Fraudulent transactions and financial losses are common contributors to the global economic crisis. As a result, stakeholders’ doubt over the integrity of payment card transactions and the security of cardholder data is on an imminent rise. To counter these specific payments-related cyber threats, the Big Five global payment brands—Mastercard, Visa, Discover, American Express, and JCB—have developed a compliance framework known as the Payment Card Industry Data Security Standard (PCI DSS).
The PCI Data Security Standard recommends a minimum level of security for service providers and merchants who process store, and transmit payment card data. It acts as a foundation for controls and compliance. Your credit card companies would stop processing your payment cards, and you could face steep fines if you don’t comply with the PCI DSS compliance framework, even though the PCI Council has no legal jurisdiction to do so. Hence, modern businesses must conform to and obtain the PCI-DSS Attestation of Compliance (AoC) if your company processes branded payment cards.
The PCI Attestation of Compliance (AoC) is a testament to your organization’s dedication to maintaining stringent data security measures. It can help assure your clients that your company has implemented the latest and industry-best frameworks and standards to keep your data infrastructure and, in turn, their payment data safe. In this blog, we will give you an overview of PCI compliance attestation, who requires it, what its benefits are, and the steps to prepare your company for PCI compliance attestation.
What is PCI Compliance Attestation?
A PCI Attestation of Compliance (AoC) declares that the corresponding organization has complied with PCI DSS requirements. It is the confirmation that your company’s cardholder data protection policies and processes are up to date after a Qualified Security Assessor (QSA) with PCI SSC certification examined and certified them.
The PCI Attestation of Compliance form is usually limited to one page and assures that a company’s systems comply with PCI DSS.
An AoC must be completed by a Qualified Security Assessor (QSA) or the merchant if the merchant’s internal audit handles validation. A QSA is authorized by the PCI Security Standards Council, or the PCI SSC, to conduct PCI DSS audits and assess a company’s compliance with PCI. An attestation of compliance (AoC) is the same as a report on compliance (RoC), with both acting as official proof that the business’s security procedures and compliances successfully fend off attacks on cardholder data.
Who is Required to Go Through PCI Compliance Attestation?
To prevent infarctions and safeguard your customers’ data, any organization that handles cardholder data or takes credit card payments has to undergo PCI compliance attestation—non-compliance results in expensive security lapses and penalties.
Some organizations may also need a PCI report on compliance (RoC), depending on their compliance levels. Thus, all four PCI compliance levels require an AOC.
However, the PCI level and transaction volume determine the necessity of the RoC (Report on Compliance). As a general rule, the QSA assessment standards get harsher the more credit and debit card transactions there are.
- AoC and RoC are necessary for Level 1 merchants handling more than 6 million transactions annually. These merchants must adhere to strict compliance standards, including a yearly on-site evaluation by QSA and granting a RoC.
- Level 2 merchants handling one million to six million transactions annually require an Attestation of Compliance document and a Self-Assessment Questionnaire (SAQ). In some circumstances, a RoC might be needed. Here, the merchants must do a quarterly network scan, and the stringency varies from medium to high.
- Because the stringency is medium to low, Level 3 merchants handling 20,000 to 1 million transactions only need an AoC; however, their SAQ has to be more condensed. To guarantee safe cardholder transactions, these merchants should perform quarterly network scans to assure customers that their payment data is secure.
- For Level 4 merchants doing less than 20,000 transactions annually, only an Attestation of Compliance is required. You may need to furnish an SAQ in certain situations, but it is only sometimes needed. Consult with your financial experts for more information.
So, what benefits does a PCI compliance attestation bring to a company? Let’s check them out below.
Benefits of PCI Compliance Attestation
Certifying PCI DSS lowers the possibility of data breaches and streamlines corporate procedures, thus increasing customer trust since it is a globally recognized standard. However, is that all?
Here are a few more advantages of PCI compliance attestation that you should know about:
- Improved Security Posture: A PCI compliance attestation’s primary objective is to protect payment providers from data breaches. Research indicates that PCI-compliant businesses have a 50% higher chance of successfully thwarting an attempted intrusion.
- Customer Assurance: Consumers are more inclined to interact with your company, particularly online, if it makes data security investments and complies with PCI standards. This is especially great for online payment providers.
- Regulatory Adherence: PCI DSS compliance guarantees that companies everywhere maintain an industry-acceptable degree of information security. In addition to assisting with regulatory compliance, it helps reduce negative effects like data breaches and reputational harm.
- Cost-Effective Protocols: If a breach happens, your business can be fined by the bank and might have to replace credit cards or pay out to impacted customers. A security compliance standard, like PCI DSS, reduces the possibility of fines. Should your company have a security breach, you will be elevated to PCI Level 1 and undergo an extensive, expensive certification process.
Now that you have a comprehensive understanding of the PCI AoC, who it is for, and what benefits it can afford you, let’s see what steps you can follow to prepare your organization for PCI compliance attestations.
Steps To Follow For PCI Compliance Attestations
The process of getting a PCI attestation of compliance (AoC) for your company requires you to follow seven easy steps, which are outlined as follows:
- Complete a Risk Assessment
Whether or not they are involved in the payment security industry, every organization should know how to manage risk effectively. However, an environment-wide risk analysis must be carried out to process payments. Furthermore, risk management has become a crucial core skill in the revised PCI DSS version.
In this step, you should be able to define the following through the goals you set for your risk assessment:
- Determine the strengths, weaknesses, and threats that your company faces from external sources;
- Determine and close any security holes;
- Determine the risk levels of important assets, such as those of software, hardware, and sensitive data; and,
- Set a tier of importance for assessing and further lowering risk.
- Determine PCI Compliance Level
Finding out what level of compliance you are subject to will help you realize how strict the standards are.
In some situations, level 1 and 2 merchants must prepare for on-site audits, while only AoC and SAQs will be needed for Levels 3 and 4. This can help organizations prepare themselves to get an AoC accordingly.
Note: Companies with all four compliance levels require a PCI attestation of compliance (AoC).
- Document Policies and Processes
Once you finish the risk assessment, you will better understand the risks and security threats facing your company, enabling you to determine its security posture.
The processes and policies contain a significant portion of the PCI DSS requirements, the cornerstone of any security program.
Your company can create comprehensive security policies and procedures by conducting risk evaluations that align with the standard and customize your business processes and enterprise security controls with the right documentation and reporting.
- Identify Compliance Gaps
In this step, the company’s potential security compliance gaps must be remedied, and the management must approve the funding and resources needed. Following that, you can speak with your QSA to check the accuracy and comprehensiveness of your security rules.
They may also assist in identifying any more compliance gaps that need to be closed before your full-scale inspection. Once you are done putting your last control in place, you will have to determine which high-level areas lack compliance, conduct routine vulnerability assessments, conduct quarterly external scans using the contracted services of an Approved Scanning Vendor (ASV), and plan the required yearly penetration testing.
- Provide Training For Your Employees
Following the completion of post-remediation efforts and the implementation of security rules and procedures, it is time to focus on providing education and training to support the human component of payment card security. These are some steps you can follow to do this:
- Any training programs or certifications required for technical staff to operate and oversee the installed security controls should be finished.
- Responders to incidents should review using NIST SP 800-61 as a standard.
- General security awareness techniques, such as identifying potential phishing or social engineering attacks, password protection, etc., must be taught to non-technical staff members.
- In the unlikely event your company engages in software development, OWASP provides training resources for secure coding rules.
- Complete the Assessment
The QSA business may verify these details in person or digitally. The organization is required to provide truthful information about the existing state of controls in the SAQ.
The QSA company will evaluate security posture, controls, and practices for level 1 and level 2 merchants, primarily through in-person visits. An AoC and RoC will be awarded based on the findings and degree of compliance.
- Perform Maintenance Regularly
Once your vulnerabilities have been fixed and controls have been implemented to mitigate your risks, you have a strong security posture, and everyone knows their part in keeping your payment card environment safe.
To preserve cybersecurity and reduce the workload associated with your annual exams, you must incorporate the PCI DSS standards into your daily operations. It would help if you went into “maintenance mode” while preparing for your comprehensive PCI DSS examination. Here are a few tips to do this:
- Regular risk assessments need to be carried out;
- Call committee meetings regularly;
- Conduct recurring internal audits; and,
- Update procedures, policies, and security controls to guarantee a suitable reaction to a constantly shifting threat landscape.
PCI DSS Compliance with Akitra!
Establishing trust is a crucial competitive differentiator when courting new SaaS businesses in today’s era of data breaches and compromised privacy. Customers and partners want assurances that their organizations are doing everything possible to prevent disclosing sensitive data and putting them at risk, and compliance certification fills that need.
Akitra offers an industry-leading, AI-powered Compliance Automation platform for SaaS companies. Akitra, with its expertise in technology solutions and compliance, is well-positioned to assist companies in navigating the complexities of PCI DSS compliance. As this standard focuses on the payment card industry, Akitra can provide invaluable guidance in implementing the necessary framework requirements and processes.
Using automated evidence collection and continuous monitoring, together with a full suite of customizable policies and controls as a compliance foundation, our compliance automation platform and services help our customers become compliance-ready for NIST’s 800-218 Secure Software Development Framework and other security standards, such as SOC 1, SOC 2, HIPAA, GDPR, PCI DSS, ISO 27001, ISO 27701, ISO 27017, ISO 27018, ISO 9001, ISO 13485, NIST CSF, NIST 800-53, NIST 800-171, FedRAMP, CCPA, CMMC, SOX ITGC, and more such as CIS AWS Foundations Benchmark, Australian ISM and Essential Eight etc. In addition, companies can use Akitra’s Risk Management product for overall risk management using quantitative methodologies such as Factorial Analysis of Information Risks (FAIR) and qualitative methods, including NIST-based for your company, Vulnerability Assessment and Pen Testing services, Trust Center, and AI-based Automated Questionnaire Response product to streamline and expedite security questionnaire response processes, delivering huge cost savings. Our compliance and security experts also provide customized guidance to navigate the end-to-end compliance process confidently. Last but not least, we have also developed a resource hub called Akitra Academy which provides easy-to-learn short video courses on security, compliance, and related topics of immense significance for today’s fast-growing companies.
The benefits of our solution include enormous savings in time, human resources, and cost savings, including discounted audit fees with our audit firm partners. Customers can achieve compliance certification fast and cost-effectively, stay continuously compliant as they grow, and become certified under additional frameworks from our single compliance automation platform.
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