Physical storage devices are among the most widespread forms of technology, used by nearly every company, regardless of a business’ size and scope. They encompass not only harddrives, but any physical device on which data is stored, including laptops, thumbdrives, smartphones, or even credit cards. It’s important to protect them, and the Payment Card Industry Data Security Standard (PCI DSS) sets the standard for how to do that. Thus, PCI DSS 4.0 changes may impact them in profound ways.
Credit cards make the digital world go round. These days, businesses need to process credit card payments to maximize their consumer base and make purchasing as easy as possible for clients. But credit cards and related records are incredibly vulnerable to cybersecurity attacks. So, it’s important for all C-level executives in the information suite of your company to know what the new PCI Requirement 4.0 will entail.
In 2019, the Payment Card Industry Security Standards Council (PCI SSC) began taking feedback for improving version 3 (v3.2) of the Payment Card Industry Data Security Standards (PCI DSS). With the new feedback, PCI SSC hopes to publish the final version 4 (v4.0) by 2021. Wondering how PCI DSS 4.0 will work? Get all your questions answered with our comprehensive guide.
All businesses that process payments via credit card face a certain amount of risk with every transaction. On one level, fraudulent payments are always a concern. But on another, cardholder information is extremely valuable, and cybercriminals who target it can impact your clients and business. To keep your customers safe and avoid the potential consequences of noncompliance, it’s important to know what the PCI DSS 4.0 draft is.
Practically every business must fear—or at least be wary of—the threat of cyberattacks. This is especially true for businesses that process, transmit, or store payment data. It’s very likely that your business performs one of if not all three of those actions. If that’s the case, then you’re required to follow the Payment Card Industry Data Security Standard (PCI-DSS). Additionally, it’s strongly encouraged that you conduct biannual PCI network segmentation testing.
It’s surprising how many businesses ask this question. Sometimes the cost of meeting compliance regulation seems to outweigh the risks. There are fees associated with not meeting the payment card industry (PCI) compliance regulations, but are these fines comparable to the cost of implementing the required cybersecurity protocols?
All companies that take or otherwise involve payments via credit card expose themselves and their stakeholders to various threats of cybercrime. Cardholder information is some of the most sensitive and valuable data a hacker can get his or her hands on. It enables direct theft of the cardholder’s assets, as well as various other potential fraud or extortion schemes.
It’s not only merchants that are affected by PCI DSS 4.0, but payment facilitators will also need to make changes to their cybersecurity protocols. Payments Facilitators (PayFacs) must follow the same procedures as companies to ensure that personally identifiable information (PII) is secure from breaches.