The cost of becoming PCI compliant varies widely depending on several factors:

Size of the Business: Smaller businesses (Level 4 merchants) typically incur lower costs, potentially a few hundred to a few thousand dollars annually. Larger organizations (Level 1 merchants) face significantly higher expenses due to the complexity and volume of their transactions. Different vendors also have different pricing structures.

Current Security Posture: Companies with robust security practices may require fewer changes to meet PCI DSS standards, thus incurring lower costs. Those needing substantial upgrades in their security infrastructure will face higher expenses.

Type of Compliance Activities: Costs include expenses for vulnerability scans, penetration testing, and possibly hiring a Qualified Security Assessor (QSA) for larger companies. Additionally, investments in security technologies such as firewalls, encryption, and other protective measures contribute to the total cost.

Maintenance and Training: Ongoing costs involve maintaining compliance, which includes regular security audits, training staff, and updating security measures.

Potential Fines for Non-Compliance: While not a direct cost of compliance, businesses should consider the potential fines and fees for non-compliance, which can be substantial. In addition, any data breaches will also incur heavy costs – especially if caused by negligence illustrated by non-compliance.

Overall, the cost of PCI compliance is highly variable and is influenced by the scale of operations, existing security infrastructure, and specific requirements that each business needs to fulfill to meet the PCI DSS criteria.

Reduce PCI DSS Scoping — and Risk

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PCI DSS is a set of security controls that organizations must implement to maintain a secure environment for cardholder data. It originally launched in 2006 and has gone through several revisions since then. The latest version is PCI DSS 4.0.

The levels of PCI compliance include:

LEVEL 1

For merchants that process more than 6 million card transactions annually.

These organizations are required to undergo an external audit performed by a Qualified Security Assessor (QSA)

LEVEL 2

For merchants that process 1 MILLION to 6 MILLION transactions annually

LEVEL 3

For merchants that process 20,000 to 1 MILLION transactions annually

LEVEL 4

For merchants that process FEWER THAN 20,000 transactions annually

Organizations in PCI Levels 2 through 4 can complete a self-assessment questionnaire (SAQ) instead of an external audit.

PCI is a data security standard created by the credit card industry. Any company that processes, stores, or transmits credit card data is obligated to comply with this standard. Alternatively, ISO 27001 is an international standard that provides the framework for an information security management program for any type of organization. More to the point, ISO 27001 certification is optional.

PCI data includes cardholder data such as:

• Name
• Account number
• Card expiration date
• CVV or security code
• It also includes authentication data, such as the magnetic-stripe, chip, and pin data.

STEP 1: Determine your PCI level (1-4).

STEP 2: Complete a self-assessment questionnaire or evaluation by a Qualified Security Assessor (QSA).

STEP 3: Build and maintain an IT security program that protects cardholder data and meets the guidelines specified in the PCI control objectives.

STEP 4: Apply for formal attestation of compliance with the PCI Security Standards Council, as applicable for service providers such as scanning vendors and point-to-point encryption assessors.

Cybersecurity risk analysis allows your organization to identify your sensitive data, understand your risks and devise a strategy to protect that data and mitigate those risks. This type of analysis is also a great opportunity for an organization to take an inventory of systems and resources and ensure that each is safeguarded by the proper security controls.