We’ve previously talked about what PCI compliance is and how it works, as well as the 6 main areas it encompasses. But a lot has changed in the world of cybersecurity, and providing your customers with secure payment methods is paramount to your business’s continued online success.
PCI Compliance Updates
The final release of PCI DSS (Payment Card Industry Data Security Standard) v4.0 is targeted for release in Q1 of 2022. Businesses will have 18 months to transition to the new standards put forth, but it’s important to prepare for the change, as the last substantial PCI update took place in 2016, and the digital world has changed a great deal since then. Flywire shared a great article about the four areas we’ll see the highest impacts in as it relates to this update.
The latest updates will focus on more than just safeguarding data, it will increase the security protocols that surround the collection of payments and payment data to continue to evolve and protect against growing threats, like the growing number of malware attacks that many companies all over the world are currently facing. The new standard will “increase the number of touchpoints and test points, and the amount of data that must be proven to pass, significantly, in an attempt to push organizations to view PCI DSS as a continuous process,” says Flywire CTO David King.
The latest updates also name multi-factor authentication and encryption as important focus areas. Stronger password guidance and transaction authorization will need to be put in place, and encryption standards will be increased to help prevent data theft and malware.
Payment Security Outlook for 2022 and Beyond
You hear it all the time, but that’s because it’s true: it’s no longer a question of if your organization will encounter a data breach, but when. And taking the lax approach can cost you revenue and partnerships, because the more third-party partners, vendors, and other businesses you deal with, the more access points there are for someone with malicious intent to take advantage of. It’s now your organization’s responsibility to prove upfront that you are doing everything you can to protect your data and the data of your partners and customers.
Staying PCI compliant is the first in a long list of cybersecurity methods that you should be taking to safeguard your operations and data. According to Entrepreneur, having these frameworks in place is a powerful sales advantage and can reduce friction with prospects as well.
Automation is also a key differentiator, and with solutions like ReliaFund’s recurring payments and other automated features, you can create powerful programs that run in the background of your business will still provide the income and security you need to stay in the black.
Stay PCI Compliant and Save Your Business Time and Money when you Partner with ReliaFund
Online merchants, developers, and payment processors are all affected by and concerned about the myriad of compliance and cybersecurity issues that COVID-19 and the subsequent push for digital transformation have caused. As things become more complex, safeguarding and organizing your payment methods should be a top priority.
ReliaFund’s payment processing services shoulder the burden of PCI compliance so your business doesn’t have to. Streamline all your payments, whether they are website or app-based, or come in the form of recurring payments, ACH, credit, debit, and more.
Contact us today to learn more.