How to Prepare for the Upcoming PCI DSS 4 Update

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The Payment Card Industry Data Security Standard is a voluntary security framework to help protect customers and merchants against the theft of credit card data during POS transactions. Like many other compliance frameworks, PCI DSS has continually evolved over the years to match new technologies and new threats to the privacy of consumers shopping online and off. As of 2021, the PCI Security Standards Council has announced the newest version of PCI DSS, version 4.0.

While the official documentation for the updated standard has, as of March 2021, not been released, many merchants and banks are preparing for the transition. Here are some basics into PCI DSS and the move to version 4 coming Summer 2021. 

 

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PCI DSS eCommerce: The Cybersecurity Landscape for Retailers in an Always-on Digital Market

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While online retail isn’t a new phenomenon, many retailers are still behind when it comes to proper security measures for this form of business. With fraud claims and chargebacks rising exponentially in 2021 due to quarantine and increased online customers, these security measures related to PCI DSS eCommerce are only becoming more necessary, not less. The landscape for retail cybersecurity is changing, and technology and business operations must continually change with it. 

Here, we’ll discuss some of the security surfaces that retailers face, and why compliance with frameworks like PCI DSS is so important. 

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PCI Compliance is Vital to the Economic Engine of the World

PCI Compliance is Vital to the Economic Engine of the World

The Evolving Need for PCI DSS Compliance.

The current COVID-19 pandemic has dramatically accelerated a trend that was already on the rise — a move toward many new forms of electronic payment that involve capturing and transmitting credit card data. Businesses have moved online-only transactions during this crisis, and many consumers don’t want to handle physical money. And with so many employees working from home on their own computers, laptops, and mobile devices, the risk of a data breach is increasing at an exponential rate.

Many companies are vulnerable to breach, theft, and fraud. A single data breach can severely impact a company’s reputation as well as its ability to conduct business in the future. For merchants that process, store, and transmit credit card information, Payment Card Industry Data Security Standard (PCI DSS) compliance has never been more critical.

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