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02/02/2010 -
Though never cheap, data breaches are getting more expensive than ever.In a trend that likely extends beyond the U.S., a recent report from PGP Corporation and the Ponemon Institute found that data breach incidents cost U.S. companies an average of $204 per compromised customer record in 2009, a $2 increase over 2008's figure.
The average total per-incident costs in 2009 were found to be $6.75 million, compared to $6.65 million in 2008.
Proper payment processing security measures, therefore, are not just a matter of PCI compliance - they can make a significant difference in a company's bottom line.
"For merchant processors, or any company … collecting, managing, and securing sensitive consumer information, the number one lesson is, poor information security comes at a steep price," Ponemon Institute chairman and founder Larry Ponemon told Digital Transaction News. "Given the rising dollar costs and the cost to reputation, we believe that more and more companies will begin to embrace security as a strategic competitive differentiator."
Experts say the best approach to payment processing compliance is a layered one, with a designated PCI manager ensuring that the company continually remains compliant.
