While many of us have tended to view cybercrime as someone else’s problem when it comes to credit card protection, that “she’ll be right” mentality can have serious consequences.
Cybercrime in 2016 is sophisticated, well-organised and growing globally at a rate of knots. Therefore, you need to carefully consider if your organisation has the best security technology available to ensure top-notch credit card protection.
The US based Rights Clearinghouse reported that in the first eight months of 2015 there were 120 million personal records breached globally, this is up from 70 million on 2014 figures. Cybercrime can be very costly for a business. Up to 42 per cent of data breaches are malicious or criminal attacks, according to a recent survey across 10 countries by the Ponemon Institute. Each credit card breach costs around $160 per card and the industries which are a high-risk include: finance, education, communications and healthcare.
When a data breach occurs such as when an individual’s credit card details are put at risk, businesses typically report these flow-on effects: 74 per cent say they suffer a loss of customers; 59 per cent face potential litigation; 33 per cent incur potential fines and 32 per cent experience a decline in share value.
But it’s not all doom and gloom. While it’s true that many companies think they know where sensitive data is in their databases, servers and systems and how much there is, the reality is they are nearly always off the mark.
Business owners are often advised that there is no credit card data or very limited data stored in their databases or systems and most companies believe that and so continue with their security compliance activities focusing on a limited number of areas, thinking everything’s “sweet”.
What we often find when we dig a little deeper is that card holder data can sometime show up in areas like: “development databases”; “just a backup for that rainy day databases”; “documents, deleted files, and system memory” to name just a few.
When you begin investigating cardholder data discovery you need to also analyse the contents of workstations and servers including memory storage on retail POS systems to verify no credit card details are stored without appropriate security. Thankfully, help is at hand to take the worry and effort out of these tasks.
To ensure your business is covered with the right credit card protection and to help you reduce the costs and complexity associated with the latest compliance standards, register for a demonstration on credit card scanning to see how your business fares. Or download our free eBook “Protecting your Business from cyber-attacks with credit card scanning” here.