Who suffers most when customer data is breached?

There’s no doubt about it, data protection and cyber security is a thorn in many a side. As cyber criminals become progressively more innovative, the number of cyber attacks increase in frequency and severity with businesses of all sizes being affected. But when it comes to falling victim to a cyber attack that results in a breach of data, who suffers the most? The customer or the business?

In the first instance, the greatest impact is on the customer for whom being caught up in a data breach will be disconcerting and inconvenient. As a business, the responsibility falls to you to establish what data has been lost or stolen, assessing the risks and then informing those affected without delay. It’s then over to those customers to change all passwords for websites and online accounts, keeping a close eye on bank accounts and being wary of scams utilising the information that has been accessed. Time consuming and aggravating to say the least.

For a business however, the fallout from experiencing a breach of customer data can be longer lasting with much greater repercussions. For today’s consumers, integrity and security go hand in hand. Many will be wary of purchasing from a business known to have had customer data lost or stolen and unlikely to recommend services to friends and colleagues resulting in irreparable damage to the brand’s reputation and having a severe impact on future trading.

In addition to this, if investigations that follow a serious data breach uncover failures to protect customer data, your business will very likely be in receipt of a hefty fine and possible legal action from those involved, impacting profits and further investment into the company.

There are simple systems and procedures that can be put in place to help avoid this scenario. Regulations such as PCI DSS as well as other data protection legislation like GDPR aim to protect your business from falling victim to cyber attack leading to a breach of data. At PCI Telecom, we specialise in PCI DSS compliant card payment processing solutions that work for all businesses regardless of size and budget. We create a secure environment for your customers to pay swiftly and conveniently while at the same time managing your PCI DSS compliance obligations so you have more time to focus on delivering high quality service. Take a look at our range of Solutions or get in touch to chat through your requirements.