Maintaining PCI compliance in the payment card industry?demonstrates our dedication to ensuring a secure environment. According to recent research, data breaches have increased by 15% since 2020. Organizations must, therefore,?comply with PCI DSS in both physical and digital environments. However, establishing PCI compliance is an exhaustive?and costly procedure. So, how does a company become PCI compliant? We seek to simplify PCI DSS compliance
and provide the necessary steps to achieve it.
What is PCI DSS?
The Payment Card Industry Data Security Standard (PCI DSS), created by major credit card companies such as Visa, MasterCard, American Express, and Discover, is a comprehensive set of security standards intended to ensure?the secure processing of sensitive payment card information.
PCI DSS compliance is required for every organization that handles, maintains, or transmits payment card information. It fosters a secure environment for financial transactions, providing consumers with?trust in the integrity of electronic payment systems.
Key Steps to Achieve PCI Compliance
- 1. Determine the Level of ComplianceThe PCI DSS has various levels of compliance. The first stage is to assess the level of compliance based on an array of parameters, including the organization's size, the number of credit card transactions processed annually, and the specific requirements of clients or acquiring banks. The PCI DSS categorizes companies into four merchant levels based on the volume of transactions processed yearly:
- Level 1: More than 6 million transactions annually
- Level 2: 1 to 6 million transactions annually
- Level 3: 20,000 to 1 million transactions annually
- Level 4: Less than 20,000 transactions annually
- 2. Conduct Self-AssessmentBusinesses that handle less than 6 million transactions per year are required to complete a Self-Assessment Questionnaire (SAQ), which provides a convenient approach to assess PCI DSS compliance. This self-guided questionnaire enables you to assess security processes, identify risks, and demonstrate compliance. The PCI SAQ has two parts:
- Part 1: A set of self-guided questions designed to assess your level of compliance
- Part 2: An Attestation of Compliance (AoC), which requires either your organization or a Qualified Assessor firm (QSA) to attest to your PCI DSS compliance3. Understand the 12 PCI DSS RequirementsThe PCI DSS includes 12 basic standard requirements for building and maintaining secure networks, encrypting cardholder data, enforcing stringent access controls, frequently testing and monitoring networks, and adhering to detailed information security rules. Companies need to adjust their strategy based on size and transaction volume, which may require completing a Self-Assessment Questionnaire (SAQ) or employing a Qualified Security Assessor (QSA).4. Develop a Plan of ActionImplementing a plan of action is crucial for businesses handling credit card transactions. A structured approach to resolving risks and ensuring continued compliance should be integrated into the plan. The first step involves identifying and ranking the cardholder data environment's security flaws and compliance gaps. Subsequently, specific, quantifiable goals should be established, considering distribution, resource allocation, and schedule development. Remedial action follows, focusing on documentation, communication, and frequent reporting to stakeholders, including the addition of security controls and policy revisions. Furthermore, continuous monitoring is essential, with regular evaluations facilitating adjustments in response to emerging risks.5. Security Measures ImplementationThis process includes conducting pre-defined activities such as implementing new security measures, revising existing regulations, and integrating necessary technologies. A set timeline, resource allocation, and clearly defined responsibilities all contribute to effectively executing these measures. Furthermore, maintaining stakeholder awareness of developments and changes requires constant communication and documentation. At this stage, monitoring is essential to assess how well the implemented procedures perform.6. Conduct Regular Security AuditsRegular security audits are critical to maintaining compliance with the PCI DSS. Here's a breakdown of the essential steps involved in conducting these audits:
- Conduct an audit plan that will include the appointment of an auditor who will carry out the audit mission within the set scope, objectives, and methodology
- Identify the PCI DSS requirements that are to be audited
- Decide on the frequency of audits based on the PCI requirements and level of risk in your organizational environment
- Provide the necessary resources, personnel, and technology required for the scope of the audit
- Gather documents, including policies, procedures, and technical configurations, conforming to PCI DSS
- Review the documentation to ensure alignment with the PCI DSS requirements and identify gaps
- Use automated scanning tools and conduct penetration testing and vulnerability testing to detect vulnerabilities and weak points
- Document all findings, including non-compliance issues, vulnerabilities, and areas of improvement
- Prepare a comprehensive audit report summarizing the findings, conclusions, and recommendations
- Guide remediation actions and timelines to address identified issues7. Continuous MonitoringAn organization's comprehension of its security environment is shaped by the insights obtained from audits, which makes it possible to implement diligent monitoring procedures. Real-time tracking of network activity, system logs, and other abnormalities can indicate security events. Monitoring systems can notify users of questionable activity, allowing for quick mitigation and intervention. With the information gained from security training programs, a skilled team can actively engage in the monitoring process, enhancing the organization's capacity to identify and neutralize risks. Furthermore, organizations can establish a dynamic and adaptable security environment that ensures their systems' continued integrity and PCI DSS compliance.
Why Choose Accorian For Your PCI DSS Compliance?
Accorian
holds the prestigious distinction of having a team of highly Qualified PCI QSAs (Qualified Security Assessors) specializing in assessing PCI compliance, particularly emphasizing network infrastructure. We are also CREST accredited and an ASV (Approved Scan Vendor). Our PCI accreditations underline our expertise and credibility in cybersecurity and PCI DSS compliance.
Our potential client industry includes sectors such as banking, financial services, credit unions, eCommerce, and SaaS that must adhere to payment card industry DSS requirements.
