The PCI compliance 4.0 standard was released in April 2018. This latest version of the Payment Card Industry Data Security Standard (PCI DSS) is designed to help organizations better protect their customer’s credit card data. The new standard includes changes to how businesses must secure their systems and data, as well as new requirements for service providers.
PCI compliance can be a costly endeavor, but the costs are often necessary to protect your business and customers. The average cost of PCI compliance is $20,000 per year, according to a 2018 study by the Ponemon Institute. However, the total cost of PCI compliance can range from $5,000 to $1 million per year, depending on the size and scope of your business. Learn more about PCI compliance costs from TrustNet.
For example, a small business with only a few employees may be able to get by with a self-assessment questionnaire, while a larger business may need to hire an external auditor to help them comply with the PCI DSS.
The good news is that there are many resources available to help small businesses with PCI compliance, including the Small Business Administration and the PCI Security Standards Council. In addition, many credit card issuers offer discounts on processing fees for businesses that are PCI compliant.
If you are a small business owner, it is important to understand the costs of PCI compliance and how they can impact your bottom line. By taking the time to educate yourself about the PCI DSS and its requirements, you can make sure that your business is in compliance and avoid any potential penalties.