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.
The old Payment Card Industry Data Security Standard (PCI DSS) v3.2.1 is still in effect. The new PCI 4.0 standards are not slated to be effective until the end of 2020, at the earliest. Again, the current PCI 4.0 draft isn’t final, and the 3.2.1 is still the standard to go to for compliance today and maybe for a long time. There will also be a period of time after the new standards are published when businesses will be given time to switch over to the latest version of the PCI DSS after its public release on the PCI Security Standard Council website.
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.
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.