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Industry News

Businesses should develop contingency plan for payment processing breaches

By Joseph Trigliari

02/03/2010 - Though proper payment processing security measures can significantly lower the risk of a security breach, savvy small business owners should still have contingency plans in place in case a breach occurs, the Better Business Bureau advised.

The U.S.-based bureau reported that "the key to limiting the damage - and retaining customer trust - is to develop an action plan in case a data breach does strike your business."

The action plan should include a policy on how to notify customers of a data breach, said the bureau. Businesses should consider alerting their customers via a cost-effective medium such as email, versus a more expensive form like mail. Financial institutions also need to be notified in the event of a breach that involves payment processing data.

Companies should also train their employees to identify potential breaches, and should outline the exact steps that need to be taken immediately to determine the source of the breach as well as how and when it occurred.

The stakes for proper payment processing security measures are higher than ever - the Ponemon Institute recently reported that the average cost of a data breach rose last year to US$204 per compromised customer record.ADNFCR-2514-ID-19646879-ADNFCR

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