PCI audits involve an end to end examination of the security of your organization’s credit card processing system. You will typically need to work with your Internal Security Assessor or a Qualified Security Assessor (QSA) to gauge whether the information security controls you have in place are at par with the regulatory requirements.
Ideally, your payment network’s security controls need to be at par with 281 requirements indicated in the PCI DSS (Payment Card Industry Payment Security Standards), which calls for the compliance of all merchants and their third-party service providers. To prove compliance, your business ought to do either of these two things:
- Pick a PCI DSS self-assessment
questionnaire and fill it out. While some situations might need an internal
audit, others won’t. - Work with an Internal Security Assessor
or a Qualified Security Assessor (QSA) to conduct an on-site audit.
The
option that your business should follow will depend significantly on the number
of payment transactions processed by your enterprise annually. The higher the
number of transactions you process, the higher the chances that you will need
to have a Record of Compliance (ROC) and conduct an annual audit to comply with
PCI DSS requirements.
Why PCI DSS Matters
In
line with the threat of credit card and cardholder data breaches, the PCI
Security Standard Council (PCI SSC) formed the PCI DSS to curb this threat. The
body represents software developers, merchants, financial institutions,
processor companies, and point-of-sale vendors.
The
brainchild of today’s security framework was born in 1999 by Visa as a response
to the increasing credit card fraud cases during the early stage of the
internet. It develops the Cardholder’s Information Security Program to protect
their customers and key stakeholders. Five years down the line, five major
credit card brands decided to launch the initial version of this security
framework (PCI DDS 1.0).
Today, any payment or Internet Service provider (ISPs) and merchant that want to accept and process credit card payments must demonstrate that they have the security controls in place to ensure the ongoing protection of cardholder and credit card data from access and use by unauthorized parties.
In Which Level Are You?
Since
not all service providers or merchants are created equal, the PSI SSC groups
merchants into four compliance levels and ISPs into two levels. The strictness
of PCI DSS compliance requirements increases as you move up these levels.
For
merchants and ISPs who are at level 1, compliance requires them to attain the
ROC, which often requires an audit. Companies and organizations in the higher
levels (2, 3, and 4) need to complete the PCI DSS Self-Assessment Questionnaire
provided by the security standards council. It might be quite cost-effective to
use GRC software or service to do this task in most cases.
The
level in which your organization belongs trickles down to:
- The number of annual transaction you
process, and - The types of credit cards you accept.
While
the typical annual transactions processed by level 1 merchants ranges between 1
to 6 million, the number lies at 300,000 annual transactions for level 1
service providers.
What Is A PCI DSS Audit?
To
attain your ROC, you should either work with your own Internal Security
Assessor or an external Qualified Security Assessor to procure an on-site
audit. Considering that you have to meet 281 directives and 12 objectives, the
initial audit can take you up to two years to complete. If you choose to walk
the self-assessment path, which is not as time-consuming, it can take you up to
a year.
The
in-depth audit will require you to test your organization’s control around the
fields below and more:
- Point-of-sale systems
- Cardholder Data Environment (CDE)
- Vendor’s data security
- Any application you use to process
payment information - Network segmentation
- Access to the CDE (including any
physical access). - Data encryption
- The security of any router transmitting
payment information - The details of how and where you store
the credit card information
The fact that PCI DSS is highly descriptive is a good thing for most organizations. It will guide you on the nitty-gritty details of everything that is needed for compliance with the set directives. Even better, not all 281 requirements apply to all organizations, meaning that you might have even fewer directives to meet.
Trying
to be compliant can, at times, be quite expensive. To streamline the compliance
process and the costs, follow these steps:
- Define
your scope: assess the security framework and pinpoint the directives that do
apply to you. - Minimize
your scope: some security processes can easily reduce the number of directives
you need to concentrate on. For instance, protecting your Cardholder Data
Environment using firewalls will not only reduce the chances of cybercrime but
also reduce the number of systems that your auditor will be required to
examine. - Assess
the effectiveness of your current controls in remaining compliant to PCI DSS:
this will be as simple as referring to your risk assessment documents if you
notice any signs of non-compliance, set up the needed controls. - Test
the current controls: the goal of PCI DSS compliance is to ensure the continued
protection of credit card and cardholder data. To ensure this, test your
controls annually before the yearly audits. - Collect
the necessary evidence: audits will be done a lot faster as long as you have
all the required documents. Ensure that you can present the required documents
to the auditor.
These steps are more of a necessity than a suggestion for businesses looking to uphold strong credit card data security standards in an industry rife with credit card data breaches and fraud cases.
Feel Free To Look For Some Help
Not
only can compliance be time-consuming, but it can also be frustrating,
especially if you typically use spreadsheets to keep track of your progress.
For
businesses looking for a streamlined approach to compliance, working with
compliance software is a step in the right direction. Other than making
compliance fast and easy, such software provides a centralized dashboard. With
it, you can access compliance documentation, overviews of your risk posture,
and easy-to-implement self-audits.
PCI
DSS compliance should be worry-free as long as you are using compliance
software. It takes all the redundant tasks off your shoulders and lets you
focus on other critical parts of the business. Consider using compliance
software to make compliance more accessible and improve your data security
posture.
