PCI DSS Risk Assessment Requirements
Praetorian Secure provides in-depth PCI DSS Risk Assessment services to our clients to support identification of threats and vulnerabilities that could negatively impact the security of cardholder data.
Any organization that stores, processes, or transmits cardholder is required to perform a risk assessment in accordance with requirement 12.1.2. Beyond the PCI DSS requirements documented in PCI 12.1.2 there are greater benefits that can also be realized through performing risk assessment prior to a PCI assessment.
What is Risk?
The definition of risk as provided by NIST SP 800-30 is “Risk is a function of the likelihood of a given threat-source’s exercising a particular potential vulnerability and the resulting impact of that adverse event on the organization”.
PCI-DSS Recognized Risk Assessment Methodologies
The PCI Standard recognizes several acceptable risk assessment methodologies to accomplish the goals of a prioritized approach for managing risk to accomplish protection of card holder data. Those risk assessment processes are listed below:
- International Organization of Standardization (ISO): ISO 27005
- The National Institute of Standards and Technology (NIST): NIST SP 800-39, Revision 1
- Operationally Critical Threat, Asset, and Vulnerability Evaluation SM (OCTAVE®)
Benefits of PCI DSS Risk Assessment
The process of performing PCI DSS risk assessment can help organizations identify and categorize threats in the content of their card holder environment leading to efficient application of security measures that reduce risks.
This approach is often called a prioritized approach. It is considered prioritized because organizations can identify threat reducing controls more effectively and allocate technology, processes, or solutions that best fit unique risks identified.
The more regular and consistently these PCI DSS risk assessments are performed the better organizations are at gathering insight into changes within their environment the more preemptive organizations can be with impacting threats before they lead to an elevated risk to card holder data.
In other words a breach that is costly in monetary terms as well as reputation of the entity assigned the responsibility of protecting its consumers credit card information. additionally, organizations can better determine where budgets should be allocated to effective mitigate threats.
Our PCI DSS Risk Assessment Services:
Praetorian Secure has significant experience with NIST compliance and risk assessment. We are dedicated to working with your organization as a team to provide value through professional PCI DSS Risk Assessment services.
Our ultimate goal is too deliver early identification of threats that could reduce the security of an organizations card holder data leading to costly fines and harm to corporate reputation. Once we identify risks our team will offer detailed risk mitigation plans and support the implementation to ensure our clients succeed throughout the process. Listed below is our approach to providing PCI DSS risk assessment services.
- Scope the risk assessment – Work with the client to clearly identify the business parameters and external relationships involved with processing card holder data. Review internal processes and develop an inventory of assets. Develop an overarching description of the card holder data environment. Lastly, Document the goals of the risk assessment.
- Execute risk assessment in accordance with NIST standards.
- Identify threats and vulnerabilities
- Perform risk evaluation both quantitative and qualitative
- Provide an executive summary
- Identify a detailed plan for risk mitigation and treatment
Contact us today to discuss your risk assessment needs further 1-855-519-7328.