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The rollout of the Payment Card Industry Data Security Standard (PCI-DSS) 4.0 back in March 2022 has taken the world by storm. More companies are processing payments via credit card than ever, and many emerging cyber threats have increased cardholder data risk. As a result, the Payment Card Industry Security Standards Council (PCI SSC) had to raise the standards and adapt to the new landscape.
As is any compliance requirement, PCI 4.0 is non-negotiable. Of course, this means added investments by merchants to meet the new compliance threshold — only adding on cost pressures. Balancing budget constraints with the need for top-tier and compliant security is no easy task. Many businesses now face the reality of navigating PCI 4.0 without breaking the bank.
Luckily, the CyberMaxx solutions may be a way to achieve both.
The High Stakes of Payment Security in the Modern Age
The cyber threat landscape is both growing and evolving. Increased account hacking and phishing attacks through email and phony websites have put everyone on edge. The stakes are high for a business to maintain a strong security posture, with the average data breach cost now at $4.45 million — up 15% over the last three years.
Aside from the costs of implementing a security program and the potential incident response and recovery costs, merchants MUST take a financial hit for compliance. Between adopting new technology, implementing process controls, and paying for audits, they have no choice but to adhere to compliance requirements like PCI 4.0, regardless of what it might do to their bottom line.
Decoding the Financial Implications of PCI 4.0
There are many costs to consider on your journey to PCI compliance. Here’s a breakdown of both the implementation and validation cost ranges of PCI 4.0:
- Vulnerability scanning: $100 to $200 per Internet Protocol (IP) address
- Penetration testing: $4,000 to $100,000 per test
- Staff training: $50 to $100 per employee
- Policy development: $1,000 to $5,000
- Remediation: Depends on system fixes, could range from $3,000-$500,000
- PCI Audits: $30,000 to $40,000
- Self-assessment questionnaires: Usually around $300
- PCI DSS assessment: Could be upwards of $100,000 depending on requirements
To avoid being in the higher range of the averages above, you’ll want to ensure you’re working with an expert. Many businesses make the mistake of overspending on unnecessary audits, assessments, or technology that don’t actually support their pursuit of PCI compliance.
CyberMaxx Solutions Provide the Balance You Need for Cost-Effective Compliance
CyberMaxx offers comprehensive security services, including offensive and defensive security solutions, managed detection and response (MDR), penetration testing, governance controls, and PCI gap analysis, all without breaking the bank. We proudly provide flexible and bundled solution packages designed to achieve cost-effective PCI compliance.
The MaxxMDR Bundle: Comprehensive Yet Cost-Effective
The MaxxMDR Bundles are our all-in-one solutions for holistic cybersecurity. It includes incident detection, security scanning, analysis, investigation, response, and containment in one package without hidden costs or unnecessary add-ons.
Rather than an expensive piecemeal approach often used by other providers, the MaxxMDR Bundle has numerous pre-packaged options that keep all your defensive and offensive security monitoring solutions with one vendor — saving you on costs. This approach lets you boost your security posture while checking many compliance boxes of PCI 4.0.
The Other Financial Benefits of Working with CyberMaxx
CyberMaxx saves you more than just the costs of a service engagement. By partnering with an expert and investing in an outside security operations center, you don’t need to pay to recruit, hire, equip, and train an in-house team.
Our proactive security approach also ensures you’re staying vigilant against potential threats — letting you avoid the costs of data breach response and recovery. Finally, streamlined compliance reporting and assessment processes produce cost-saving opportunities during tedious audits, including PCI 4.0.
Navigating the Future with CyberMaxx Solutions
CyberMaxx puts a significant emphasis on flexible security deployments. We intentionally design solutions to adapt as your business grows and the threat landscape changes. What makes us different is that there are no exponential cost increases should you add new users, change your IT infrastructure, or have to meet the latest compliance requirements.
Achieve Balance with CyberMaxx
The pressure of maintaining PCI 4.0 compliance without putting a financial strain on your business is a tricky endeavor. Unfortunately, compliance is not optional. Achieve peace of mind with CyberMaxx. Our bundled solutions are precisely what you need to balance compliance and cost pressures.