THE DAMAGE
IMPORTANCE OF DATA SECURITY FOR BUSINESS
Few business owners can also claim to be security experts.
With high-tech fraudsters growing ever-more sophisticated, it’s important to clearly understand the nature of the threats that face us and take the necessary steps to protect our businesses and our mutual customers. When security is breached, thieves rob your business of its reputation and steal your customers’ trust. Besides the loss of customer goodwill, a breach may result in unflattering media headlines, financial liability for fraud and chargebacks, fines from merchant banks or government regulatory agencies, or exposure to potential litigation.
POTENTIAL DAMAGE
Four potential results of a security breach:
- LOSS OF CUSTOMER TRUST
- DAMAGED BUSINESS REPUTATION
- FINANCIAL LIABLITY DUE TO FRAUD AND CHARGEBACKS
- FINE FROM MERCHANT BANKS AND GOVERNMENT REGULATORY AGENCIES OR POTENTIAL LITIGATION
