03 April - MeaWallet, a leading digital payments enabler renowned for its expertise in card tokenization, announces its achievement of the PCI DSS v4.0 certificate of compliance months before 2024 deadline. Issued by 7Security GmbH, a leading QSA (Qualified Security Assessor) and PCI DSS consulting company, this certification highlights MeaWallet's dedication to upholding the highest standards of security in digital transactions.
PCI DSS, the globally recognised Payment Card Industry Data Security Standard, sets out rigorous technical and operational requirements designed to safeguard payment data. With the advent of PCI DSS v4.0, MeaWallet embraces the next evolution of this standard with the help of 7Security, further fortifying its defences against evolving cyber threats.
7Security supported MeaWallet with the compliance assessment process to navigate the transition to PCI DSS v4.0. Since 2021, 7Security has collaborated closely with MeaWallet, undertaking annual PCI DSS projects to ensure adherence to industry standards. As an independent security organisation qualified by the PCI Security Standards Council, 7Security's mission is to streamline the compliance process for its clients, offering unlimited consultations, cost-effective approaches, and guidance on modern solutions.
In previous PCI DSS projects, 7Security and MeaWallet worked together under version 3.2.1 of the standard. However, with the more recent release of PCI DSS v4.0, which introduces additional controls and requirements, MeaWallet transitioned to the new standard ahead of the mandatory deadline.
PCI DSS v4.0 introduces several enhancements aimed at strengthening payment card data security and addressing emerging threats. By partnering with 7Security, MeaWallet benefitted from expert guidance and tailored solutions to navigate the complexities of the updated standard efficiently.
Pavel Kaminsky, CEO of 7Security commented: "MeaWallet demonstrated impressive leadership by opting to adopt the latest version of PCI DSS. MeaWallet demonstrated compliance with all requirements, which is a testament to its proactive approach to mitigating risks and safeguarding the integrity of digital transactions. As cyber threats become increasingly sophisticated, our ongoing partnership exemplifies the collaborative approach necessary to ensure robust security and protect cardholder data entrusted to MeaWallet through its customers."
According to recent reports, the surge in e-commerce fraud poses significant challenges for businesses worldwide. With e-commerce merchant losses due to payment fraud surpassing $41 million in 2022 and was projected to exceed $48 billion in 2023, the imperative for robust security measures has never been clearer.
Thomas Benjaminsen Normann, CPO and Head of Express Issuance at MeaWallet added: "7Security alleviated MeaWallet's PCI DSS compliance challenges by simplifying the complex process, most recently guiding us through a transition to version 4.0. They streamlined the process and ensured comprehensive adherence to the standard. Furthermore, their expertise helped us not only meet compliance but also implement robust security practices and increase our team’s skillset, laying a strong foundation for the future. In short 7Security reduced project complexity, ensured up-to-date security measures, and positioned MeaWallet for ongoing compliance and security excellence."
For more information about MeaWallet, visit: https://meawallet.com/, and visit 7Security’s website to learn more about their services.
Q: What is PCI DSS v4.0?
A: PCI DSS v4.0 is the latest version of the Payment Card Industry Data Security Standard, introducing enhanced security measures and controls to protect payment data and address emerging cyber threats.
Q: Who conducted the certification for MeaWallet?
A: The certification was conducted by 7Security GmbH, a Qualified Security Assessor and PCI DSS consulting company.
Q: How does PCI DSS v4.0 improve upon previous versions?
A: PCI DSS v4.0 introduces new controls and requirements to strengthen payment card data security, addressing current and emerging cyber threats more effectively than previous versions.
Q: How did 7Security assist MeaWallet in achieving this certification?
A: 7Security provided comprehensive support, including unlimited consultations, guidance on modern solutions, and streamlined the compliance assessment process to help MeaWallet transition smoothly to PCI DSS v4.0.
Q: What benefits does this certification bring to MeaWallet and its clients?
A: Achieving PCI DSS v4.0 certification ensures that MeaWallet upholds the highest security standards, safeguarding client data and fortifying defenses against cyber threats, thus enhancing trust and reliability.
Q: Why is this certification important in the context of rising e-commerce fraud?
A: With e-commerce fraud causing significant financial losses globally, robust security measures like PCI DSS v4.0 are crucial in protecting businesses and consumers from fraud and cyberattacks.
Q: What are the specific requirements for PCI DSS v4.0 compliance?
A: PCI DSS v4.0 includes stringent technical and operational requirements such as improved authentication, stricter encryption protocols, and comprehensive risk assessments to ensure the highest level of payment data security.
Q: How long does the PCI DSS certification process typically take?
A: The duration can vary, but it generally involves several months of preparation, assessment, and remediation. The collaboration with an experienced QSA like 7Security can streamline this process significantly.
Q: How does MeaWallet plan to maintain compliance with PCI DSS v4.0 in the future?
A: MeaWallet will continue to work closely with 7Security for annual assessments and stay updated with the latest security practices and standards to ensure ongoing compliance and protection of payment data.