PCI-DSS Compliance: Overview and Benefits

With digital payments on the rise, fraud and financial losses are soaring, raising concerns about the security of cardholder data. To tackle these risks, the Payment Card Industry Data Security Standard (PCI DSS) was created. Overseen by the PCI Security Standards Council (PCI SSC), founded by major card brands, this framework helps businesses protect payment data.

In this blog, we’ll give you a quick overview of PCI DSS and highlight the PCI DSS compliance benefits that can help safeguard your business and strengthen customer trust.

What is the PCI DSS Compliance Framework?

PCI DSS compliance entails following a set of requirements that include policies, controls, and procedures designed to safeguard payment and cardholder information. The targets for PCI DSS include merchants of all sizes and financial institutions. On the vendor side, this also includes point-of-sale vendors, as well as hardware and software developers and service providers who create and operate the global infrastructure for processing payments.

To be PCI compliant, a company must meet 12 core requirements outlined in the PCI DSS, covering areas such as firewall configuration, encryption, password and access control, anti-virus protection, and more. These standards are developed and maintained by the PCI Security Standards Council. By adhering to these requirements, organizations not only protect sensitive data but also unlock PCI DSS compliance benefits from reduced risk of breaches to greater customer trust and regulatory peace of mind.

As of 2022, the latest version of PCI is version 4.0. It brings several changes vs. its predecessor, such as:

A greater emphasis on compliance as an ongoing process. This implies the need for continuous monitoring to achieve continuous compliance.
Upgraded multi-factor authentication and password requirements.

It’s essential to recognize that PCI compliance isn’t mandated by law, although it may be required by contract. In the payments industry, PCI is typically a baseline expectation—firms are expected to comply if they want to be trusted by other participants. PCI compliance ensures that major credit card firms and banks will continue to do business with your company if you process or accept credit card payments in any form. Compliance with PCI DSS provides proof that your organization prioritizes security and that your payment partners can trust you—one of the key benefits of PCI DSS compliance.

To be deemed compliant, a firm must obtain a Report on Compliance (RoC) attested by a qualified assessor (essentially an auditor). These council-trained and validated assessors help merchants evaluate the effectiveness of PCI controls and processes that have been implemented. Many auditing firms employ such Qualified Security Assessors (QSAs) who can conduct the necessary review and certify your company’s PCI compliance.

Does My Company Need to Be PCI Compliant?

PCI compliance is a common requirement for any firm in the payment card industry that processes, maintains, or transmits payment information. As mentioned earlier, PCI compliance isn’t mandated by law; however, a lack of compliance makes a business far more vulnerable to security breaches and significantly increases the likelihood of being held liable by those affected. The financial consequences of a breach can be devastating, even for compliant firms, let alone those that aren’t. By strengthening security safeguards, PCI compliance significantly lowers the chances of a successful attack on your organization’s systems.

Among the key benefits of PCI DSS compliance is protection against these risks. Non-compliant firms may face large monthly penalties from payment card companies. And in the event of a breach, they are also subject to civil penalties—especially if they cannot demonstrate due diligence through PCI compliance. Simply put, the cost of non-compliance can far outweigh the investment in achieving and maintaining compliance.

Costs of a data breach can include:

Loss of reputation
Reduced revenues
Card replacement
Repayment or cancellation of improper charges
Civil legal penalties

Termination of relationship with credit card companies, or increases in the merchant fees that are charged. Target is an example of a large retailer that suffered the loss of cardholder data for 41 million accounts. According to the 2021 “Cost of a Data Breach” report by IBM/Ponemon Institute, the average cost of a breach is $161 per record. The costs of a major data breach can run into the hundreds of millions of dollars.

So, the real question is not, “Does your company need to be PCI compliant?” but rather “Can you afford not to be?”

Benefits of Being PCI Compliant

Complying with PCI DSS compliance standards can feel overwhelming, especially for small businesses. However, with the right tools, such as a compliance automation platform, it becomes much easier. One of the key benefits of PCI DSS compliance is making security achievable without requiring heavy manual effort.

According to the PCI Security Standards Council (PCI SSC), there are several key benefits to PCI DSS compliance, including:

PCI DSS compliance demonstrates that your systems are secure, building trust with customers and fostering stronger confidence and repeat business.
It enhances your reputation with acquirers and payment brands—key partners in your business ecosystem.
PCI DSS compliance is an ongoing process that helps prevent security breaches and the theft of cardholder data.
It supports alignment with other frameworks, such as HIPAA and SOC 2, among others.
PCI DSS compliance helps lay the foundation for a strong, long-term security strategy.
It enables you to work with more payment brands, offering customers a broader range of secure payment options.

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.