Tackle PCI DSS Compliance with NAVEX One
Protecting employee and customer payment data is vital to your business. Follow best practices while reducing fraud and cybersecurity breaches using NAVEX One technology.
What is PCI DSS compliance?
The Payment Card Industry Data Security Standard (PCI DSS) was introduced in December 2004. It is a set of protocols to minimize payment card fraud by enhancing security measures around cardholder information. It became mandatory for all merchants accepting credit cards and payment processing organizations to comply with this standard. PCI DSS is widely accepted to optimize the security of card transactions and protect cardholders’ personal information, preventing cybersecurity breaches and reducing fraud risk.
Managing cardholder information is no walk in the park...
Storing and transmitting data is tricky, leaving many businesses asking questions on how to manage it correctly. You may find yourself asking:
- What technology can we implement to safeguard sensitive payment card information and prevent unauthorized access within our systems and networks?
- How can we effectively train our employees and stakeholders to recognize and respond to potential security breaches or vulnerabilities in our payment card processing systems?
- What measures can we take to ensure our payment card data storage and transmission methods meet PCI DSS encryption and authentication requirements?
- How do we ensure our third-party service providers adhere to PCI DSS compliance standards and do not pose risks to the security of our payment card data?
- What policies and procedures should we establish to govern access controls, data retention and disposal practices in alignment with PCI DSS standards?
PCI DSS compliance requirements
The PCI DSS requirements are designed to ensure companies that process, store or transmit credit card information maintain a secure environment. There are different levels of compliance based on the volume of transactions processed by an organization. Compliance is usually validated annually through a self-assessment questionnaire (SAQ), or an on-site assessment conducted by a Qualified Security Assessor (QSA) for larger merchants.
The main guidance includes:
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Build a secure network
Managing a secure network involves maintaining a firewall to protect cardholder data and not using vendor-supplied defaults for system passwords or other security parameters.
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Protect cardholder data
Following data handling best practices involves protecting stored customer or employee cardholder data, including data encryption in transit across open public networks.
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Implement strong access control measures
Implementing control measures involves restricting access to cardholder data by business need-to-know, assigning a unique ID to each person with computer access, and restricting physical access to cardholder data.
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Regularly monitor and test networks
Catch and mitigate security or cyber threats early. This requires tracking and monitoring all access to network resources and cardholder data and periodically testing security systems and processes.
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Maintain an information security policy
This involves maintaining a policy that addresses information security for all personnel and ensures security policies and procedures are maintained, managed and documented.
Why PCI DSS compliance is important to your business
Learn why adhering to PCI DSS compliance standards is crucial for the success and reputation of your business.
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Protect customer data with secure payment processes
Following PCI DSS guidelines ensures the integrity and security of sensitive payment card information. This protects your customers’ data and shields your business from data breaches, fraud, and associated liabilities. It also helps prevent disruptions, financial losses, and reputational damage from security incidents.
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Build trust by protecting your customers’ data
Upholding PCI DSS standards demonstrates your commitment to safeguarding customer information. This fosters trust and confidence among consumers, leading to increased loyalty and positive brand perception.
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Stand out through your commitment to customer security
Adhering to PCI DSS requirements sets your business apart as a trustworthy and reliable entity in the marketplace. It can attract customers who prioritize security and compliance, giving you a competitive edge over non-compliant competitors. In addition, investors, partners and stakeholders value businesses that prioritize security and compliance – paving the way for strategic partnerships, investments, and business growth opportunities.
How to comply with PCI DSS requirements
The PCI DSS outlines critical requirements for safeguarding cardholder data. To ensure compliance with PCI DSS, your organization must follow these essential steps:
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Educate stakeholders on PCI DSS compliance
To achieve PCI DSS compliance, you need comprehensive training programs for all employees and stakeholders handling cardholder data. This educational initiative should emphasize the standard’s requirements, stressing the significance of securing cardholder information, providing guidance on secure payment processing practices, and outlining repercussions for non-compliance.
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Develop robust data security policies
The cornerstone of PCI DSS compliance is formulating clear and thorough data security policies. These policies should encompass every aspect of cardholder data handling, delineating precise procedures from data collection to storage and disposal and ensuring encryption and access control measures are clearly defined.
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Implement an adequate data security infrastructure
Organizations must establish a robust data security infrastructure to enforce PCI DSS compliance. This infrastructure should incorporate technologies, processes, and controls that continuously monitor, detect and mitigate potential security risks. Adequate security measures should include network segmentation, intrusion detection systems, and regular vulnerability assessments.
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Securely manage relationships with third-party service providers
Given the involvement of third-party service providers in cardholder data processing, it’s imperative to manage these partnerships meticulously. Implementing measures to secure third-party interactions is crucial, including conducting thorough due diligence assessments, establishing clear contractual obligations regarding data security, and regularly monitoring third-party compliance.
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Regularly assess and enhance data security measures
Continuous evaluation of data security measures is essential for maintaining PCI DSS compliance. Regularly scheduled security assessments, penetration testing, and audits help identify vulnerabilities or deficiencies in data security practices. Organizations should promptly address identified issues and update security measures to adapt to evolving threats and compliance requirements.
How NAVEX One helps you meet to PCI DSS compliance requirements
NAVEX One solutions can help your business to remain compliant with regulations:
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Policy & Procedure Management
Centrally manage your entire policy and procedure lifecycle.
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Whistleblowing & Incident Management
Ensure regulatory compliance, engage your people and build trust in your reputation with NAVEX reporting and whistleblowing solutions.
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Ethics & Compliance Training
Educate and engage your people with online training that speaks in their language, to their experiences.
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Third-Party Screening & Monitoring
Easily identify third parties that share your vision and safeguard your most valuable partnerships with NAVEX One.
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Vendor IT & Business Risk
See your whole third-party IT and business risk landscape with NAVEX IRM.
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