Merchants/Retailers Face Increased Information Risk
Accepting credit or debit transactions places the merchant under an obligation to safeguard these transactions. Merchants and Retailers have been the victim of a number of very high profile data breaches involving theft of credit card information.
Today’s headline news says it all: Albert Gonzalez, who operated under the hacker alias SoupNazi, pleaded guilty last year to slipping into the computer networks of major retailers such as TJ Maxx, BJ's Wholesale Club, Barnes & Noble, OfficeMax and Boston Market. – ABCNews
Compliance with the Payment Card Industry self-regulated standards (PCI DSS) is now required for all businesses who accept credit cards regardless of transaction volume. Non-compliance results in penalties from the Credit Card brands as well as increased tranasction fees. But these costs are only the beginning of your business liability. A merchant faces possible State and Federal enforcement of FTC laws should it be found that reasonable care was not exercised in protecting customer information. Perhaps most impactful of all isthe resulting negative media publicity stemming from a credit card data breach, damaging the public’s trust of your business resulting in a loss of sales and reputation.
The operations of today’s retailers are very dependent on sophisticated Supply Chain systems which enable timely and efficient ordering, warehousing and shipment of products. Should an organization's Supply Chain processes not be available, even for a short time, the financial impact can be large due to lost sales and operational disruption. To reduce the liability of Supply Chain failure, an organization should have a Business Continuity Plan in place. Assurance Point can help your business put a continuity plan in place using the following Framework: