A comprehensive approach to protect against cardholder data breaches
Data breaches can occur in any business — and cardholder data is particularly at risk from thieves due to its value and portability. Data breaches can be very expensive to resolve and can also adversely affect your business’s reputation.
Besides resulting in your customers possibly taking their business elsewhere, data breaches can drive unexpected and expensive mitigation costs, including fines for non-compliance, call center and credit monitoring costs, and forensic investigation costs. In Verizon’s 2015 Data Breach Investigation report, the average loss for a breach of 1,000 records is estimated at between $52,000 and $87,000.
Any business that processes, stores, or transmits cardholder data is required to comply with the Payment Card Industry (PCI) Data Security Standard. This standard encompasses a set of security best practices to help businesses that accept electronic payments protect customer account data. The standard requires maintaining a secure network, implementing internal controls, and performing regular testing.
Elavon, Bank of the West’s Merchant Services provider,1 has published an informative white paper to help businesses protect themselves and their customers. Elavon offers a portfolio of security solutions which help secure and safeguard cardholder data, streamline the process of PCI compliance, and ensure business process continuity.
I encourage you to read and save this short publication, which outlines a multi-layered approach that may help protect you from a costly cardholder data breach.
1 Merchant Services provided by and subject to approval by Elavon. Elavon is not a Bank of the West affiliate. Bank of the West does not offer, control, or guarantee the services of Elavon and makes no representation or warranties regarding the services.