Last year was a turning point for Americans when it came to data breaches. When Target experienced a data breach that reportedly had 40 million debit and credit cards stolen, it brought light to the fact that data breaches are more common than most thought and anyone can be a victim. Americans now have security in the forefront of their minds and want to ensure their credit information is protected.
Most believe that large companies are more prone to a data breach, when in reality small business are more susceptible to experience a breach. In fact, according to a 2013 Global Security Report by Trustwave, 71% of security breaches are targeted towards small business owners. Of those small businesses 67% of the breaches are targeted towards retailers and restaurants.
2 Reasons Small Businesses Face Larger Risk of a Breach
- Employee Negligence
TrendLabs found small to medium sized businesses (SMB) are more at risk for employees not changing passwords, clicking emails with attachments or have spam embedded links, and leave their software unattended. Little things can cause big damage when it comes to security. It’s important for SMB’s to enforce the same security measures as larger corporations
- Outdated Technology
SMB’s do not always have the financial means to continuously upgrade their terminals. Antiquated terminals have greater security risks. Failing to have updated terminals makes merchants vulnerable for breaches. It’s important to note, the Trustwave study also found that the average cost per record stolen is $188, and on average 28,765 records are stolen per breach. That means the average cost of damage is $5,407,820 – a cost most SMBs can’t afford. This cost is also much greater than updating their payment processing technology.
The damage produced from a breach can cause a merchant to lose their business and livelihoods. Because we service thousands of small to mid-sized merchants’ everyday, we understand the importance of protecting our merchants. We also understand the financial means of our merchants and have made sure that our program is offered at an affordable rate to ensure everyone has access to the protection they deserve.
Our data breach protection program provides our merchants coverage for costs incurred and fines imposed in the event of a suspected or actual PCI DASS security breach.
Not only do we provide data breach protection, all of our technology is up to date, PCI compliant and EMV-capable to help decrease the risk of a breach occurring.