Pyypl a fintech company in the Middle East and Africa (MEA) has announced its achievement of the latest PCI-DSS V4.0 Certification.
The certification underscores Pyypl’s commitment to security and operational excellence and relates to the latest PCI-DSS standard, released in March 2022.
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Pyypl is now agile in being able to rapidly expand into new markets. The certification significantly enhances the Company’s operational capabilities by ensuring compliance across all regulated entities more efficiently and streamlining the process of obtaining new licences in various countries.
From a customer perspective, trust in Pyypl is strengthened further
The Certification is a powerful testament to Pyypl’s security commitment and reassures customers that sensitive payment information is handled in line with the highest international standards.
The operational impact has been immediate for Pyypl. Incident resolution has become 40% faster, directly attributable to the streamlined processes and advanced security systems now in place.
Antti Arponen, CEO and co-founder of Pyypl, said: “We developed our compliance framework from scratch, tailored specifically for V4.0 without relying on any pre-existing PCI-DSS infrastructure or processes. This makes Pyypl a pioneer in implementing the updated PCI-DSS V4.0 standards in the MEA region, establishing a new benchmark in compliance and security.”
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By GlobalDataAccording to the 2023 Verizon Data Breach Investigations Report (DBIR), organisations compliant with PCI-DSS experience up to 50% less data breaches than non-compliant entities proving the protective power of adherence to the stringent security standards. A survey showed over 76% of customers place greater trust in businesses who maintain strong payment security standards, showing the reputational value of PCI-DSS compliance.
Data from the Ponemon Institute’s ‘Cost of a Data Breach’ Report noted the average cost of a data breach for non-compliant organisations can reach over $3.86m Conversely, achieving and maintaining PCI-DSS compliance can help mitigate significant financial risk and potential regulatory penalties.
