PCI DSS 4.0 is a game-changer for data security. It will transform the future of retail & e-commerce and make it imperative for businesses to prioritize being PCI DSS compliant. This new standard aims to prevent data breaches and safeguard sensitive customer information.
In 2022, the average cost of a data breach was 5.97 million USD, up from 5.72 million USD in the finance industry. As attacks and breaches become more sophisticated and costly, businesses must focus on achieving PCI DSS 4.0 compliance for everyone’s benefit. Understanding the elements and priorities will ensure compliance and security for payment companies and customers alike.
Since 2018, PCI Standard version 3.2.1 has been in effect to govern digital payment transactions. Now the PCI Security Standards Council has planned the 4.0 release for 2024. Even though there is less than a year till the deadline, there will be a one-year grace period to become completely compliant.
Since the scraping of carbon copies and the subsequent dawning of digital payments, standards have been in place to govern and secure the information being passed.
In 2006, The PCI Security Standards Council was formed to direct security compliance for card payments and all supporting devices. The Council is made up of payment brands like Visa, Discovery and more, and they work very hard to protect all customers and companies within digital transactions.
PCI 4.0 Release Date
The last update to the standards was completed in 2018, and now, we look forward to an update that requires new organization and procedures. This may have come from the vast ransomware attacks on ATMs or the fact that it’s been a few years since reviewing. Either way, there are some very notable and detailed changes.
Although the update to the standards takes effect in Q1 2024, March 31st, credit card companies and vendors that use card transactions have until March 2025 to demonstrate compliance with PCI v4.0.
This gives organizations the necessary time to update their systems, policies and procedures to achieve compliance with the updated standard.
Which Businesses Will Be Affected by PCI 4.0?
PCI DSS 4.0 affects any business, merchant or organization that handles cardholder data and must comply with all the requirements. The standard also governs how data is processed by major credit card companies (Visa and Mastercard, among them). Businesses are broken into 4 transaction volume levels in any given year. The specification divides organizations into the following tiers:
- Level 1 = 6M or more transactions
- Level 2 = 1M and 6M transactions
- Level 3 = 20,000 to 1M transactions
- Level 4 = Less than 20,000 electronic transactions and other businesses with less than 1M transactions
What’s new in v4.0?
While the previous standard covered security and data protection, more defined areas need to be addressed. The new PCI standard is expected to include support for:
- Increased security
- Updated security control governance
- Support for security implementation
- Compliance activity enhancements
- Greater focus on cybersecurity and encryption
- Increased security control testing frequency
What are the PCI 4.0 requirements?
It’s essential to understand the new criteria as well. This will ensure compliance and the deadline is fully met. There are 12 areas of PCI DSS 4.0 requirements to consider including:
- Installing and maintaining network security controls
- Applying secure configurations to all system components
- Protecting stored account data
- Encrypting cardholder data
- Protecting systems against malware
- Developing and maintaining security systems and applications
- Restricting access to cardholder data on a need-to-know basis
- Assigning unique identifiers to all users with network and system access
- Restricting physical access to cardholder data
- Logging and monitoring access to networks and cardholder data
- Regularly testing systems and resources for security
- Developing, implementing and maintaining information security policies and programs
While, of course, the work on achieving regulatory framework compliance is never actually done, this is, in a nutshell, what is to be expected regarding the PCI DSS 4.0 standard.
Meeting criteria and standards by adopting PCI DSS compliant audit software will support these improvements and make the process much more efficient.
Impero Connect: PCI Compliant Software
Impero Connect is an exceptional tool that fully supports your PCI DSS 4.0 compliance efforts.
Connect ensures secure access through end-to-end 256-bit AES encryption, advanced authentication and granular access rights management. In addition, it boasts full auditing capabilities to help businesses satisfy even the toughest compliance standards, such as GDPR, HIPAA, FIPS, ISO 27001 and, of course, PCI DSS 4.0.
With Impero Connect, IT teams can easily support and manage workstations, servers, PoS devices, embedded systems, virtual environments, VDI desktops and mobile devices. Our solution encrypts communication tunnels and secures access to devices outside LANs without maintaining open ports or VPNs.