Data breaches are no more a surprise. The important thing is how you respond to them. The way you respond can go a long way in keeping your business away from major damages. What about a reliable and affordable bad credit merchant account? Who can get you one easily? This article will help you with all these.
Data Breaches: What Numbers Show
The 1st computer virus was called “The Creeper.” It was revealed in the early 1970s. Based on a 2016 report by FireEye, companies worldwide spent 146 days (on average) to detect a data breach. Did you know that cyberattacks are one of the top 3 risks to global stability?
In 2018, there were more data breaches than 2018’s share of ransomware and malware attacks. Some of them were the worst ones occurred so far. By the way, social media data breaches represented 56% of data breaches during the 1st half of 2018.
A new TD Bank survey shows that payment fraud risk is the top concern for 44% of those involved in payments in 2019. Interestingly, the ability to process faster payments comes next (37%) as a major concern.
As for 2019, April witnessed less disastrous 1.334.488.724 breached records, which was better as compared to March. Juniper Research reports that online and mobile payment fraud is mostly caused by the stolen identity and payment information.
Data Breaches: How to Respond Them
According to Andrew Avanessian, Executive Vice President of Consultancy and Technology of Avecto, a security software company, almost ½ of security leaders believe a major security breach will occur in the future. So, Avanessian recommends spending less time on closing the door after the horse has bolted. Instead, you should get down to using a proactive security model to protect your business.
Let’s see how you should respond to a data breach properly:
- Don’t panic. Take the time to look into the matter. Jay Botelho, Director of Product Management at network analysis solutions provider WildPackets, says that the crucial thing is to understand the root of the issue.
- Have a well-thought response plan before a data breach happens.
- Work with a secure and reliable payment processor to enjoy the best fraud prevention services. Consider turning to FirstAmericanMerchant.com (FAM), a BBB-accredited alternative online lender and reputable processor. First American Merchant provides the safest and cheapest bad credit merchant account, as well as unmatched fraud prevention and chargeback mitigation solutions in the industry.
- Inform your customers about the breach and act due to your state’s reporting laws.
- Turn to security and forensic experts so they can help with identifying and fixing the problem.
IBM reports that the average cost of a data breach makes up $3.86 million. So, implementing security technologies proactively is critical to your success.
To sum up, the longer you stay ignorant towards a data breach, the more harm your business will get. Take the time to shop around and find a true payments specialist that can best help you protect your transactions and stay away from fraud.Get Started Now