The Payment Card Industry Data Security Standard (PCI DSS) is a mandatory compliance framework for all payment merchant platforms that accept debit and credit card transactions. Protecting customers’ personally identifiable information (PII) inserted during transactions, as well as the confidential card details stored or transmitted when making payments using these payment services, is essential for strong credit card data protection and data breach prevention.
PCI Compliance reduces the risk of a breach regarding the consumers’ debit and credit card data, which is significant for both vendors and cardholders. Customers need to know that your website is secure and not prone to data breach prevention failures when using their debit or credit cards to pay for goods or services. A further issue is identity theft. It would be best if you were certain that sensitive data on your website is protected, as the number of frauds has increased in recent years. That’s why the PCI DSS compliance framework is crucial for maintaining the protection of credit card data.
If you are familiar with the PCI DSS compliance framework and your company needs to comply with its regulations, or you are associated with an e-Commerce platform and wondering why PCI Compliance should be important to you, then this blog is for you! We will discuss why you should comply with the PCI DSS compliance framework and why doing so at a higher level is essential to enhance payment gateway security and organizational resilience.
Let’s get to it!
Why Should I Comply with the PCI Regulatory Standards?
Secure Cardholder Data with PCI Compliance
Merchants store customers’ critical authentication credentials and cardholder data on their websites, so they must enforce PCI Compliance to protect these details. Technology is evolving at such a rapid pace that fraud activities are increasing in volume, posing numerous challenges for enterprises. Each merchant and payment gateway security provider that offers card payment solutions must comply with the PCI DSS compliance framework. Trust (between merchants and customers) should underlie all business dealings, and PCI Compliance helps to ensure that credit card data protection remains intact.
To comply with the PCI Compliance audit, becoming PCI Compliant requires going through an auditing process. The PCI DSS compliance framework is constantly updated and applies to the operational aspects of a corporation’s administrative and technological systems. You must incorporate a security strategy into your company, as PCI Compliance is an ongoing process and a duty. To ensure all vulnerabilities potentially exposing cardholder data are repaired, analyze your website and update it frequently to promote data breach prevention.
The PCI DSS compliance framework outlines twelve requirements for merchants and payment gateway security providers, divided into six categories. These help the merchants in:
- Creating a safe network and system;
- Safeguarding cardholder data;
- Implementing an ongoing vulnerability management program;
- Putting adequate access and control safeguards in place;
- Checking and testing networks frequently for breaches; and,
- Maintaining policies for information security.
Data breach prevention is crucial for businesses of all sizes and types. Attackers concentrate on any weaknesses. They recognize that most small businesses lack adequate payment gateway security and often fail to implement even the most basic defenses. On the other side, big players can afford to have top-tier protection; whether large or small, companies can’t ignore the importance of credit card data protection.
Safeguard from Risks of Data Leaks
Using a trusted payment gateway security provider like SecurionPay can reduce your PCI Compliance burden, as they handle encryption and PCI compliance audits. These providers ensure the protection of credit card data and help prevent data breaches, even if data is entered on your site. Choose platforms with the highest PCI Compliance level for safer transactions. Avoid storing cardholder data and utilize tokenization to protect sensitive information further, aligning with the PCI DSS compliance framework.
What are the Different Levels of PCI Compliance?
Based on the number of transactions a payment merchant organization handles each year, there are several levels of PCI Compliance that they can choose to comply with. The higher the assigned level, the more stringent an organization must be in implementing credit card data protection measures and undergoing a rigorous PCI compliance audit.
The five payment card companies—American Express, Discover, JCB, Mastercard, and Visa—have their own PCI DSS compliance framework programs with unique PCI Compliance levels. However, the stages are generally like this:
- Level 1: Businesses handling more than 6 million card transactions annually;
- Level 2: Businesses that handle between one and six million transactions yearly;
- Level 3: Companies that handle 20,000–1,000,000 transactions annually; and,
- Level 4: Businesses handling under 20,000 transactions annually.
Other factors also influence the degree of PCI Compliance audit within an organization. For instance, a higher level might be assigned to those who recently experienced a data breach prevention failure or constitute a risk to payment gateway security.
Why Should My Organization Comply with a Higher Level of PCI Compliance?
The following are the main justifications for upgrading to a stricter validation process under the PCI DSS compliance framework:
A desire to have third parties certify that your software as a whole complies with security and industry best practices:
Although it requires more effort, an external Qualified Security Assessor (QSA) review—part of the PCI compliance audit—can help identify potential vulnerabilities and provide a high degree of assurance that all DSS controls are properly created and functioning as intended. This builds credibility for your payment gateway security efforts and fortifies your credit card data protection capabilities.
A strategy for giving your business a sales enabler and marketing differentiation:
Achieving high-level PCI Compliance boosts credibility and serves as a strong trust signal for customers. An external PCI compliance audit validates your program and can help get listed as a verified provider by Visa. This marketing edge also demonstrates a serious commitment to protecting credit card data and preventing data breaches. Many businesses start with a self-assessment before moving to a QSA-led audit under the PCI DSS compliance framework. This phased strategy ensures compliance while maintaining strong payment gateway security.
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.
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FAQ’s
Why should my company aim for a higher level of PCI Compliance?
Complying with a higher level of PCI Compliance enhances payment gateway security, builds trust, strengthens credit card data protection, and differentiates your brand.
