Payment Painkillers: How to secure customer payment data in a complex world
Simplify and cut the cost of PCI compliance
There is a more secure, affordable, manageable and sustainable way for retailers to secure customers’ payment data and it doesn’t involve Point to Point Encryption (P2PE).
Vodat International has created this special report to help senior retail executives build an effective strategy for getting PCI compliance.
It starts with understanding the real cost to your business of poorly secured payment data.
Payment data is vulnerable and under continuous assault. In fact, it remains one of the easiest types of data to convert to cash, and therefore the preferred choice of criminals. 74% of attacks on retail, accommodation and food services companies target payment card information.
A breach costs on average £95 per customer record lost, of which over half (£50) is due to indirect costs such as drops in turnover and customer churn.
Per company, the average cost of a breach is £2.21m, up 8% on 2013 due mostly to increased customer churn, proving that consumers are becoming more aware of payment security and voting with their feet .
Where there is an obligation on the retailer to secure critical customer data – credit and debit card information – the response from many retailers has been both mixed and heavily delayed.