The cost of PCI DSS compliance: is it worth it?

If you own or operate a business that uses credit card payments, you are probably familiar with the Payment Card Industry Data Security Standard (PCI DSS). This security standard was developed by the major credit card companies to protect cardholders from fraud and data breaches. But what does it mean for your business? And is it worth the cost of complying with the standard? Let's take a look.

What is PCI DSS?

‍PCI DSS includes a set of requirements that businesses must meet in order to accept, process, and store credit card payments securely. These requirements range from network security to employee training and are designed to prevent data breaches and reduce the risk of fraud.

What are the costs associated with PCI DSS compliance?

‍In the area of PCI DSS there are different formats and for this reason, it is difficult to make a general statement regarding the costs. If you want to make a cost estimate, you have to determine a compliance level. Each company must be considered individually - a company with 15 users is less cost-intensive than a company with 600 users. If a company can provide an SAQ, this will influence the costs and it should not be expected to incur the costs that an on-site report would incur.

To get an initial cost estimate, a company should contact a professional service provider who specialises in the area of data security and the area of PCI DSS compliance.

Looking at large companies that deal with millions of payments a year, one can expect to spend between US$50,000 to US$200,000 for a compliance report. A smaller company that has an SAQ or a compliance certificate will have to expect costs in the range of 20,000 US dollars.

Basically, the size of the company is an important factor, but the type of business will also factor into a price determination. At the same time, customer requirements and the bank's specifications must be taken into account. Another important value is the number of transactions carried out annually. Basically, an offer will be made individually, since a small online shop with few credit card transactions will require much less effort than a company that operates globally and has many credit card transactions. Another factor is whether a company has prepared for certification or whether processes, guidelines, and system components first need to be brought up to date.

Is it worth it?

‍The short answer is yes. The cost of PCI DSS compliance is a drop in the ocean compared to the cost of a data breach. Even if you were affected by a data breach and had to bear all the associated costs - including fines, legal fees, customer notifications and credit monitoring services - you would probably still be better off financially if you were PCI DSS compliant. And that's not even taking into account the damage to your reputation that would likely result from a data breach.

Conclusion

‍So is PCI DSS compliance worth the cost? In our opinion, the answer is yes. The financial risks associated with non-compliance are simply too great. Moreover, PCI DSS compliance can help improve your company's overall security posture, which is never a bad thing.