Payment Terms Defined: Data Breach Security

A data breach can be broadly defined as the intentional or unintentional release of secure or private and confidential information to an untrusted environment.  

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Payment Terms Defined: Data Breach Security

May 31, 2017

Payment Terms Defined: Data Breach Security

A data breach can be broadly defined as the intentional or unintentional release of secure or private and confidential information to an untrusted environment. When it comes to payment processing, the consequences of a data breach can be devastating to all parties involved, but particularly to the business and its customers.

According to the 2016 Cost of Data Breach report from the Ponemon Institute in partnership with IBM Security, the cost of each lost or stolen record containing sensitive information has risen to $158. Additionally, the average consolidated total cost of a data breach has grown to $4 million.

Payment data security breaches can happen to any business at any time, regardless of size or type. These breaches expose customers' private payment information to attacks by hackers and identity thieves intent on criminal activity.

A data breach can occur in a variety of ways. These included the hacking or skimming of a network; the installation of malware and/or spyware on a system; the physical loss of a card, device or paper records; and employee dishonesty. No matter how it happens, the end result of a data breach is that unencrypted personal and financial information can be stolen and manipulated by identify thieves and fraudsters.

After spending a great deal of time, energy and money building your business, isn’t it a wise move to protect your investment from the perils of data breach and credit card fraud? Keeping this information — and your own as well — safe is too risky to leave to chance.

TSYS Merchant SolutionsSM has the answer: a Card Compromise Assistance Plan (C-CAP) that you can rely on. This innovative solution adds an affordable layer of protection for your business against the most common forms of data breach, including theft of credit card receipts, theft of terminals, skimming, stolen account numbers, computer theft and employee dishonesty.

While PCI compliance provides your business with a front-line defense against breach and is required by the card brands, C-CAP steps in with financial assistance of up to $100,000 per location in the event of a card data breach. It assists with the following expenses:

  • Mandated forensic audit expenses when a compromise is suspected.
  • Card replacement costs and related expenses from an actual or suspected breach.
  • PCI DSS assessments and fines levied by the card brands for data breaches.
  • Assistance with data breaches due to network hacking, skimming and physical losses resulting from third-party theft of computer or paper records; employee dishonesty, fraudulent, malicious or criminal act, error or omission.

You may believe your business is taking adequate steps to protect sensitive personal and financial data, but there are criminals out there who make it their business to outsmart even the most advanced breach protection technology. The resulting expense to your business from a data breach can easily reach $20,000 or more, even if a breach is only suspected. For many small businesses, that can spell financial disaster — and industry statistics indicate that up to 85 percent of security breaches take place in smaller businesses.

Are you prepared to take chances with your business when the solution is readily available? Don’t let confidential information fall into the wrong hands. For peace of mind that fits any budget, talk to a TSYS Merchant Solutions representative today about how you can protect yourself, your business and your customers from data breach.

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