As recently as a few weeks ago, we laid out predictions for payment trends in 2016 during a webinar with Subscription Insider. One of the key areas of concern we outlined for 2016 that continues to plague us is security and, unfortunately, it looks like our predictions are being realized quite early in 2016.
Data breaches come in many flavors and can include credit card data, health information, other personally identifiable information (PII), or more benign information including contact details. Once exposed, credit card data can be sold on the black market, or criminals can use other PII to steal identities and open new credit card accounts in the process.
The Data Breach:
This week, the media is buzzing with the news of the Department of Homeland Security and the FBI being hacked by political activists. The information compromised apparently contained directory listings of personnel, such as names, titles, email addresses, and phone numbers. While the data leaked may not be damaging immediately, it can open the way for spear-phishing tactics to further compromise the systems at these government agencies.
What You Need to Do Now:
As breaches and hacks continue, we can expect regulations for security and protection of all data to become more stringent. We should also be looking for new, improved methods of securing data – from credit cards to health information to personnel files. As an e-commerce company, it’s more important than ever to ensure your systems are PCI compliant or better, and that your security is as tight as it can be so you can avoid being the subject of the next headline. If you are unsure of your current status of compliance, contact your merchant processor immediately to get up to speed on the rules required for your particular business size. They can also help manage the process of becoming compliant if you’re not already checking all the boxes.