Did you know that 7 million data records are compromised on a global scale daily, and 56 records are compromised every single second? Businesses of all sizes continue to be breached as hacking grows more accessible. With so much information stored and sent online, there is more at stake than ever before.
This is why data security has become one of the major concerns impacting the world today. The payments industry, in particular, faces unique challenges since sensitive information like credit card and bank account numbers are processed and stored. A single data breach could compromise the finances of thousands — or millions — of consumers.
What is a Data Breach?
A data breach occurs when a source of data — like a business’ server — is infiltrated and sensitive information is extracted, such as names, addresses, banking information, Social Security numbers and credit card information. Cybercriminals can profit off these attacks by using this information for fraud or identity theft, as well as duplicating credit cards. Sometimes this information is compiled into databases and sold to third parties, which means it could take months or years before affected parties notice any suspicious activity.
Cyberattacks like data breaches are a growing concern for businesses, government agencies, and other organizations. In 2005, there were fewer than 200 data breach incidents. Fast forward to 2018 and that number skyrocketed to over 3,600, with no end in sight.
Since 2013, over 9.7 billion data records have been compromised on a global scale. Approximately 64% of these incidents occurred within the United States, likely due to the large population and high concentration of major companies. An overall lack of cybersecurity has contributed to these stats as well.
In response, the payments sphere has developed strict security and compliance measures to help protect your organization against this risk.
Why is a Data Breach Risky for an Organization That Handles Payments?
A data breach of any size or type can lead to a major headache for your organization. On top of losing sensitive data, your business will have to expend the necessary funds and efforts to aid in recovery. This might include investing in better security, alerting customers, funding identity theft services, paying for any lawsuits that may arise, and even hiring a PR firm to control damage to your organization’s reputation.
There’s a lot of sensitive data traveling across the web that could spell trouble if it wound up in the wrong hands. Among this data is leaked, stolen, or otherwise compromised credit card information.
Providing goods or services to customers in exchange for money comes with the expectation that each business transaction is a safe, secure process. Fortunately, it’s easy to provide a secure experience by using the right payment processing solutions.
Forte Payment Solutions offers solutions to help you accept any type of payment — anytime, anywhere. Our all-in-one solutions provide flexible options that boast the latest in security technology to help you protect payment data and stay one step ahead of breaches. Curious? Contact us to speak with a qualified, friendly member of our Customer Service team.