The Cost of a Credit Card Hack

It couldn’t happen to your business, right?  You’ve spent years working to build your company, but you’re still a relatively small establishment, so why would a hacker target your company and steal the credit card information from your customers?

The truth is, it can happen, and it’s happening with increasing frequency.

It starts with a call from a credit card company.  They’ve identified a pattern of fraud and traced it back to one common source: your business.  Hackers were able to get access to your point of sale system.  They planted some malware then sat back and collected the credit card numbers, expiration dates, PINs, addresses and names of every person who used a credit card or debit card at your business over the last several months.

Now the credit card companies are requiring you to hire a computer forensic investigator to look over your systems, make sure they’re safe and maybe find out who was responsible for the data breach.  On top of that, your company’s reputation has taken a hit, so business is down.  And now there’s the rumor of a class action lawsuit being mounted against your company.  Just one of those happening would be costly, but having to face all three back to back to back?

Of course there are a ton of variables to take into consideration, but a mid-sized company could expect losses in the hundreds of thousands, if not millions, over an incident like the one described above.

ALLCHOICE Insurance can help you insurance against cyberattacks.  Contact us today to see how we can help you rest more easily when it comes to your company’s cybersecurity.

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