When your business — no matter its size — began accepting credit card payments, it immediately became a potential target for data thieves.
Much more is at risk than your customers’ sensitive information, however. If you aren’t employing the best industry practices to protect that data, your business could face fines, lose the ability to accept credit and debit card payments, and jeopardize its credibility. To help protect consumers’ credit card information from data thieves, the Payment Card Industry Security Standards Council created data security standards that businesses must follow to be in compliance. The cost of noncompliance can be staggering. The bank that processes your payments could be fined $5,000 to $100,000 per month by the credit card companies — amounts likely to be passed along to you — until the business is following the requirements. Your bank also could raise the fees it charges to process your business’s transactions, or stop handling them altogether. (Check your account agreement with the bank.) Your business also might have to cover the cost if the bank has to issue new cards to customers whose data has been compromised — and who could become former customers if there has been a data breach. Finally, your business also may be liable for losses due to fraud and other financial losses.
What Is in this report
Download the complete report below