Post by prantogomes141 on Feb 14, 2024 10:02:19 GMT
According to research from BlackFog, from June 2022 to June 2023, 61 percent of small and midsize businesses were victims of successful cyberattacks. Of these, 58 percent experienced business downtime that impacted operations and profitability, and 39 percent had a breach of sensitive customer data. Unfortunately, most small businesses that fall victim to a payment security breach don’t know it occurred until the damage is done. If there’s a breach, your business may endure the following ramifications: Mandatory investigative audits of payment security practices (which cost an average of $36,000 for small businesses) Loss of customer trust Downtime Notification costs Reputational damage that can take years to repair An investigative audit of your payment security practices may find that you’re party to a payment transaction with the lowest level of security.
For example, merchants that don’t accommodate EMV chip cards could be held liable in the event of a payment security breach. You could potentially be held responsible for costs associated with the breach, including the following: Identity protection services Qatar Telemarketing Data for breach victims Card reissue costs Fines Legal fees To protect your business from a data breach, consider these best practices: Understand PCI compliance responsibilities. Payment card industry (PCI) compliance is required of payment processors and merchants. The PCI Security Standards Council outlines the specific protocol merchants should follow based on their volume and type of annual transactions.
If you fail to comply — or comply without providing proper proof — your payment processor could charge you anywhere from $10 to $100 per month until you’re in full compliance. It’s wise to choose a payment processor that guarantees PCI-compliant payment processing and accommodates NFC and EMV chip card technology at the point of sale (POS). Proactively identify and shore up security vulnerabilities. Conduct audits to proactively identify vulnerabilities and potentially adapt payment processes as your business grows. At a minimum, internal firewall, network hardware and software audits should occur quarterly under PCI-compliant processing standards.
For example, merchants that don’t accommodate EMV chip cards could be held liable in the event of a payment security breach. You could potentially be held responsible for costs associated with the breach, including the following: Identity protection services Qatar Telemarketing Data for breach victims Card reissue costs Fines Legal fees To protect your business from a data breach, consider these best practices: Understand PCI compliance responsibilities. Payment card industry (PCI) compliance is required of payment processors and merchants. The PCI Security Standards Council outlines the specific protocol merchants should follow based on their volume and type of annual transactions.
If you fail to comply — or comply without providing proper proof — your payment processor could charge you anywhere from $10 to $100 per month until you’re in full compliance. It’s wise to choose a payment processor that guarantees PCI-compliant payment processing and accommodates NFC and EMV chip card technology at the point of sale (POS). Proactively identify and shore up security vulnerabilities. Conduct audits to proactively identify vulnerabilities and potentially adapt payment processes as your business grows. At a minimum, internal firewall, network hardware and software audits should occur quarterly under PCI-compliant processing standards.