Cybercriminals are always on the prowl for customers’ financial data in any organization. Pandemic-driven increase in cybercrimes means that organizations that process credit card payments must focus more on compliance with the Payment Card Industry Data Security Standard (PCI DSS). However, many organizations consider the PCI DSS certification expensive and are seeking ways to minimize cost.
PCI Compliance for credit card processing is the responsibility of all organizations in the payments industry. The primary objective of these regulations is to ensure the security of credit card transactions from cybercriminals.
PCI vulnerability scan requirements are not difficult to understand with expert guidance. The primary focus of this government regulation is information security. It locates vulnerabilities and gaps within a company’s digital architecture.
Companies that process payments through cards and other electronic means open themselves up to cybercrime risks. Hackers target card information for direct theft and fraud and payment processors can also fall victim to cyberattacks. To mitigate these risks, the Security Standards Council (SSC) of the Payment Card Industry (PCI) has devised numerous controls across several security standards to keep companies and consumers safe. But this begs the question: how many PCI controls are there, and what are PCI controls in the first place?
Consumers’ financial data is a valuable target for cybercrime. As such, compliance with the Payment Card Industry (PCI) regulatory frameworks, like the PCI Data Security Standard (PCI DSS) and Payment Application Data Security Standard (PA DSS), is required for most companies that process credit card payments. But what happens for companies who don’t comply? And who enforces PCI compliance penalties?
If your company processes credit and other card-based financial transactions, you need to abide by the Payment Card Industry (PCI)’s Data Security Standards (DSS), published by the Security Standards Council (SSC). Neglecting these frameworks can result in severe consequences for your business.
The Security Standards Council (SSC) of the Payment Card Industry (PCI) has developed many frameworks to protect companies from cybercrime targeting consumers’ credit and debit cards. Among the most widespread of these frameworks is the PCI Data Security Standard, or PCI DSS, which protects nearly all consumer card data processed, stored, transmitted, or otherwise contacted by businesses. It brings us to the question: what data falls under PCI compliance, exactly, and which companies need to comply with PCI’s security standards?
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.