Ecommerce Retailers Face 29% More Cost Of Breach Since 2013

Apr 07, 2017

E-commerce merchants are increasingly suffering from network security and fraud. Their websites are daily attacked by fraudsters and their networks suffer from the hacks from which fraudsters acquire stolen information.  These data breaches are becoming more and more costly.

Fighting Fraud

Merchants can take some security measures to cut the costs associated with network intrusion. One of these measures is to find a reliable payment processor like that provides the top level of security for payment processing. With EMB, you can get a safe and low-cost ecommerce merchant account for your online business.

In partnership with Verifi and Ethoca, EMB helps merchants reduce card-not-present fraud by establishing a bridge between merchants and card-issuing banks. As a result, merchants become able to prevent chargebacks by getting notified of them in hours and not in weeks.

Retailers should also take such measure as appointing a Chief Information Security Officer that will save the company $7 per record in a breach. Additionally, they should also use encryption, which is even more effective in terms of savings. Even if there is no breach, security measures are important from the aspect of customer retention.

Cybersecurity Attacks Are on the Rise

2017 has started with an increased number of cybersecurity incidents. These include both theft of sensitive customer data and corporate espionage, damaging outages related to ransomware or hacking sponsored by a state.  The risks associated with cyberattacks are the greatest ever. No company is 100% safe.

According to RedSeal Inc. poll of 200 CEOs, almost 46% of respondents are focused on security issues, and for 36% cybersecurity is among the top 5 priorities. RedSeal Inc. or RedSeal is a private company located in Silicon Valley that provides a cybersecurity analytics platform to Global 2000 organizations.

Nearly 85% think it will become more and more challenging to secure data and systems. This is conditioned by the fact that attacks are increasingly becoming more sophisticated and able to bypass traditional filters. On the other hand, IT environments are becoming more and more complex.

According to 87% of participants, a network security breach isn’t a matter of whether it will happen or not, but when it will happen.

A recent report shows the average cost of a breach has grown 29% since 2013. Even a simple breach can cost a company millions of dollars. The lack of consumer confidence results in over 20% of abandoned shopping carts.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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