Taken from PCI Security Standards Council
Customers worry about theft of their data.
You should worry about business fallout.
More than 340 million computer records containing sensitive personal information have been involved in security breaches in the U.S. since 2005 (Total records as of 10 Nov. 2009 is 340,102,273, according to the PrivacyRights.org) Now criminals are shifting sights to small merchants because many have lax security for cardholder data. More than 80% of attacks target small merchants. If you are at fault for a security breach, business fallout can be severe:
- Fines and penalties
- Termination of ability to accept payment cards
- Lost confidence, so customers go to other merchants
- Lost sales
- Cost of reissuing new payment cards
- Legal costs, settlements and judgments
- Fraud losses
- Higher subsequent costs of compliance
- Going out of business