Verizon Business 2024 Payment Security Report: Simplifying the complexities of payment security

What you need to know:

• Verizon Business released its 2024 Payment Security Report, focusing on measuring and evaluating the Payment Card Industry Data Security Standard (PCI DSS) v4.0 compliance.
• The latest version of the PCI DSS introduces new requirements and stricter validation criteria.
• The 2024 Payment Security Report prompts fundamental questions to effectively measure, evaluate, and improve businesses’ Payment Card Industry (PCI) compliance.

Verizon Business released its annual Payment Security Report for 2024, with a focus on the measurement, evaluation, and improvement of PCI security strategies and programs. As a leader in payment card security consulting services, Verizon Business employs one of the industry’s largest teams of knowledgeable Qualified Security Assessors. Drawing upon Verizon’s extensive experience and expertise, the report provides guidance on how to navigate recurring challenges that businesses commonly encounter in their efforts to comply with the continuously evolving PCI DSS standard.

“PCI compliance is essential for protecting businesses and consumers alike,” said Kris Philipsen, Managing Director of Cybersecurity Consulting at Verizon Business. “But meeting the new and updated PCI DSS v4.0 requirements can be daunting due to the complexity of the standards and the scrutiny the payment card industry is under. Verizon’s consulting services provide expert guidance to help customers simplify their security frameworks and support PCI compliance without disrupting operations.”

In the 21 years since its inception, the Payment Card Industry Data Security Standard (PCI DSS) has seen 11 updates to keep pace with the evolving e-commerce landscape. The latest version, PCI DSS v4.0, with new requirements and stricter validation, took effect on April 1, 2024. Organizations have until March 31, 2025, to ensure compliance with this updated standard.

“PCI DSS v4.0 represents a significant update to the PCI DSS standard,” said Diana Greenhaw, PCI Security Standards Council (PCI SSC), Head of Engagement. “It’s important for organizations to utilize the many available resources from PCI SSC to help better understand how updates may impact them. Verizon’s 2024 Payment Security Report is a helpful tool in outlining common challenges to (payment) security and mitigating strategies"

As businesses continue their journey from PCI DSS v3.2.1 to v4.0, it is crucial to understand how to measure and report the return on investment (ROI) associated with this transition. This understanding can be instrumental in securing the necessary resources to meet the new PCI DSS v4.0 requirements.

To learn more about best practices for evaluating and improving PCI DSS v4.0 strategies, read the full Verizon Business 2024 Payment Security Report