A Breach Could Have Significant Impact on Your Business

This is the third in a series of four brief summaries about what small business owners need to know about data breach risk and liability.

There are many ways that your business could be impacted by a payment card data breach.

  • Substantial fees and fines that could potentially total in the tens of thousands of dollars or more.
  • Loss of customer confidence and trust.
  • Damage to your brand and good business reputation, especially as word travels quickly through social media and review sites like Yelp.
  • Considerable time that you and other employees will have to devote to dealing with and recovering from the breach event.
  • Loss of payment card privileges, meaning your business will not be permitted to accept debit and credit card payments if the card associations refuse to do business with you.
  • Costs to upgrade or replace your POS system and associated security measures.

It’s not inconceivable that a breach could put you out of business, for a short time or for good.

You can read more in Payment Card Data Breaches: What You Need to Know About Your Risk and Liability.