To assure credit card holders that their transactions are being carried out end-to-end in a secure manner, a group of leading credit card companies across the globe — Visa, Discover, MasterCard, JCB International, and American Express — released the first version of the PCI DSS compliance framework in 2004.
By 2006, these companies formed the Payment Card Industry Security Standards Council (PCI SSC). Since then, any credit card transaction occurring worldwide from cloud-hosted payment organizations has needed to adhere to PCI DSS compliance.
The Payment Card Industry Data Security Standard (PCI-DSS) is now a globally recognized framework for safeguarding sensitive payment data and establishing trustworthy customer relationships. Yet, understanding PCI DSS certification can be overwhelming, especially for those new to the landscape.
To simplify this, we’ve created this blog to help you understand PCI DSS requirements, how to get certified, and how Akitra supports your compliance journey.
Let’s get started!
What is the PCI-DSS Certification?
Any cloud-hosted business that processes credit card transactions should follow the security controls outlined in the PCI DSS compliance framework. These PCI DSS requirements serve as the foundation for building secure environments and mitigating data breach risks.
5 Most Frequently-Asked Questions about PCI-DSS
- Who does PCI-DSS apply to?
All businesses that collect, process, or transmit credit card data must meet PCI DSS requirements. If your business accepts credit cards, you need to maintain PCI DSS compliance.
- What are the PCI-DSS compliance levels, and how can I assess which one my company falls into?
Based on the number of Visa transactions over a 12-month period, all merchants will be assigned to one of the four merchant levels. The total number of Visa transactions from a merchant operating under a Doing Business As (or “DBA”) is used to calculate transaction volume, including credit, debit, and prepaid transactions. Visa acquirers must take into account the total number of transactions saved, processed, or transmitted by the corporate entity when determining the validation level in circumstances where a merchant corporation has more than one DBA. Acquirers will continue to take into account the DBA’s individual transaction volume to establish the validation level if data is not aggregated, meaning that the corporate entity does not store, process, or transmit cardholder data on behalf of several DBAs.
Merchant levels, as determined by Visa:
- Do organizations that use third-party processors need to be PCI-DSS compliant?
Yes. Using a third-party processor does not exempt you from Payment Card Industry compliance. Your business is still responsible for ensuring PCI DSS compliance.
- How much does my company have to pay if they are not PCI-DSS compliant?
An acquiring bank that violates PCI compliance may be subject to fines ranging from $5,000 to $100,000 per month, at the discretion of the payment brands. The likelihood is that the banks will continue to pass this fine on until it finally affects the merchant. Additionally, the bank will either end your relationship with them or charge you more for transactions. Penalties can be disastrous for a small business, yet they are neither freely discussed nor extensively acknowledged. Your merchant account agreement, which should describe your exposure, is vital to be familiar with.
- My company works out of multiple locations; does that mean they have to validate PCI-DSS compliance from each location?
Any organization typically only needs to validate once a year for all business locations to ensure they are processing under the same Tax ID. Additionally, if applicable, they can send copies of each location’s quarterly passing network scans performed by an ASV who has been approved by the PCI SSC.
Security, AI Risk Management, and Compliance with Akitra!
In the competitive landscape of SaaS businesses, trust is paramount amidst data breaches and privacy concerns. Akitra addresses this need with its leading AI-powered Compliance Automation platform. Our platform empowers customers to prevent sensitive data disclosure and mitigate risks, meeting the expectations of customers and partners in the rapidly evolving landscape of data security and compliance. Through automated evidence collection and continuous monitoring, paired with customizable policies, Akitra ensures organizations are compliance-ready for various frameworks such as SOC 1, SOC 2, HIPAA, GDPR, PCI DSS, ISO 27001, ISO 27701, ISO 27017, ISO 27018, ISO 9001, ISO 13485, ISO 42001, NIST 800-53, NIST 800-171, NIST AI RMF, 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, Third Party Vendor Risk Management, 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 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 offers easy-to-learn short video courses on security, compliance, and related topics of immense significance for today’s fast-growing companies.
Our solution offers substantial time and cost savings, including discounted audit fees, enabling fast and cost-effective compliance certification. Customers achieve continuous compliance as they grow, becoming certified under multiple frameworks through a single automation platform.
Build customer trust. Choose Akitra TODAY! To book your FREE DEMO, contact us right here.
