cardholder data. Organizations must also conduct security awareness training for their employees to educate them about the importance of data security.
What is the difference between GDPR and PCI DSS compliance?
The primary difference between PCI DSS and GDPR lies in their focus and scope. PCI DSS is specifically tailored to the payment card industry and aims to protect cardholder data during payment transactions. On the other hand, GDPR is a comprehensive data protection regulation that covers all types of personal data and applies to any organization handling data of EU residents, irrespective of the industry they operate in. While both regulations emphasize data protection, they have different requirements, territorial applicability, and penalties for non-compliance. Organizations may need to comply with both PCI DSS and GDPR if they handle payment card data and process personal data of EU residents.