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.