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Whether there's a penalty for non-compliance issued by an acquiring bank or fines and litigation associated with a data breach, the costs and resources required could threaten a healthy business. There's no doubt that a data breach will distract a company from doing business for a good long time.
This is why it's important to be proactive, understand the risks and mitigate them. Implement a strong information security program and understand your compliance requirements now, before a data breach happens. You will be able to detect a breach and respond before major damage is done, protect your reputation and control astronical costs related to responding to breaches, fines and litigation.
Why Should You Attend:
Recent headlines for PCI data breaches cite astronomical fines that just keep getting larger - ChoicePoint $275,000, TJX $40.9M, Heartland $60M. And these are only the fines Visa issued. They don't account for any of the costs of investigating, reporting, other cardbrand fines or class actions suits. It becomes very clear that handling credit card information is not only integral to a business, but it's a high-stakes proposition.
Even if your company is small you are still at risk of fines and litigation that could threaten your business. At least ten states have passed laws requiring small businesses to implement procedures to prevent personal information, including credit card information, from being disclosed or improperly used. Unlike federal laws, these state laws apply to all small businesses. All these are in addition to cardbrand reporting requirements for loss of creditcard information.
Failure to protect your customers' personal financial information may not put you in the headlines, but it could put you out of business.
Areas Covered in the Session:
- Fines from the cardbrands
- State laws
- Trends in litigation
- Avoiding fines and litigation
Who Will Benefit:
- Chief Audit Officer
- Chief Information Officer
- Chief Information Security Officer
- IT Management
- Internal Audit Departments
- Compliance Managers