When you are running a successful business and things are going well, you may not want to think about what could go wrong, but to protect your investment you should focus on business security and disaster preparedness. Security is the foundation of all electronic transaction processing and TransFirst® is also committed to helping you keep your business safe.
There is more than one kind of disaster that can have a profound negative impact on your business. There are man-made disasters and there are natural disasters. While we can never completely control either situation, there are steps you can take to reduce their threats.
A data breach is an incident during which an encrypted database is broken or hacked and the valuable information stored within is compromised. As a result, data theft can take place by unauthorized parties such as hackers, fraudsters or spies. The data need only be viewed for a breach to have occurred, but if it is copied and transmitted the potential consequences can be dire. The loss of information by data breach is the first step in online crimes such as identity theft, credit card fraud, and banking fraud.
TransFirst counteracts these threats, providing secure payment processing products and services and educating our sales partners, merchants and clients that data security is a shared responsibility. All parties in the payment chain must work together in this effort for safe credit card processing and data security. TransFirst supports and promotes PCI compliance — meeting and adhering to the Payment Card Industry Data Security Standard (PCI DSS). PCI compliance is a contractual obligation between merchants and the major card brands.
TransFirst offers a Data Breach Security Program that helps our merchants pay the expenses associated with a suspected or actual breach of payment card data, regardless of the member business’s PCI compliance status as long as the owner is not involved in the breach. The financial cost of a data breach puts many companies out of business and for those that survive; rebuilding customers’ trust after a data breach is a critical challenge.
Businesses can do much to prepare for the impact of the many hazards they face in today’s world. TransFirst’s business continuity and disaster recovery systems and processes are in place to help avoid any disruption to providing our services should disaster strike.
With the official start of the six-month Atlantic hurricane season just underway, now is a good time for you to assess your business’s disaster preparedness and business continuity plans. If disaster strikes tomorrow — know how will you react and recover.
Forty percent of businesses do not reopen after a disaster and another 25 percent fail within one year according to the Federal Emergency Management Agency (FEMA).
Similar statistics from the United States Small Business Administration indicate that over 90 percent of businesses fail within two years after being struck by a disaster. You can reduce this risk by building a continuity plan and taking proactive steps toward preparedness.