Ward has invested €250,000 to launch the service, and is forecasting that it will generate revenues of €850,000 in the next 12 months. PCI DSS was introduced to reduce card fraud and enhance security when businesses are processing card payments. The standard is backed by major card brands like Visa, MasterCard and American Express, and all merchants, regardless of their size, must now demonstrate compliance.
Press Release – Ward’s new service will guide payment processors through the complex process of achieving compliance and help them to better protect the customers who rely on their services.
Ward Solutions, Ireland’s leading information security provider, today announces the launch of its new Payment Card Industry Data Security Standard (PCI DSS) consultancy service. Ward forecasts that the new service will generate €850,000 in revenue in the next 12 months.
PCI DSS was introduced to reduce card fraud and enhance security when businesses are processing card payments. Prior to the introduction of the standard, cardholders and card brands themselves were much more vulnerable to serious crimes such as data theft and fraud, and cybercriminals used a range of tactics such as hacking, malware or social engineering to access and steal funds.
PCI DSS is backed by major brands such as Visa, MasterCard and American Express, and all merchants who accept card payments must now demonstrate compliance, regardless of their size. Although it focuses specifically on payment card data, PCI DSS provides a good framework for companies working towards compliance to the impending General Data Protection Regulation (GDPR), set to come into force on 25th May 2018,
Ward Solutions’ new service will guide payment processors through the complex process of becoming PCI DSS compliant and help them to better protect the customers who rely on their services. Ward has invested €250,000 in designing and developing the new service and training its employees to the highest levels on the requirements of the standard at security centres of excellence around the world. The new service includes a remote support helpdesk, and three of Ward’s team are now certified as Quality Security Assessors (QSA), with this number to grow to ten in 2018.
To achieve and maintain PCI compliance, payment processors must meet 12 key obligations outlined under the legislation. These range from the requirement to install and maintain a firewall configuration to protect cardholder data, to the need to track and monitor all access to network resources and cardholder data and regularly test security systems and processes.
To help companies achieve compliance to the regulation, Ward will offer a number of services. Firstly, Ward will offer a comprehensive PCI Workshop to merchants to confirm the requirements of the project while also providing key stakeholders with an overview of the requirements of the legislation.
Ward will also offer a Gap Analysis, in which its qualified team of QSAs will meet with customers and assess their systems and policies to uncover any areas of non-compliance. At the end of the Gap Analysis, Ward’s team will present the customer with a detailed report highlighting any failings, and presenting clear steps to remediation. Ward can also assist merchants with filling out the Self-Assessment Questionnaire and signing the Attestation of Compliance document. Finally, Ward will counter-sign customers’ Self-Assessment Questionnaires on completion of the service, and issue companies that successfully complete a Level 1 PCI Audit with a PCI DSS Certificate of Compliance.
Paul Hogan, CTO, Ward Solutions, said: “As a merchant, displaying compliance to the PCI standard demonstrates to customers, vendors and suppliers your dedication to cardholder privacy. Adherence to the standard is mandatory for any merchant that accepts credit cards as a form of payment. Ward’s new service will steer businesses through the complex process towards becoming compliant across all areas of their business.
“As our expert team now includes certified QSAs, merchants who avail of this new service can rest assured that they are receiving specialist advice. Customers will also benefit from Ward’s significant experience in the security sector. As a full information security lifecycle company, Ward can provide consultation above and beyond the risk-prevention advice on offer from other companies in the market, and help businesses to quickly and efficiently achieve the Data Security Standard.”