 |
What is the PCI Protection Plan?
Program Overview
The PCI Protection Plan is a new and unique indemnification program acquired to reduce
monetary exposure in the event of a data compromise of a merchant account. The PCI Protection
Plan is designed specifically to meet the expenses resulting from a suspected or actual breach
of credit card data from one a merchant account. The program is offered exclusively by Royal
Group Services (www.royalgroupservices.com) and underwritten by Great American Insurance Group
(www.greatamericaninsurance.com), a financially strong insurance organization whose insurance
companies are rated "A" by independent third party rating agencies.
The Program Covers
|
·
|
A mandatory forensic audit required by the Payment Card Industry Data Security Standard (PCI DSS) of a merchant when a data breach is suspected. |
| · |
The data breach can be either a system/network breach or the physical theft of the credit card data from stolen receipts, stolen computers, skimming, or even employee theft.
|
| · |
Card replacement costs and related expenses resulting from the data breach.
|
| · |
All Level 2, 3 and 4 merchants regardless of their level of compliance with the standard. |
Frequently Asked Questions
Why do merchant accounts need this coverage?
If a merchant account suffers a suspected or actual data breach, the business responsible
for the merchant account could incur thousands upon thousands of dollars of unexpected
costs in the form of audit expenses, card monitoring and replacement expenses, and fines.
These costs could significantly affect revenue... and even jeopardize the existence of a business.
The PCI Protection Plan reduces a protected merchant account's monetary exposure when a presumed
or actual data compromise occurs, thus providing peace of mind!
What insurance company underwrites this program?
Great American Insurance Group
(www.greatamericaninsurance.com) has collaborated
with RGS to create this program. Great American is a well-established, financially strong insurance group whose
insurance companies hold "A" ratings from independent third party rating agencies.
Is there any deductible?
There is NO deductible!
Can any merchant account qualify for this program?
Any Level 2, 3 or 4 merchant account is eligible, provided it has not already suffered a data compromise.
Level 1 merchant accounts are not eligible for this protection.
Must a merchant account be PCI DSS compliant in order to be protected under the Program?
No. However, if a merchant account experiences a breach, the merchant account must become compliant before that merchant account
can participate in (or re-enter) the Program.
Level 4 merchant accounts aren't breached often are they?
Absolutely, they are! Nearly two thirds of all breaches occur at Level 4 merchant
accounts. In fact, Eduardo Perez, VISA USA's Vice President of Payment Systems
and Risk, stated at the 2007 Electronic Transactions Association trade show in
Las Vegas, "Hackers are concentrating on the smaller merchants... that's where
we see the greatest vulnerability."
If the transaction processing system used with a merchant account does not store magnetic stripe data,
can it still have a data compromise?
Yes! While it is true that merchant accounts that store magnetic stripe data are
the most vulnerable, there are a number of other risks. For example, missing or
outdated security patches, using vendor supplied default settings and passwords,
SQL injections by hackers, unnecessary and vulnerable services on your servers,
stolen receipts, stolen computers, employee theft, and skimming can all lead to
significant data compromises and subject the merchant account to audits, card
replacement costs, and fines.
IF a merchant account is certified to be PCI DSS compliant. Does it still need to be
in the Program?
Yes! Certification of PCI DSS compliance is not a guarantee that a breach
will not occur. The analogy that best describes the situation is this: "You
can have the best alarm system in the world, but it is useless if you don't
turn it on." Also, the Program covers employee theft and the physical
theft of data. PCI DSS compliance alone cannot prevent these losses.
If I do suffer a loss, how quickly will my claim be processed?
Quickly! Once you provide the relevant documentation to RGS,
the requests for payments will be processed. Assuming that
the documentation is in order, the request should be processed
within thirty days.
|
