Being PCI DSS compliant is a huge advantage for companies.
Cyber security leaks, credit card frauds, identity theft are such rampant activities in many industries. It could cost businesses billions of dollars every year if it goes unchecked. This is why being PCI DSS compliant is a huge advantage for companies.
Apart from a huge deal of money, businesses could lose all of their clients when customer data and payment information goes unprotected by companies.
This is where PCI DSS compliance fulfills its duties and capability to win against these cybercrimes, protect cardholders’ information, and shield businesses from these attacks.
Make sure to jot down notes and make your checklist as we give you the 12 PCI DSS requirements you need to accomplish to become PCI DSS compliant.
12 PCI DSS requirements
Payment Card Industry Data Security Standards or PCI DSS compliance is a set of guidelines that requires merchant companies to secure credit card holder’s data and financial information.
These merchants are Visa, Mastercard, and American Express. The 12 PCI DSS compliance requirements are as follows:
- Firewall configuration
The first step in PCI organizational compliance is firewall configuration. Firewalls restrict incoming and outgoing network traffic to defend your data from hackers. Such data includes your payment information.
By doing this, you also have to establish firewall and router standards to determine which network traffic is allowed or which ones are not.
- System passwords and other security parameters
The usual password and other default security settings are mostly insufficient to the PCI DSS standards. That’s why they require companies to upgrade system passwords and not use vendor-issued security parameters.
- Protect stored cardholder data
PCI urges companies to encrypt all cardholder data using industry-accepted algorithms and security keys.
This step also includes standards on how card numbers should be previewed, such as hiding all but the first six or last four digits.
- Encrypted transmission of cardholder data across networks
This PCI DSS requirement focuses on data traffic and transmission across networks. This step encompasses open, closed, private, or public networks. It’s important to identify where cardholder data is going and coming from.
Since the data is traveling from one network to another, it’s important to encrypt the data before transmission such as through multi-factor authentication.
- Anti-virus software or programs
Installing basic antivirus software is not enough for this requirement. You have to take extra effort to update your antivirus software throughout your entire cardholder information regularly.
This standard is designed to guard against malware issues that could compromise your systems and cardholder data. Make sure all of your servers, workstations, and devices contain actively running antivirus software.
- Develop and maintain secure systems and applications
Next, you’ll need to conduct a risk assessment to determine security functions on handling sensitive payment card information.
As per PCI DSS standard requirement, it should also include patches for databases and operating systems.
- Restrict access to cardholder data
PCI DSS requirements state that individuals should only have access to cardholder data information on an essential basis. Any entity that handles payment card data must first request for permission.
In terms of physical security requirements, documented access control policies are also required to access cardholder data.
- Authenticate access to system components
Just like the usual set up of putting in account credentials, every user should create their unique username and password.
Apart from shielding yourself from hackers, this also ensures that data can be traced to a specific user in any case of internal data breach.
- Restrict physical access to cardholder data
This PCI DSS requirement covers physical access that houses or transmits cardholder data. The council requires that all recordings and access logs must then be kept for a minimum of 90 days.
This also includes all media with cardholder data such as flash drives—that must be secured and encrypted.
- Track and monitor all access to network resources
Fraudsters usually target both physical and wireless networks to access cardholder personal information. That’s why PCI DSS requires brands to monitor all network systems at all times, while keeping a record of all history of activity to reference.
They advise businesses to use a Security Information and Event Monitoring (SIEM) tool to track all log system suspicious activities.
- Regularly test security systems and processes
Fraudsters are constantly monitoring systems in hopes of discovering a data and system vulnerability. To perform stronger security measures, activities like penetration and vulnerability testing can help you meet this PCI DSS requirement.
- Addresses information security policy for all personnel
The last requirement addresses the information security policy among all personnels, employees, and third parties. This deals with the creation, implementation, and maintenance of a company-wide information security policy.
PCI DSS also requires companies to perform user awareness training and do background checks on their employees to ensure no one will access such sensitive data.
Validate your PCI DSS requirements
After accomplishing all the 12 requirements mandated above, each credit card company should undergo validation levels.
Companies may opt to perform their own PCI Compliance Self-Assessment Questionnaire (SAQ) or contract PCI Quality Security Assessor (QSA). PCI QSAs are certified to make security assessments.
They can also resort to completing the SAQ, to determine their validity and level of compliance with the PCI DSS. All organizations conduct the SAQs and submit their reports quarterly.
Penalties for PCI DSS non-compliance
Being PCI DSS compliant not only gives you the security and validity you need to continuously work without threats. In addition, it gives you a significant amount of peace of mind while making your business more secure.
Non-adherence or non-compliance to these sets of security standards leaves you and your entire operations vulnerable to financial dilemmas. It leaves your clients at risk in multiple ways. PCI DSS reiterates that non-compliance can lead to many problematic consequences that would cost you more such as monthly penalty fees, data breaches, lawsuits, damaged reputation, and even revenue loss.
