The 2022 Guide to PCI Compliance

Testing and monitoring networks regularly is a viable way to identify and fix vulnerabilities. In addition, vulnerability management programs help to recognize these vulnerabilities and fix the issues, while access restrictions are created with the help of solid access control measures.

PCI compliance is an essential process for securing customers’ data. The process seems quite complex, but understanding PCI Data security in 2022 will make it easier for you to implement the requirements for securing data.

So, if you process, transmit, or store credit or debit card information, it is important to understand PCI Data Security and how you can implement it, to heighten data security in your company. The PCI DSS is neither a tool nor technology but a set of requirements intended to retain sanity among companies having access to cardholder data.

It was formed in September 2006 by the PCI governing body composed of the credit card companies – MasterCard Worldwide, Discover Financial Services, American Express, Visa Inc, and JCB International. The goal of these founding members is to improve account security throughout the transaction process.

The PCI governing body, also called The PCI Security Standards Council (PCI SSC), is an independent body managing the PCI model. You can find sufficient information on the PCI council’s website to help you understand extensively. However, here are the six categories of the 12 PCI requirements to know about:

• Create a secure network and maintain it.
• Protect cardholder data.
• Develop and maintain a vulnerability management program.
• Implement Strong Access Control Measures.
• Monitor and test networks from time to time.
• Maintain an Information Security Policy

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PCI DSS Certification

The PCI DSS certification is a way your organization can be set as being committed to card credit card security leveraging the PCI DSS requirements checklist by NordLayer. There are a few commonly known practices that can help to be adherent to the requirement, and they include:

• Installing firewalls
• Deploying antivirus software
• Encrypting data transmissions

And monitoring access to company network assets and creating restrictions on how cardholder data are accessed.

The PCI DSS requirements are set out and constantly reviewed by the PCI SSC to suit developments in the industry security standards shift in the cardholder data environment.

How Should You Maintain PCI Compliance?

Maintaining PCI compliance is not a one-time thing. It should be repeatedly processed based on efficient internal processes and systems per the requirements.

The first step to consider in maintaining PCI compliance is to audit your current workflows and figure out areas behind the standard, to help you make amends. The guidelines you follow are dependent on your company’s PCI level. So, it is important to check where your position is in line with the PCI council guidelines.

Regularly monitor how you manage the guidelines operationally and find out updates in the system, which you’ll codify in a kind of vulnerability management program to monitor. Test, and measure internal systems and security controls against PCI data security systems, especially the PCI security standards.

A viable approach to running this is to employ a self-assessment questionnaire. You may also consider employing a professional firm for enhanced accountability.

The firm should understand the PCI data security standard deeply, be able to validate PCI compliance, improve network security and carry out access control measures, and recommend necessary improvements to be made.

Are There Penalties For Not Maintaining PCI Compliance?

It is difficult to determine a straightforward penalty for the PCI requirement violation. But some estimates reveal that penalties may fall between $5,000 and $100,000 per month, depending on factors such as the size of transactions being handled. The penalty may remain until compliance is validated again.

The fines themselves are often not reported or published and can almost not be determined. But in addition to that, non-compliance companies are also liable to lawsuits, federal investigations, and a varying number of other financial complications.

It is also important to note that any potential data breach resulting from non-compliance to PCI requirements could also lead to customers not trusting your brand any longer, leading to revenue loss and a damaged reputation for the company.

How Much Does It Cost to Become PCI Compliant?

The cost needed to become PCI Compliant depends on the size of your organization, how robust information systems are, how knowledgeable your team is, and a few other factors.

You’ll need to fine-tune the infrastructure of your compliance setup. This will make your teams and security systems can repeatedly deliver on the 12 PCI requirements.

You’ll likely incur more costs while working to patch security vulnerabilities during the period of testing your company’s system security. However, these data security measures are essential to safeguarding stored cardholder data.

However, the cost of violating the PCI-compliant requirements comes at outrageously unpredictable expenses, Indicating that it is worth much more to invest in data security management systems, including PCI data security.

Check out: How To Start Your Career In Cyber Security