Hola! After a long year break from my writing gig, I am back with the first post of 2024, a brief guide to security.
In this competitive tech economy, a security breach has been a prior episode. Along with this, comparing any entity or standard for filling in the security breach has been an arduous task. As per a few relevant statistics, a lack of unawareness about PCI compliance numbers leads to a drop of 8.8% approx. from the previous years.
Here’s an article to escalate users’ understanding of the similarities and differences between the Payment Card Industry Data Security Standard ( PCI DSS) and System and Organisation Control (SOC 2) for the seamless functioning of the security standards.
What is PCI DSS?
The Payment Card Industry Data Security Standard ( PCI DSS) is a set of widely accepted security standards intended to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment that enhances prevention, detection, and appropriate reaction to security incidents.
PCI DSS is a checklist of practices that must become part of the framework of any company dealing with cardholders’ data. PCI compliance is a continuous 3-step process that includes: Assess, Repair, and Report stages.
Four levels of PCI Compliance are taken up by the number of transactions each year. Companies dealing with cardholder data can fit into any level of compliance depending on the credit card data usage count and the total annual data process count. This level is figured by a self-assessment questionnaire that is provided by PCI SSC.
What is SOC 2?
System and Organisation Control (SOC 2) compliance is an auditing procedure that ensures the security and privacy of its clients. The SOC 2 compliance revolves around five Trust Services Criteria (TSCs): Security, Availability, Confidentiality, Processing Integrity, and Privacy. SOC 2 Reports are unique to each organization.
There are 2 types of SOC reports Type I and Type II where the former describes a vendor’s system and the compatibility of their design with the TSCs and the latter details the operational effectiveness of those systems.
PCI DSS vs. SOC 2: How are they different?
The key difference between the compliances is the type of data being protected in each case. PCI DSS is intended for cardholder data while the other hand SOC 2 applies to any firm that processes or stores personal consumer information. This can be generalized as SOC 2 can be targeted over a larger number of organizations as compared to PCI DSS.
Another key difference is that SOC 2 examinations are conducted by CPA firms while PCI DSS compliance is proven by a Self-assessment questionnaire or Qualified Security Assessor.
PCI DSS standard is authoritative about the set of rules a business must follow to ensure secured transactions. On the other hand, SOC 2 is flexible in adhering to its TSCs. A company can meet SOC 2 Compliance standards by choosing which of the 5 TSCs to include in a SOC 2 audit.
Similarities in PCI DSS and SOC 2 Audits
PCI DSS and SOC 2 intersect at some point at the lead of basic security controls which are as follows:
- Secured Endpoints and Servers
- Restricted System and Physical Access
- Data and Communication Encryption
- The secured development environment and deployment procedure
- Monitored Internal Control Environment
PCI DSS and SOC 2 audits emphasize robust security controls to protect sensitive information. They involve comprehensive risk management, continuous monitoring, documentation requirements, third-party involvement, data protection, incident response, access controls, and compliance audits. Both standards require organizations to identify, assess, and mitigate risks to data confidentiality, integrity, and availability. They also mandate detailed records of security policies, procedures, and practices.
Both frameworks require effective incident response plans, strong access controls, and regular compliance audits to maintain a secure environment and meet regulatory requirements.
Conclusion
While there are similarities, it’s important to note that PCI DSS specifically focuses on securing payment card data, while SOC 2 is a more general framework that addresses the security, availability, processing integrity, confidentiality, and privacy of data in a broader sense. Compliance with these standards enhances trust and confidence among stakeholders.
Stay tuned for more tech updates! 👋🏻
