BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions services, has announced receiving the Payment Card Industry Data Security Standard (PCI DSS) Version 4.0 Certification. The company is one of the very first in the Kingdom to be receiving this certification.

This achievement comes after BENEFIT implemented controls that exceeded the standards of the previous version, PCI DSS v.3.2.1. The new standard encompasses numerous support features and improvements to the prior version, such as increased guidance on adopting security controls, enhancements to compliance activities, enhanced requirements to improve payment validation methods and procedures, updated password requirements, more rigorous testing procedures, a greater focus on cybersecurity activities, as well as increased frequency of security controls testing.

PCI DSS 4.0 aims to provide an increasingly robust and comprehensive framework for securing payment card data, and companies who acquire this certification demonstrate their ongoing commitment to providing the highest possible standard of security and protection to their clients.

Ali Beshara, Head of Information Security and Risk Management at BENEFIT, commented on this achievement, “We are pleased to receive the updated PCI DSS certification, an issuance that we’ve laid the groundwork for in order to reap the benefits. As BENEFIT strives to create a cashless society and boost financial connectivity, we recognize our rising need for stringent security standards. This new standard gives our clients confidence that we are in full compliance with PCI DSS requirements and that the data from their financial transactions is securely processed.

“By implementing this updated version, security measures designed to protect cardholder data from a number of potential risks and attacks will be strengthened even more. I’d like to thank our team members for their contribution in getting this accreditation, which reflects the company’s dedication to going the extra mile when it comes to maintaining the highest standards of security in the industry, ” He added.

PCI DSS is a globally recognized information security management standard incorporating security standards in the form of policies, procedures, and technical controls to ensure that all businesses that receive, store, process, or transmit credit card information operate in a secure environment.