PCI DSS Compliance Cost In 2024 – Everything you need to know

There is no fixed price for becoming PCI DSS (Payment Card Industry Data Security Standards) compliant. The PCI DSS Compliance cost largely depends on your business size, the volume of transactions your company conducts annually, and your methods for transmitting and storing data. Understanding the costs involved is crucial for businesses that process cardholder data. This blog will break down the components of the PCI DSS process, the associated costs, and offer insights to help you estimate your compliance expenses. 

How Much Does PCI DSS Compliance Cost?  

The PCI DSS compliance process involves numerous variables, significantly impacted by the specific requirements your organization must meet to maintain compliance. Generally, a small organization with fewer employees and lower transaction volumes will incur lower costs than a large enterprise processing millions of transactions annually. 

For instance, PCI DSS certification can cost between $50,000 to $200,000 for a large organization, while a small organization might spend between $5,000 to $20,000. Additionally, the existing security culture of an organization plays a significant role. If your organization already practices strong security measures, follows safe coding practices, and prioritizes data security, the compliance costs will be lower due to existing systems and policies aligning with PCI DSS mandates. 

How to Calculate PCI DSS Certification Cost 

The cost of PCI DSS certification largely depends on your organization’s PCI compliance level and existing infrastructure. Using a compliance cost calculator can provide a more precise estimate. Here are ballpark estimates for different stages: 

Network Security 

PCI DSS mandates several network security measures, including encryption, DDoS mitigation, and unauthorized access detection. Assigning an internal resource to monitor your business environments around the clock can cost approximately $2,400 annually, excluding tool setup costs. 

Data Encryption 

Encrypting customer data to ensure security is mandatory. This can be managed internally or by hiring an external consultant, impacting the overall cost. 

Antivirus Software 

Antivirus software such as Kaspersky or Norton costs between $100 to $150 for an annual subscription for up to 10 users. Costs will vary depending on your employee headcount. 

Employee Training 

Training employees on cybersecurity and the latest developments ensures everyone in the organization is prepared to maintain a strong security posture. Security training typically costs between $20 to $30 per employee per session. 

Types of PCI DSS Compliance Costs 

Several types of costs are associated with PCI DSS compliance: 

Preparation Cost 

Before undergoing a PCI audit, organizations will incur incidental expenses, such as employee training, software and hardware purchases, and infrastructure upgrades. These costs vary based on the number of changes required to meet compliance. 

PCI DSS Audit Cost 

Depending on your PCI DSS level, you must complete a Self-Assessment Questionnaire (SAQ) or a Report of Compliance (ROC). These are annual recurring expenses. The average market cost for an SAQ ranges from $5,000 to $20,000, while ROCs cost between $35,000 to $200,000. 

Vulnerability Scans 

Organizations must conduct quarterly vulnerability scans, either internally or through a PCI DSS-Approved Scanning Vendor (ASV), costing up to $200 per IP annually. 

Penetration Testing 

Penetration testing is required for organizations needing to complete a ROC, SAQ D, SAQ C, SAQ C-VT, SAQ B-IP, and SAQ A-EP. Costs range from $3,000 to $30,000, depending on the organization’s size. 

PCI Compliance Fee From Card Processing Providers 

Card service providers may charge between $70 to $120 annually to recover their compliance-related expenses. 

Cost of PCI DSS Non-Compliance 

Non-compliance with PCI DSS can lead to significant repercussions, including: 

Non-Compliance Fees 

Non-compliance fees can be as high as $100,000 per month, depending on the duration of non-compliance. Card providers may also increase transaction fees by up to $90 per transaction. 

Costs of a Data Breach 

A data breach can result in costs for investigations, legal expenses, FTC audits, notifying cardholders, and compensating affected customers. Non-compliant organizations are also required to meet Level 1 compliance requirements, which can cost between $50,000 to $200,000 annually. 

Loss of Merchant License 

Non-compliance may lead to losing the license to process card transactions, severely impacting business operations. 

Conclusion 

Achieving PCI DSS compliance is vital for securing cardholder data and upholding customer trust. While costs depend on business size and transaction volume, they are necessary to avoid hefty fines, legal troubles, and damage to reputation from non-compliance. By understanding and budgeting for PCI DSS requirements and utilizing a unified compliance management platform, businesses can streamline the process and minimize expenses. Ultimately, PCI DSS compliance protects against data breaches and cyber threats, ensuring a secure and trustworthy operation in 2024. 

FAQs 

What are some hidden costs of PCI DSS compliance that businesses often overlook? 

Hidden costs can include the expenses for maintaining updated documentation, the costs of regular employee training sessions, and fees for third-party services such as security consultants or additional hardware and software purchases needed to meet compliance requirements. 

How often do businesses need to reassess their PCI DSS compliance status? 

Businesses need to reassess their PCI DSS compliance status annually. However, they should also conduct periodic reviews and updates to their security measures throughout the year, especially after any significant changes to their network or business operations. 

Can PCI DSS compliance costs be reduced by outsourcing certain functions? 

Yes, outsourcing certain functions such as payment processing to PCI-compliant third-party providers can reduce direct compliance costs. However, businesses must still ensure that these providers maintain compliance and should regularly verify their compliance status. 

What impact does business growth have on PCI DSS compliance costs? 

As a business grows and processes more transactions, it may move to a higher PCI DSS compliance level, which can increase compliance costs. Additionally, larger businesses may need more extensive security measures, training, and audits, all of which can contribute to higher costs. 

Are there any financial penalties for late submission of PCI DSS compliance reports? 

Yes, failing to submit PCI DSS compliance reports on time can result in financial penalties from payment card networks. These penalties can vary based on the severity and duration of non-compliance.