PCI-DSS Compliance: Need of the Hour in the Modern Digital Era?
In this era of digital payment, one single breach of consumers’ financial data can result in unthinkable repercussions for any organization, including hefty penalties, severe damage in reputation, millions of dollars lawsuits, and a massive loss in customer trust. Hence, complete security of every payment transaction is not just a need but a make-or-break factor for every business today. PCI DSS compliance protects cardholder data from fraudulent actions while it offers business organizations the safety blanket by significantly reducing the risk of data loss.
Cloud4C is here to guide enterprises in assessing their potential exposure to financial, organizational and operational losses while dealing with cardholder data. In order to safeguard the cardholder data at your business end, our experts provide the best practices and guidelines for firewall installation, data encryption, antivirus software deployment, and more. We also help you restrict access to the cardholder data as well as network resources. With Cloud4C’s PCI DSS services, the safety of your every payment transaction is guaranteed.
By 2026, 80% of enterprises will have used generative AI APIs (that includes AI-powered security and risk solutions)
Experts estimate frauds affect up to 337 million transactions in 2026, up 42% from 2023.
What Exactly is PCI DSS Compliance?
The Payment Card Industry Data Security Standard or PCI DSS is a set of security protocols designed by PCI Security Standards Council to assist organizations in protecting customers’ payment information against fraud through high-level payment security. These protocols or standards apply to each of those organizations that process sensitive authentication data and transmit cardholder data. Organizations that accept debit or credit card payments must undertake a complete PCI DSS security audit covering all the essential aspects of data security, such as access management, data retention, data encryption, authentication, and more, in order to achieve the PCI DSS compliance certification.
How Does Your Business Benefit from Being PCI DSS Compliant?
Prevents data security breaches
Reduces risks of customer identity theft
Improves customer trust and loyalty
Avoids hefty liabilities and penalties
Creates secure and sustainable practices
The Roadblocks: Key Challenges in Implementing PCI DSS Standards
While PCI DSS is a mandatory step for businesses doing online transactions, achieving PCI DSS compliance can pose an insurmountable challenge to organizations as it demands dedicated resources to validate the process and follow best practices.
Long list of requirements
Meeting almost 246 mandatory requirements and maintaining PCI DSS compliance for 12 months need the guidance of experienced certified compliance consultants (PCI DSS, ASV, QSA).
The technicalities
Unlike ISO and other industry standards, PCI DSS is highly technical in nature. Extensive knowledge of security system integration and security technologies is a must to meet the requirements.
Organizational pressure
Pressure from internal and external stakeholders to achieve the PCI DSS certification as soon as possible often leads to poor implementation of guidelines, risking cardholders data and business reputation.
Competency gap
Lack of qualified security assessor or other experts often leads to a serious competency gap in understanding and fulfilling the PCI DSS requirements throughout the compliance process.
Defining the scope
From PCI compliance assessment to PCI DSS compliance validation or comprehensive documentation, every part of the scope must be defined in advance to ensure effective planning and execution.
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Clearing the Silos: Best Practices to Be PCI DSS Compliant
- Firewall configuration
- Unique passwords
- From theft and unauthorized alteration
- Sufficient encryption during transmission
- Antivirus software installation
- Utmost security of all systems and applications
- Restricted access to cardholder data
- Assign unique identifiers to cardholders and systems
- Restricted physical access to cardholder data
- Track and monitor access to resources within network
- Schedule regular tests for all security systems in the network
- Security policy for employees and contractors
- Technology usage policies
- Employee security awareness initiatives
Cloud4C End-to-end Managed Compliance and Compliance-as-a-Service Offerings
With Cloud4C’s dedicated Compliance-as-a-Service or Managed Compliance offerings, enterprises can augment their IT infra, cloud landscapes, architectures, systems, and applications to be fully compliant with different regulations and standards. Cloud4C’s global acumen paired with world-class compliance experts and state-of-the-art technologies duly investigate customer landscapes, assess functionalities and workloads to verify whether the same are compliant with the concerned protocol or not, delivering strategies and implementing the necessary procedures to ensure that companies across the globe operate risk-proof.
We are adept in all major cloud services certification program initiatives. Be any hyperscaler cloud landscape, on-prem systems, private cloud ecosystems, third-party environments, or remote edge ecosystems, Cloud4C’s managed compliance services cover it all and help organizations be compliance-ready end-to-end.
IRAP
Information Security Registered Assessors Program or IRAP concerns a set of security protocols and frameworks to audit, analyze, and measure cybersecurity efficiency of an organization basis Australian security requirements and standards. This is monitored by the Australian Signals Directorate (ASD)
Bank Negara
A major compliance framework and regulations catering to BFSI activities and banking institutions monitored by Bank Negara Malaysia (BNM)
Central Bank of Oman
Regulations certified by Central Bank of Oman catering to all BFSI functions and banking institutions in Oman
SAMA
Centralized cybersecurity framework and processes regulated by Saudi Arabian Monetary Authority to guide organizations across all industries to effectively protect their operations, assets, and data.
FINMA
Regulations and frameworks offered by the Swiss Financial Market Supervisory Authority to supervise banks, financial institutions, insurance companies, stock exchanges, securities dealers, etc.
UAE Compliances
Broader UAE compliances regarding data residency, privacy, and other regulations governing enterprise functions in the United Arab Emirates.
RBI
Compliance regulations for BFSI activities and financial institutions concerning security, operational management, data administration, etc. Delivered by the Reserve Bank of India, the nation’s premier banking organization.
MAS
Guidelines issued by the Monetary Authority of Singapore, the nation’s central BFSI authority on outsourcing operations and processes of financial institutions.
OJK
Regulations issued and monitored by the Financial Services Authority of Indonesia (Otoritas Jasa Keuangan) on the functioning and operations of financial institutions.
GDPR
General Data Protection Regulation is a set of advanced regulations governing the collection and usage of personal data from individuals residing in the European Union.
PCI-DSS
The Payment Cards Industry Data Security Standard sets frameworks and benchmarks to ensure that all enterprises engaging in accepting, storing, processing credit card data maintain a highly secure environment.
HIPAA
Standards and frameworks set by the Health Insurance Portability and Accountability Act to ensure the privacy, security, and integrity of sensitive patient information. The HITRUST (Health Information Trust Alliance) certification is garnered by healthcare companies as proof that they comply with HIPAA standards.
GXP
The GXP compliance standard is an acronym for regulatory requirements and guidelines applicable for the broader life sciences, food, and medical products, etc (The ‘X’ stands for any letter applicable vertical-wise). For instance, Good Laboratory Practices (GLP), Good Clinical Practices (GCP), Good Manufacturing Practices (GMP).
ISO Standards
Introduced by the International Organization for Standardization, these frameworks certify the global standard requirements applicable to any offering or service. The number after an ISO refers to the concerned category: ISO-27001, ISO-27017, ISO-27018, ISO-22301, ISO-20000, etc.
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An Impact with Difference: Why Partner with Cloud4C to become Industry Compliant?
World’s largest Application-focused Managed Cloud Services Provider and one of the leading managed cybersecurity companies. Dedicated cybersecurity assessment services.
Serving 4000+ enterprises including 60+ Fortune 500 organizations in 25+ countries across Americas, Europe, Middle East, and APAC for 12+ years
40+ Security Controls, 20+ Centres of Excellence, 2000+ global cloud experts
One of the most trusted managed compliance companies with pre-met compliance needs for local, national, and global compliance requirements including IRAP, GDPR, HIPAA, SAMA, CSA, GXP, and ISO Certifications
3200 UTMs, 13000 HBSS, 800000 EPS
7 Security frameworks utilizing the MITRE ATT&CK, CIS Critical Security Controls, and more
Experience in managing compliance requirements for multiple OEMs with modernized security and governance offerings
Automated Security Solutions for threat prediction, detection, and response: Advanced Managed Detection and Response Solutions (MDR)
Global expertise in managed SOC (Security Operations Center) services and solutions
Dedicated Cybersecurity and Compliance Consulting, Cybersecurity Assessment, and Audit Reporting offerings leveraging advanced automation solutions
Advanced Cloud4C Cybersecurity Incident and Response (CSIRT) team
Threat Intelligence powered by Industry-leading platforms such as Microsoft, OSINT, STIX&TAXI, MISP, etc., and Cloud4C Threat experts
Considerable threat management expertise in securing large and complex environments and using advanced functionalities of leading industry tools as well as Cloud-Native Security tools
Experience in deploying and managing robust SIEM – helping enterprises to proactively assess vulnerabilities and automate, accelerate incident response
Comprehensive expertise in managed public, private, hybrid, and multi-cloud governance and risk compliance services, especially powered on AWS, Azure, GCP, Oracle Cloud, IBM Cloud, etc
Solidify your Enterprise Cybersecurity with Cloud4C
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