The Payment Security Report 2023 coincides with the upcoming launch date of the Payment Card Industry Data Security Standard (PCI DSS) version 4.0 for payments. This update to the current PCI DSS standard is the largest change since 2004.
The changes to payments will impact all organizations that store, process or transmit cardholder data, from e-commerce to the public sector. Compliance with PCI DSS v4.0 is strongly recommended until March 31, 2024, when v3.2.1 will be phased out. The standard contains numerous updates and 64 new specifications. The PSR 2023 provides companies dealing with this new standard with the tools they need to address critical areas of security management to not only meet the deadline, but also ensure the long-term success of their company. This includes the role of PCI security integration into broader governance, risk management and compliance initiatives, as well as the tools required for modern program design.
“Compliance is often seen as adding complexity to the already difficult task of securing digital payments given the ever-evolving capabilities of threat actors,” said Kris Philipsen, managing director of cybersecurity consulting at Verizon. “Fortunately, there are highly effective methods to achieve payment security compliance outlined in the Verizon Payment Security Report that not only help make PCI DSS v4.0 outcomes highly predictable, but “It also enables companies to achieve significant performance improvements when designing security programs.”
PSR 2023 helps enterprise leaders develop and manage a PCI security compliance program, providing flexible models that organizations can use. The report also highlights key management methods to identify and overcome key obstacles and provides guidance to clarify the causes of underperformance of the security program.
Understanding PCI DSS
“PCI DSS v2024 will be phased out in March 3.2.1,” said Lance Johnson, Executive Director of PCI SSC. “The PCI Security Standards Council is committed to helping organizations understand the latest version of PCI DSS. To this end, the Council has created a PCI DSS v4.0 Resource Hub, which contains useful information to better understand the new standard. When organizations understand what PCI DSS v4.0 means for them, they can take the necessary steps to achieve a smooth and efficient transition.”
The five most important insights that companies should definitely know:
- With further development PCI DSS requirements should also be adapted to security programs.
- The success of data security and compliance is achieved by design – not by chance.
- Modern management methods Simplify the complexities of program management and help organizations achieve more with less.
- Organisations Should design security programs to focus on what matters most and overcome the most pressing obstaclesen.
- An integrated program management plan can be applied to new processes and significantly improve existing processes.
Via Verizon
Founded on June 30, 2000, Verizon Communications Inc. (NYSE and Nasdaq: VZ) is one of the world's leading providers of technology, communications, information and entertainment products and services. Headquartered in New York and with a global presence, Verizon generated revenue of $2022 billion in 136,8. The company provides voice, data and video services and solutions across its award-winning networks and platforms, meeting customers' needs for mobility, reliable network connectivity, security and control.
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