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What you need to Know:
Penalties for PCI non-compliance
The Payment Card Industry has established fines of up to $500,000 per incident for security breaches when merchants are not PCI compliant.
In addition, it is required that all individuals whose information is believed to have been compromised must be notified in writing to be on alert for fraudulent charges. As such, the potential cost of a security breach can far exceed $500,000 when the cost of customer notification and recovery is calculated.
Potential cost of a security breach
Fines of $500,000 per incident for being PCI non-compliant
Increased audit requirements
Potential for campus wide shut down of credit card activity by our merchant bank
Cost of printing and postage for customer notification mailing
Cost of staff time (payroll) during security recovery
Cost of lost business during register or store closures and processing time
Decreased sales due to marred public image and loss of customer confidence