Verizon Business 2024 Payment Security Report: Simplifying the Complexities of Payment Security | Press release

What you need to know:

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

NEW YORK – Verizon Business released its 2024 Annual Payment Security Report, focused on measuring, evaluating and improving PCI security strategies and programs. As a leading provider of payment card security consulting services, Verizon Business employs one of the industry's largest teams of knowledgeable, qualified security assessors. Drawing on Verizon's extensive experience and expertise, the report provides guidance to address recurring challenges that organizations often face in their efforts to comply with the ever-evolving PCI DSS standard.

“PCI compliance is essential to 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 rigorous scrutiny the payment card industry faces. Verizon’s consulting services provide expert advice 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 been updated 11 times to keep pace with the evolving e-commerce landscape. The latest version, PCI DSS v4.0, with new requirements and stricter validation, went into 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, director of engagement for the PCI Security Standards Council (PCI SSC). “It is important for organizations to leverage the many PCI SSC resources available to better understand how updates may impact them. Verizon’s 2024 Payment Security Report is a helpful tool to outline common (payment) security challenges and mitigation strategies.”

As organizations continue their journey from PCI DSS v3.2.1 to v4.0, it is critical to understand how to measure and report the return on investment (ROI) associated with this transition. This understanding can be critical 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 Verizon Business' full 2024 Payment Security Report