The clock is ticking! On March 31, 2024, PCI DSS v3.2.1 will officially retire, leaving organizations scrambling to adapt to the new and improved v4.0 standard. Even though you may feel your firm is already set for the transition, you can still drive higher efficiencies and margins for all your PCI engagements - in fact, you can shave hours of time and improve margins by generating a ROC report in just seconds!
What’s New in PCI DSS v4.0?
While v4.0 offers enhanced security measures and supports innovative payment technologies, it also brings a set of challenges for firms who manage PCI compliance for their clients. Check out this infographic and what's new and some of the key challenges. To sum up, some of the key challenges associated with the v4.0 transition include:
- Increased Scope: v4.0 expands the scope of compliance, requiring attention to new controls and potentially impacting more systems and data.
- Focus on Security Processes: The standard emphasizes ongoing security processes over point-in-time assessments, demanding a shift in mindset and approach.
- Enhanced Reporting Requirements: The new standard introduces more stringent reporting requirements, placing additional burden on compliance teams.
The 500-Page Paper Cut
One of the most daunting aspects of v4.0 compliance is the hefty 500-page PCI Report on Compliance (ROC). Traditionally, generating this report could take a staggering 40 hours of manual effort, bogging down teams and hindering efficiency.
Fortunately, innovative solutions like Fieldguide can dramatically streamline how firms run engagements. Top 500 firms report that using Fieldguide’s AI Advisory and Audit Cloud have helped them reduce hours, increase margins, and improve client satisfaction through automated evidence gathering, streamlined reporting, and improved collaboration.
And when it comes to PCI DSS v4.0, Fieldguide can significantly reduce the burden of v4.0 compliance. In fact, Top 100 firms using Fieldguide have been able to generate a ROC report in just 40 seconds!
Ranked #28 on the IPA Top 500, Aprio found tremendous success in addressing compliance challenges with Fieldguide. Aprio experienced:
- Faster ROC Generation: Fieldguide automated the ROC process, reducing the time needed to generate complex reports.
- Improved Efficiency and Accuracy: By automating manual tasks and leveraging AI-powered insights, Fieldguide ensured consistent and accurate compliance assessments.
- Enhanced Client Service: Aprio could focus on delivering value-added services to their clients, thanks to the newfound efficiency gained through Fieldguide.
Ready to witness the magic firsthand? See how Fieldguide streamlines the PCI ROC generation process from 40 hours to 40 seconds in a brief demo.
The countdown to PCI DSS v4.0 is on. Even if you feel your firm is set for the new standard, Fieldguide can empower CPA firms to further increase efficiencies and margins. By leveraging automation and AI, firms can ensure timely compliance, reduce manual burden, and ultimately dedicate more time to serving their clients.
Don't wait until the last minute! Start your journey towards v4.0 compliance today and embrace the opportunities it brings.
