The Clock is Ticking for PCI DSS 4.0 Compliance

It is essential for any business that stores, processes, and transmits payment card information to comply with the Payment Card Industry Data Security Standard (PCI DSS). Consumers’ payment data is a compelling target for criminals who continue to circumvent IT security defenses. Virtually every major financial institution, retailer, and scores of payment processors have been the victims of data breaches, incurring both financial and reputational damage.

According to the 2022 Thales Data Threat Report – Financial Services Edition, 52% of U.S. financial services organizations report that they have experienced a data breach in the past. Even more alarming, 43% reported an increase in the volume, severity, and scope of cyberattacks in the last year. Additionally, the IBM 2023 Cost of Data Breach report indicates that financial services tops the list of industry verticals when it comes to the average cost of a data breach at $5.90 million, second only to healthcare.

The deadline is fast approaching

The PCI Data Security Standard (PCI DSS) was developed in 2008 to standardize the security controls that need to be enforced by businesses processing payment card data in order to protect cardholder data and sensitive authentication data wherever it is stored, processed, or transmitted. The new version of the standard, PCI DSS 4.0, was released on March 31, 2022, and before we know it, businesses will face the compliance deadline of March 31, 2024. In other words, we are only seven months away from fully complying with the revised standard.

The new version includes many updates, which you can read in the Summary of Changes document. In this blog I will focus on two requirements and show how Thales CipherTrust Data Security Platform solutions can help businesses streamline compliance.

Requirement

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The Clock is Ticking for PCI DSS 4.0 Compliance