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PCI DSS v4.0 Is Coming. Why That Matters To Merchants

The PCI DSS v4.0, adopted in March 2022, marks a significant advancement in securing cardholder data. With a compliance deadline of March 2024, it’s crucial for merchants to understand and prepare for these changes.

PCI DSS serves as a critical safeguard for handling cardholder information. Non-compliance risks not only data breaches but also the survival of businesses. The card brands are intensifying their focus on PCI compliance, given the increasing incidents of data breaches.

Key Updates and Deadlines in PCI DSS v4.0

PCI DSS v4.0 addresses the evolving nature of payment security in a rapidly changing technological landscape. It was created to accommodate the latest in digital payment technologies and counter sophisticated cyber threats. With a two-year transition period, the new standard will replace v3.2.1 by March 2024.

This version brings significant updates, especially for e-commerce, affecting merchants’ budgets, security processes, and infrastructure. The PCI Security Standards Council offers resources and a “Prioritized Approach” to streamline the transition to v4.0.

Four Primary Goals of PCI DSS v4.0:

  • Adapting to the dynamics of digital payment security
  • Embedding a continuous security mindset
  • Enhancing validation procedures
  • Allowing flexibility in achieving security objectives

The new version emphasizes outcome-focused security controls, allowing businesses to adopt customized approaches to meet security objectives.

Understanding PCI DSS v4.0

PCI DSS comprises 6 security milestones and 12 basic requirements, serving as a framework for protecting cardholder data. Version 4.0 introduces notable changes, particularly in encryption, authentication, and anti-phishing measures, among others.

Noteworthy Changes in PCI DSS v4.0:

  • Strengthened encryption and authentication protocols
  • Mandatory anti-phishing mechanisms
  • Enhanced web application firewalls for internet-exposed applications
  • More robust access control measures
  • Required integration of SIEM technologies for automated log reviews
  • Enhanced testing requirements for internal and external vulnerability scans

Preparing for Compliance with PCI DSS v4.0

Merchants should start by understanding the scope of their PCI compliance obligations. Outsourcing payment processing to third-party providers like Bankcard International Group can significantly reduce the compliance burden, as these providers are already aligned with PCI standards.

It’s crucial to choose partners that adhere to PCI standards and continuously monitor and upgrade internal policies and procedures in line with the evolving security landscape.

Bankcard International Group prioritizes meeting and exceeding PCI standards, offering secure and compliant payment processing solutions. Contact us to ensure your payment processing is ready for the new era of PCI DSS v4.0.

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