What is PCI DSS 4.0 and why should eCommerce businesses care? | CatalystPay

What is PCI DSS 4.0 and why should eCommerce businesses care?

  • 8 min read
  • 17 march 2022

 

As an eCommerce business, you are no doubt aware of the importance of data security. In today's digital world, protecting your customers' data is essential to maintaining their trust and ensuring your business's success. One of the ways you can safeguard your customers' information is by complying with the Payment Card Industry Data Security Standard (PCI DSS). PCI DSS is a set of security standards created by major credit card companies to protect cardholders' data. And as of the end Q1, 2022, the latest version of PCI DSS - version 4.0 - will be in effect. In this blog post, we'll take a look at what's new in PCI DSS 4.0 and why eCommerce businesses need to be compliant.

1. What is PCI DSS 4.0 and what are the main changes compared to PCI DSS 3.2

2. Why should eCommerce businesses care about PCI DSS 4.0 and how can they comply

3. How can merchants get help to ensure they are compliant with PCI DSS 4.0

4. What are the consequences of not complying with PCI DSS 4.0

5. How does GDPR impact compliance with PCI DSS 4.0

What is PCI DSS 4.0 and what are the main changes compared to PCI DSS 3.2

PCI DSS 4.0 is the latest version of PCI DSS, the Payment Card Industry Data Security Standard. PCI DSS is a set of security standards created by major credit card companies to protect cardholders' data. The main changes in PCI DSS 4.0 compared to PCI DSS 3.2 are as follows:

- PCI DSS 4.0 includes new requirements for protecting against cyberattacks, including ransomware and cryptojacking.

- PCI DSS 4.0 requires merchants to use a more robust authentication method for logging into systems that process payment cards. This could include using two-factor authentication or biometric verification.

- PCI DSS 4.0 requires merchants to implement stronger password policies, including regular changes and the use of complex passwords.

- PCI DSS 4.0 imposes new requirements for logging and monitoring, including the need to track user activity and limit access to systems and data.

Why should eCommerce businesses care about PCI DSS 4.0 and how can they comply

Ecommerce businesses should care about PCI DSS 4.0 because it is a requirement for accepting credit card payments. If you are not compliant with PCI DSS 4.0, you could be subject to fines from your acquirer or credit card companies, or even lose your ability to accept credit card payments altogether. Furthermore, PCI DSS 4.0 compliance can help protect your business from cyberattacks and data breaches, both of which can be costly. Finally, PCI DSS 4.0 compliance can give your customers peace of mind that their data is safe when shopping with you.

If you're not already compliant with PCI DSS 4.0, now is the time to take action. PCI DSS 4.0 includes a number of new requirements that eCommerce businesses need to meet to protect their customers' data. The most important of these are:

- The protection of Personally-Identifying Information (PII), including the secure storage and transmission of PII

- The use of strong authentication methods, such as two-factor authentication (2FA)

- The regular scanning of networks for vulnerabilities

- The implementation of PCI DSS in cloud-based environments

First, you will need to assess your current security posture and identify any gaps in your compliance. Once you have done this, you will need to put in place the necessary controls to close these gaps. This could involve anything from implementing new security policies to investing in new technology. Finally, you will need to regularly monitor your compliance status and make sure that your controls are working as intended.

What are the consequences of not complying with PCI DSS

There are a number of consequences for not complying with PCI DSS 4.0. The most serious is that you could be fined by your payment processor or credit card company. You could also lose your ability to accept credit card payments altogether. Additionally, a data breach that occurs while you are not PCI DSS compliant could lead to serious financial and legal consequences. Finally, non-compliance can hurt your business's reputation, leading customers to take their business elsewhere.

How does GDPR impact compliance with PCI DSS

The General Data Protection Regulation (GDPR) has a number of implications for PCI DSS compliance. First, any businesses that process the personal data of EU citizens will need to be compliant with PCI DSS. Second, the GDPR requires businesses to take steps to protect the personal data of their customers. This includes ensuring that data is stored securely and only accessed by authorized personnel. Finally, the GDPR imposes strict reporting requirements in the event of a data breach. These requirements apply regardless of whether or not a business is compliant with PCI DSS.

How can merchants get help to ensure they are compliant with PCI DSS

Merchants can get help to ensure they are PCI DSS 4.0 compliant in a few ways. First, they can consult with their payment service provider or acquirer for guidance on what steps they need to take to become compliant. They can also enlist the help of a third-party consultant who specializes in PCI DSS compliance. Finally, there are many online resources available that can help merchants understand and implement PCI DSS 4.0.

Conclusion

PCI DSS 4.0 is a new version of the Payment Card Industry Data Security Standard that includes a number of changes designed to strengthen data security. All businesses that accept credit card payments must comply with PCI DSS, and failure to do so can lead to serious consequences. The good news is that there are many resources available to help businesses become compliant.

At CatalystPay, we have the expertise and experience necessary to help your business comply with PCI DSS v4.0. Contact us today to learn more about how we can help you.

 

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