Data Breaches are a Reality, Get Secure Payment Systems for Your Business
Data breaches are an unfortunate reality that are happening with greater frequency. Nevertheless, you're not defenseless in taking guard to protect your business in the event of a breach. It's critical for you as a small business to obtain secure payment systems. Secure payment systems, which include features such as point-to-point encryption, help you process safer transactions, protecting your customers card data as it travels through transaction. Here's a deeper look at the topic and some things you can do to ensure more secure payment systems.
Data Breaches and Small Business
The research and statistics are sobering. According to a recent study byVantiv, 71% of hackers will target small businesses. Big shifts in payments acceptance, including EMV and the ramp of online payments, mean fraudsters and thieves are moving faster than ever to find opportunities. As data theft and fraud is thwarted in one place, they move to another. And, with so much attention being paid by big retailers to data security and fraud protection, criminals are making the move toward small businesses who may not have secured payment processing in place. Criminals assume that smaller businesses are less likely to have invested in security technologies and secure payment systems—making them more vulnerable as a result.
Card data crime typically shows itself in two ways: 1) stolen card data that is captured by some form of intrusion, i.e. a breach; and, 2) use of that stolen data in the creation of fraudulent cards or in fraudulent presentation through card-not-present payments, like those made online.
For certain, most card crime starts with card data that's been compromised through theft. Equally true—the effects of card crime weigh on businesses and underscore why you need to smartly consider implementation of secure payment systems.
After Effects, Loss of Trust
Sure, consumers are becoming more accustomed to the news of data breaches, card fraud and all that comes with both. Cards are actively being replaced after reported incidents of fraud frequently popping up across the nation. But because consumers are used to the reality of fraud, that doesn't mean, however, that your business and your reputation aren't damaged by association. Whatever the cause, a breach and/or subsequent fraudulent card use associated with your business leaves consumers wondering. And, with the explosion of social media today, the wonder can go viral quickly. Today, if the news doesn't damage you enough, the real financial costs associated with events like a data breach can bring your business to a staggering halt, if not close it completely.
Can you guarantee that card data won't ever be taken or misused? No, you can't. You can, however, take steps to create more secure payment systems for your business that work to render card data information less useful or entirely useless to thieves. You can also institute measures to stop more fraud at the point-of-sale, in-store or online.
Solving for Secure
Building a secure payment system starts with thinking about your small business smartly. Consumers are divided over which methods of payment are the most secure, so why not cover as many bases as possible.
For many smaller businesses, the potential costs of investment to safeguard the checkout experience can seem overwhelming. They don't have to be. Many providers today offer bundled, big-picture, fraud and security bundles designed to help you protect your business and your reputation. For example, some bundles offer pre-certified EMV acceptance terminals that allow you to begin to accept chip cards at the point of sale. This helps you begin to stop presentation of fraudulent cards at the point-of-sale. Ideally, your bundle also includes encryption that enables protection of the data as it travels from you through the authorization process. Bundles that offer PCI assistance, including guidance on the path to getting and staying PCI compliant, is a big plus as adherence to the PCI standards should be job #1 when it comes to the handling and protection of systems that process or store card data. In some instances, your small business might have access to a breach assistance program in the event that a breach does affect your business.
Learn more about what these types of bundles might look like by visiting our OmniShield Assure content.
Stitching Up Card Crime
The best approach in the fight against card crime is to start. Creating more secure payment systems even for the smallest of businesses isn't death-defying work. Simple, smart steps taken to create a secure payment system focused on card data security and anti-fraud measures will make your customers, your business and your reputation more secure.