We are all very much aware of the risk associated with data storage and transmission in the merchant processing environment. The Payment Card Industry has developed guidelines for Data Security Standards (PCI-DSS). The Industry is requiring certain minimum policies and procedures for you to be compliant.
According to the new guidelines any merchant that experiences a data breach is now required to have a mandatory forensics audit at your cost. In addition if the audit reveals that you were negligent by not complying with the guidelines you can be fined up to $10,000 per month until you are compliant. In addition, more then 42 states have instituted new notification laws requiring anyone who experiences a data breach to notify all individuals that have or is on your data base. Other problems can also develop such as loss of customer confidence and actual identity theft of one or more of your customers as a result of a data compromise. Unfortunately a Data Breach can be a very expensive event for you.
In an effort to protect your financial stability, ADK Merchant Services, has negotiated a special insurance policy available only to, ADK Merchant Services merchants.
If you have any questions, please do not hesitate to contact us either at 866-836-2861.
Data Breach Policy Highlights
- Coverage to protect you from the costs associated with a Data Breach.
- Coverage for all level 2, 3 and 4 Merchants.
- Coverage to pay for the cost of a mandatory audit required by the Card Associations after a data breach.
- Policy pays for the monetary assessments or fines levied by the Card Associations as a result of a data breach and mandatory audit.
- Reactionary data breach expenses such as replacement of credit cards, state required notification letters and an identity recovery advocate are included.
- $100,000 coverage per merchant location.
- No deductibles.
Coverage is only available through ADK Merchant Services the Master Policyholder.
