Royal Group Services, LLC :: Products :: Data Breach Security Program for Merchants

				Home		Contact Us		Site Map

Data Breach Security Program for Merchants

Protecting your merchants. Securing their assets. Saving their businesses—and yours.

35.7 million. That’s the conservative estimate of how many personal records were compromised by data breach in the U.S in 2008. What’s more, the number of reported data breaches in 2008 was nearly 50 percent higher than in 2007—and is expected to climb in 2009. (We say “conservative” and “reported” because a significant number of businesses either fail to report data breach or to divulge the number of records compromised. Clearly, 35.7 million is just the tip of the iceberg.)
What we do know is that 37 percent of all breaches occur at businesses—businesses just like those of your merchants. And just what does that mean for them? Well, when you consider that the average cost per record breached is $202, it becomes clear just how much they stand to lose.

It’s also clear that the major card sponsors will do whatever it takes to protect themselves. That means enforcing merchant compliance with the Payment Card Industry Data Security Standard (PCI DSS) and hitting merchants with heavy audit costs and fines in the case of a data breach. The bottom line? More money your merchants can’t afford to lose.

That’s why we’re offering the Data Breach Security Program for Merchants, a unique insurance product from Royal Group Services, the payment card industry insurance experts. This program is designed specifically to help your merchants meet the expenses resulting from a suspected or actual data breach—expenses that could jeopardize the future of their businesses—all for less each month than you’ll probably spend on lunch today. And remember, if your merchants can’t pay the fines, you pay them! The Data Breach Security Program: The Compromised Data Security Program:

•	Protects small and medium-sized merchants. Many business owners mistakenly believe that thieves and hackers target only large merchants with high sales. Nothing could be further from the truth. Thieves know that large businesses have the resources to spend on sophisticated security precautions and instead target smaller merchants with an ever-changing arsenal of scams. Jennifer Fischer, Visa’s senior business leader, payment system security compliance, confirms: “Visa continues to see small merchants most frequently targeted by hackers.”
•	Protects merchants who are already PCI compliant. If your merchants are already PCI compliant, congratulations! They’ve taken a major step toward protecting themselves—and you—from credit card fraud. Unfortunately, while PCI compliance provides an additional level of security (and may even save you and your merchants from some of those heavy fines assessed by card sponsors in the case of a breach), it’s not enough to prevent fraud completely. In fact, any system that relies on people-run processes is vulnerable to breach, whether through deliberate employee wrongdoing or an unintentional—but inevitable—human error.
•	Protects merchants from loss in three ways. The program covers the following expenses resulting from actual or suspected data breaches, regardless of your merchants’ PCI compliance status and as long as the business owner is not involved in the breach: (1) a forensic audit when a data breach is suspected; (2) card replacement costs and related expenses; and (3) assessments and fines levied by card sponsors for data breaches.
•	Protects against network breaches and physical losses. The coverage includes protection from data breaches due to network hacking, skimming, and even physical losses resulting from employee dishonesty or third-party theft of computer or paper records.

Unfortunately, the reality of credit card fraud is not if, but when. Let Royal Group Services help you protect your merchants, their assets, and the future of their businesses—and yours.