Reducing the amount of data breaches that occur through vulnerable credit card processors is more than just a way to keep a business' reputation in check: it can help ensure customers are not made powerless and still possess the solvency to make more purchases later. Javelin Strategy and Research's Fraud Impact Report, drawing from the Open Security Foundation, on instances in which information was compromised last year could serve as a galling reminder of the ultimate cost any single breach could have, as it reported more than 1,600 instances occurring last year alone.
Alarmingly, the study asserts that this is nearly half as many instances over again as there were in the previous year, with a significant number of those who had their data viewed eventually becoming victims of a larger fraud case. In fact, one breach can even result in billions of lost dollars, the report also said. And while the consequences may not immediately register with those who do not see their accounts hijacked at once, the possibility of something having an eventual effect should be enough to motivate better measures for those who put their trust in software for credit card processing.
While it's important to assure the public of a business' stability in the event of this kind of attack, companies should also be honest and help to shield the sensitive data of their base, according to Brian McGinley, CEO of a fraud recovery company.
"It's no longer a possibility that you'll be attacked, it's become a probability and darn near a certainty," McGinley told Today recently.
Credit card processing software companies with a reputable history of security can help put businesses at ease by offering accredited protection along with high-quality functionality.