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Blog Category: Data Breaches

Magento 1 EOL: How to Avoid Card-harvesting Malware Breaches in Your Portfolio

Magento 1 e-commerce websites are easy malware targets and among the biggest potential liabilities in any payment provider’s portfolio—and the threat is about to get worse. What is happening? Effective June 30, 2020, Adobe Magento will end support for the Magento Commerce 1 platform. Magento 1 websites will no longer receive vendor-supplied security patches. Visa… read more

Post Date: Posted on Post Categories: Data Breaches, High-risk Merchants, Merchant Fraud, Merchant Onboarding, Merchant Risk

Identifying Merchants Affected by a Data Breach

Data breaches are a common threat in the payments industry, with over 87% of small businesses having reported a security breach in the last year, as found by the 2013 Information Security Breaches Survey. According to the 2013 Cost of Data Breach Study by the Ponemon Institute, third-party service providers accounted for the largest increase in data breach costs this year in the US, with other countries reporting similar findings. When a service provider breach occurs, it is extremely important for acquirers to identify every entity that is connected to it, but mapping those third-party merchant-to-service provider relationships is very difficult for acquirers.

Post Date: Posted on Post Categories: Blog, Data Breaches

After a Data Breach, What’s a Merchant to Do?

Millions of pieces of “Personally Identifiable Information” (PII) are compromised each year due to data breaches, theft by an employee or loss of the data by the company. Yet surprisingly, 69% of small business do not believe that there would be a significant financial impact or harm to their business reputation if they experienced a data breach, according to a recent study conducted by Ipsos Reid. This study also found that:

  • 40% of small business owners have no protocols in place for securing data, a five percent increase from last year.
  • More than 1/3 of the small businesses report that they never train staff on information security procedures.
  • 48% of small businesses don’t have anyone directly responsible for management of data security.
Post Date: Posted on Post Categories: Blog, Data Breaches, Merchant Risk

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