Training / Merchant Support

Data Breach Coverage

Data Breach Coverage

The Data Breach Coverage Plan protects each merchant account for up to $100,000 in the event of a suspected or actual data breach. In 2009, 143 million personal records were compromised by data theft—and that number is expected to grow exponentially in the coming years. Our program covers audit and card replacement costs as well as state, federal and card brand fines.

The fines, assessments, and audit expenses businesses are obligated to pay if a breach of credit card data is only suspected could cost you thousands—even tens of thousands—of dollars. The Data Breach Coverage is designed to protect you from that risk. The program is not only comprehensive, but also inexpensive.
More than 40 percent of data breaches in 2009 occurred in customer-driven industries – putting your business at significant risk of loss.
Our program provides aggregate coverage up to $100,000 for the following:
·         The mandatory forensic audit required by the Payment Card Industry Data Security Standard (PCI DSS) when a data breach is suspected - this audit confirms whether an actual breach has occurred and pinpoints where systems are most vulnerable
·         Costs to replace your customers compromised credit cards
·         Assessments and fines levied by card sponsors for data breaches
·         Data breaches caused by employee dishonesty and/or the physical theft of data, as well as computer hacking
·         Fraudulent charges stemming from the compromised card numbers
Insurance products providing similar coverage can cost upwards of $100/month!
Take a look at some of these examples - Each of these companies would have been covered under our Data Breach Protection Plan for Merchants.
-          An employee at a Dentist’s office took home dozens of files containing Personally Identifiable Information (PII), including credit cards, driver’s license, and protected medical records. Insurance coverage would have been in excess of $1200/year to cover all fines incurred by the incident.
-          A waitress in a Memphis restaurant used a magnetic card reader to swipe credit card information from some 150 customers of her employer’s restaurant.
-          A computer server stocked with credit card information was stolen during a burglary at a HoneyBaked Ham store.
-          Card-skimming devices were used at Sam’s Club gas stations to steal credit card information from 600 customers.
-          A hacker broke into the TJ Maxx computer system and stole 45.7 million customer records, including credit card numbers, drivers’ licenses, names, and addresses.
Simple, 3-Step Claim Process:
1.       Complete an online claim form by following the easy-to-use link at the merchant portal
2.       Upload or fax the appropriate notice that stipulates there has been a suspected or actual breach at the merchant’s location
3.       All documents needed to support claims may be printed from the portal
News Links:
April 2011 – Sony – “massive breach in online game network affecting more than 70 million user accounts” Full Story
July 2004 –Intuit –“a provider of financial software and services is warning 47,000 customers that their credit card data may be at risk after computers were stolen from a company office”  Full Story
May 2009 - Milwaukee PC – “65,000 Customers may be at risk”Full Story
March 2008 – Cascade Healthcare –“Data breach may affect more than 11,500 people”Full Story
June 2009 – Custom House Coffee –“Computer hackers victimize Portsmouth coffee shop customers”Full Story
The average costs for a data breach typically range from $25,000 to $40,000 –
Our Data Protection Program has you covered! 

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