Nodus, a valued Telmar partner, has provided an excellent summary of the key points management needs to know about the impacts of a data breach. It is easy to pretend this won’t happen to your company, but it is best to assume it will.
We have trusted Nodus for nearly 20 years and are impressed with their clear understanding of security in the age of electronic payments. Please contact Telmar to explore your options with Nodus’ solutions. We can share information on webinars or arrange for a live demonstration of their solutions.
GUEST CONTENT FROM NODUS
The world we live in today has gone digital. Nowadays, we can send communication almost immediately across the world and conduct business with anyone regardless of their location.
However, with the added benefits of our new digital world comes the risk of the digital data falling into the hands of criminals. One of the biggest types of data that is especially vulnerable is payment data, like credit card information. Merchants who accept credit cards as a form of payment from their customers are responsible for protecting their customers’ cardholder data. If a merchant were to jeopardize that sensitive data, they could face some huge impacts on their business, including:
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- Financial Impact: If a company experiences a data breach, they can be fined for the loss of the data. Depending on how many records were lost, this could add up to thousands or sometimes millions of dollars.
- Customer Loss: A data breach can cause current customers to lose trust in doing business with the company, especially if they were directly impacted by the data breach. The product or service could be what they are looking for, but they will think twice when conducting business again in fear of the risk.
- Brand Reputation: The publicity of a data breach can hurt a company’s reputation and discourage customers and other vendors from doing business with them. So, a data breach can not only hurt the relationship with current customers, but also impact the number of new people willing to do business with the company in the future.
Recent data breaches have put both large and small companies on high alert. A data breach can not only harm a company financially, but also damage their reputation and impact clients’ trust.
Companies need to proactively explore and implement measures to protect against payment security risks and reduce the impact that a data breach can have on their business.
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Telmar Computer Solutions, Inc. is providing the information in this publication as a courtesy, free of charge, to share information with the general public. Nothing in this publication is intended to be, nor should be, interpreted as advice or consultation on any matter, including taxes, accounting, business management, system configuration or operation, or any other similar topic. Please engage the services of an appropriate professional for assistance in these areas. Telmar Computer Solutions, Inc. is not responsible for any loss, including downtime, lost files/data, rework, or other expenses sustained by you, your company, or any person who relies on this publication.
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