Half a century ago all businesses needed to worry about when it came to theft was to secure their premises with a guard or lock. Today, businesses are no longer limited to just physical places but exist virtually and can be accessed and breached from anywhere at any time via multiple devices and methods. This has forced businesses to adapt and prioritise data security.
In our previous blogs, we outline what is PCI DSS, why it's crucial for secure financial transactions, and the PCI DSS requirements for businesses. Now let's look at some of the key benefits that make compliance with this standard a must-have for Australian businesses.
Benefits of PCI DSS Compliance
Builds trust with customers
Everyone knows someone who has fallen prey to a security breach that has led to them losing credit card data. Nowadays the words ‘cyber attack’ have become commonplace in news reports. One of the biggest fears of every customer shopping, whether it is online or in store, is having their credit card details stolen. By being PCI compliant your organisation is meeting the international standard for secure payment, thus building trust amongst customers, which is a valuable asset to your business as it can lead to more sales.
Reduces the risk of data breaches
By following the steps to becoming PCI compliant, for example, having stronger firewalls and other network security controls, encryption and limits on retaining cardholder data, you become a much harder and less valuable target for cyber criminals. Hackers will struggle to get past your security and will not find what they are looking for, thus reducing the risk of a data breach.
Improves brand reputation, giving your organisation a competitive edge
Technology has drastically reduced the barriers of entry, leading to a highly competitive market regardless of the good or service your organisation is providing. Being PCI compliant helps your business stand out from the competition. Your high-security standards will increase your overall brand reputation amongst customers as they realise that you have put effort towards safeguarding their sensitive information.
Is a good stepping stone towards other regulations
Being PCI compliant, whether that be level 1, 2, 3 or 4, is a sign that your organisation has taken serious steps towards safeguarding customer data. The steps that it takes to become PCI compliant are in line with achieving other internationally recognised data security standards like ISO 27001 or the EU’s GDPR, and they can also help you meet your obligations to protect personal information under Australia’s Privacy Act.
Imparts a mindset of security
The 12 requirements of PCI DSS are a robust and comprehensive framework for evaluating your current security procedures and policies. The self-assessment questionnaires do a great job of addressing how merchants can improve their security posture and expose vulnerabilities that need to be looked at. PCI DSS is a great first step towards cyber security for organisations that are just beginning to prioritise information security.
How to Ensure PCI DSS Compliance
Now that you know the benefits of PCI DSS, you can work towards getting compliant. However, the journey doesn’t stop here. Continuous effort is required if you want to maintain your compliance. The good news is here are five key ways your organisation can maintain PCI DSS compliance:
- Secure your computer network - maintain secure computer networks by segmenting your network into smaller parts and using firewalls which helps improve the security and performance of your network. Segmentation isn’t a PCI DSS requirement, but isolating your cardholder data environment can reduce the scope of your assessment.
- Conduct security checks & annual assessments - make sure you are conducting security checks on a regular basis. Assigning someone the responsibility of making sure your antivirus software is up to date and carrying out scans of the external network in the hopes of eliminating any vulnerabilities are important ways of maintaining PCI DSS compliance. PCI DSS v4.0.1 requires external vulnerability scans by an Approved Scanning Vendor (ASV) at least once every three months.
- Password management - ensure passwords are unique, not shared amongst employees and at least 12 characters long, as PCI DSS v4.0.1 requires. Use multi-factor authentication for all non-console access into your cardholder data environment; where a password is the only factor, it must be changed at least once every 90 days.
- Audit your system access - make sure you know who has access to your systems and that employees have the lowest level of access to systems as is required to complete their responsibilities/role in the organisation.
- Employee cybersecurity training - every employee in your organisation needs to be well informed on PCI and data security best practices, this re-emphasises that it is everyone's responsibility to maintain compliance with PCI DSS standards.
It is important to remember that accepting card payments is a privilege not a right and it shouldn’t be taken lightly, getting PCI DSS compliant is the first step, while maintaining compliance is the rest of the journey! Make sure your organisation is doing everything it can to protect itself, its customers and its right to accept credit card payments.
Is your business looking to get PCI DSS compliant? StickmanCyber's PCI DSS compliance service deploys a 5-step methodology to help you build trust with your customers and secure your card transactions. Book a free consultation today.
Frequently asked questions
Is PCI DSS compliance mandatory in Australia?
PCI DSS isn’t an Australian law, but it is a contractual requirement for businesses that accept card payments. Banks such as Westpac make PCI DSS compliance part of the terms and conditions of their merchant facilities. The PCI Security Standards Council doesn’t enforce compliance or impose penalties itself, but card brands and acquirers can.
Does PCI DSS apply to small businesses?
Yes. PCI DSS applies to all entities that store, process or transmit cardholder data, whatever their size. Many small businesses fall into merchant Level 4 and validate their compliance each year with a Self-Assessment Questionnaire, plus quarterly scans by an Approved Scanning Vendor where required. Using a compliant payment provider can reduce your scope, but it doesn’t remove your own responsibility for compliance.
Can a PCI DSS compliant business still have a data breach?
Yes. Compliance shows that your controls met the standard when they were assessed, but systems, staff and threats keep changing. That’s why PCI DSS includes ongoing tasks such as quarterly external scans, penetration testing at least once every 12 months and yearly reviews of your security policy. Treat compliance as a baseline and keep monitoring, testing and improving your security between assessments.
Can a business store card security codes after a payment?
No. PCI DSS v4.0.1 doesn’t allow sensitive authentication data, including the card verification code, to be stored after a transaction is authorised, even if it is encrypted. If you need to keep card numbers (PANs), they must be rendered unreadable wherever they are stored, for example with strong cryptography, truncation or tokenisation.
What is the cardholder data environment (CDE)?
The cardholder data environment is made up of the system components, people and processes that store, process or transmit cardholder data or sensitive authentication data. It also includes systems that don’t store card data themselves but have unrestricted connectivity to those that do. Knowing exactly where your CDE begins and ends is the first step in defining your PCI DSS scope.
