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10 key actions to implement the PCI 4.0 standard

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10 key actions to implement the PCI 4.0 standard

 

The PCI DSS regulation aims to ensure the security of electronic transactions and protect sensitive bank cardholder information, so until March 2025 any company that transmits, processes and stores bank cardholder information has until March 2025 to implement version 4.0 which introduces a number of changes and enhancements to address current threats and risks in the banking data security environment.

Below, we highlight the most important actions that financial institutions must take into account to successfully implement this important security statute for the payments industry.

 

Objective of the PCI v4.0 regulatory update

 

The first thing to keep in mind is the objective of the updated PCI regulation, which in its version 4.0 seeks to strengthen protection against data breaches, reduce the possibility of fraud and comply with regulatory and contractual requirements related to payment card security.

In addition, PCI v4.0 promotes the implementation of more robust security controls, provides better tools and guidelines for threat detection and prevention, and fosters a security mindset throughout the organization.

In summary, the implementation of PCI v4.0 is essential to ensure greater protection of card data in today’s digital ecosystem and safeguard customer confidence.

 

Keys to PCI v4.0 implementation

 

According to the Guide
“Get Ready for PCI DSS 4.0”
from global cybersecurity provider Thales, the implementation of PCI v4.0, which went into effect at the end of 2020, involves a number of changes and updates from the previous version. Key issues include enhanced security controls to address emerging threats by strengthening measures such as data encryption, stricter access and authentication controls, network monitoring and analysis, and the adoption of robust security policies for each payment processor .

 

In this same guide, Thales highlights the following 10 key actions to successfully implement the new PCI regulations:

 

1. Establish the scope: Review the process of capturing and exchanging cardholder data and establish how to protect it throughout its journey.
2. Assess precisely what elements of cardholder data you are storing, all the locations where it is stored, and why your organization needs to do so.
3. Review compliance points: See what PCI DSS compliance and reporting requirements your organization is required to perform based on your role and annual transaction volume.
4. Certify: Be aware that PCI DSS compliance must be certified annually with specific reports depending on the organization’s role and transaction volume.
5. Send all requested documentsto the payment supervisor.
6. Remediate: Make necessary reviews and changes to address requirements and compensating controls where needed.
7. Consideryour business objectives: Ensure that PCI DSS compliance complements your business risk management efforts.
8. Continually review your implementationstrategy to promote greater buy-in from your team.
9. Seek allies to support your critical investments of time and resources.
10. Back up your compliance policies with full process documentation.

Download our free guide to 4.0 implementation.
and be a pioneer in its adoption

With the implementation of the PCI 4.0 regulation, we seek to significantly improve the protection and privacy of data related to credit card holders.
This regulation establishes specific guidelines to ensure data security and prevent the theft or leakage of confidential information, seeking to evolve with the new cyber threats to the payment industry.

PCI4.0 Implementation Guide

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