What It Is

Payment Card Industry Data Security Standard (PCI DSS) is a contractual security framework for organizations handling cardholder data (CHD) and sensitive authentication data (SAD). Its primary purpose is protecting payment card data during storage, processing, and transmission via 12 requirements under 6 control objectives, using a control-based, prescriptive approach with v4.0 emphasizing customization.

Key Components

• 12 core requirements spanning network security, data protection, vulnerability management, access controls, monitoring, and policies.
• Over 300 sub-requirements and testing procedures.
• Merchant/service provider levels (1-4) based on transaction volume.
• Compliance via SAQ, ROC, QSA audits, ASV scans.

Why Organizations Use It

• Mandatory for card handlers to avoid fines, processing bans.
• Reduces breach risks/costs ($37/record avg.).
• Builds customer trust, enables market access.
• Enhances security hygiene, third-party oversight.

Implementation Overview

Phased: scope CDE, gap analysis, remediate controls, validate. Applies to all sizes handling cards globally; requires ongoing quarterly scans, annual tests. (178 words)

What It Is

APRA Prudential Standard CPS 234 (Information Security) is a binding regulation for APRA-regulated financial entities in Australia, effective 1 July 2019. It requires maintaining information security capability commensurate with threats and vulnerabilities to minimize impacts on confidentiality, integrity, and availability (CIA) of information assets, including those managed by third parties. The approach is risk-based, assurance-driven, emphasizing board governance and systematic testing.

Key Components

• Board ultimate responsibility and defined roles/responsibilities.
• Asset classification by criticality/sensitivity; commensurate controls across lifecycle.
• Incident detection/response plans, annually tested.
• Systematic testing, internal audit assurance, third-party evaluations.
• No fixed controls; ~24 paragraphs of outcomes-based requirements.

Why Organizations Use It

• Mandatory compliance avoids APRA penalties, enforcement.
• Builds cyber resilience, protects stakeholders (depositors, customers).
• Enhances third-party risk management, operational continuity.
• Boosts trust, competitive edge in finance.

Implementation Overview

• Phased: gap analysis, policy framework, asset inventory, controls, testing, monitoring.
• Applies to banks, insurers, super funds; all sizes, Australia-focused.
• No certification; internal audit, APRA notifications (72h incidents).