07 Jul Data Security: Cyber Security Matters
We’ve all heard the expression better safe than sorry. That’s especially true when it comes to cyber security and protecting your customers’ credit card information. Apparently not all of us are convinced, however. Statistics show that a majority of small merchants in the U.S. still don’t believe they’re vulnerable to a data breach, are less than vigilant about security and spend little time and even less money on PCI compliance. As a small merchant, that indifference could end up costing you big time – imperiling your company’s financial well-being and its reputation.
$26.3 billion. Total financial loss attributed to identity theft in 2014.
- Source: U.S. Dept. of Justice
In the wake of the 2013 Target credit card debacle, the second largest data breach in U.S. history, protecting sensitive customer information should be a given – and taking precautions against cyber attacks should be a priority. In a world where no business is immune to a breach, these are not options. Data security and fraud prevention are essential to the success of your business whether you’re the third largest U.S. retailer (Target) or a mom-and-pop operation.
Consider these findings in Verizon’s 2015 Data Breach Investigations Report:
- More than 70 % of attacks exploited known vulnerabilities – even though security patches to plug these holes have been available for years
- Cyber attacks may be getting more sophisticated but many criminals still depend on decades-old techniques – like phishing and hacking – to do their dirty work
- It’s rarely, if ever, less costly to suffer a data breach than to put the appropriate anti-theft security in place
- The gap continues to grow between the time data is compromised and the time the compromise is discovered
Are cyber thieves getting better at what they do? Sure. But while the sophistication and speed of attacks are on the increase, most breaches could still be prevented. That’s where e-onlinedata can help.
Detection and Remediation
EVO is on the forefront of risk prevention with sophisticated technology designed to detect fraud before it happens. Our data security products and services can help you prevent, manage and reduce the cost of a breach and its damaging consequences.
It’s a war out there. Attacks of this scale (on Target) are common, but attacks that get this class of data are unusual.
- Dan Kaminsky, Whiteops Co-Founder/Chief Scientist
When you sign up for a merchant account with EVO, you’re doing business with a provider that can assist you with securely storing, processing, transmitting and hosting cardholder data for your business to help reduce your liability as a merchant – and the amount of cardholder data you handle.
Partnering with EVO can also help reduce the scope of your validation requirements and associated costs. As your full-service merchant provider, we meet the rigorous daily demands of PCI compliance as well as conduct the periodic vulnerability scanning and annual penetration testing required to comply with PCI Security Standards.
In your retail store or online, let your customers know they can trust you to protect their data because you process with EVO.
Merchants are also losing a significantly higher percentage of revenue to fraud in 2014, at 0.68% compared to 0.51% in 2013. The average merchant suffered 133 successful fraudulent transactions per month in 2014, up 46% from 2013.
- Source: 2014 LexisNexis True Cost of Fraud Study