Did you know it’s possible for your business to experience a serious data breach even if you do not store cardholder data after a transaction?

Have you ever thought about what it would mean to your business if a payment data breach were to happen? In fact, a breach doesn’t even have to be confirmed but simply suspected in order to turn your business upside down.

If your business is unfortunate enough to have this happen, you can expect to incur significant expenses. For example, the cost of a data breach for a small business merchants averages $36,000 and can reach up to and exceed $50,000

Your actual out-of-pocket cost will depend on the following factors.

• A mandatory forensic examination $20,000 to $50,000
• Notification of customers & Credit monitoring for affected customers $170,000 - $190,000
• PCI compliance fines $5,000 to $50,000 or more.
• Liability for fraud charges
• Card replacement costs $3 to $10 per card.
• Upgrade or replacement of POS system
• Reassessment for PCI compliance
• Bad press 31% of people surveyed said they terminated their relationship with the responsible organization if a breach occurred.
• Loss of payment card privileges