Retail stores must follow strict protocol to lower the chances of a security breach. The prime target for these breaches is confidential files and banking information. Hackers and identity thieves seek out vulnerabilities that enable them to collect this information. The following are frequently asked questions about mitigating a data breach for retail stores.
The FAQs about Mitigating A Data Breach
How are Thieves Gaining Access to Confidential Information?
They are utilizing sophisticated equipment to find vulnerabilities in credit card terminals. They gain access to the information based on the storage of credit card numbers and account information. The credit card terminals maintain this data based on a one-hour interval. During this time, the hackers use a testing algorithm to test credit card numbers. The equipment they use enters a combination of numbers until it locates valid credit card data. The data is then extracted from the terminal and used for financial gains. With an inferior security scheme, the possibilities for these hackers is limitless.
What is the Scope of the Damage Incurred for the Retail Store?
At any time that credit card data is extracted and used, the store is liable. They acquire a log of every instance in which an identity thief has connected to their terminal. This causes the consumers to incur multiple unauthorized charges on their credit card. For some, this could equate to a financially damaging amount. Upon the discovery of the origin of the charges, the consumers often file a lawsuit against the retail store for these damages.
The impact of these events on the store could lead to a shutdown if the damages are extensive. These breaches often lead to distrust and steer consumers away from the retail store. This sets off a chain reaction that could also lead to the company going out of business as fewer consumers shop at their stores. The only way to prevent these occurrences is for the retail store owner to take precautions to mitigate these risks.
What Products are Used to Mitigate These Risks?
The retail store must follow new security standards and acquire EMV enabled terminals. They must also acquire terminals that clear data frequently to prevent access. An improved security scheme for networks that connect to these terminals is also vital for protecting consumers and their confidential information. These security plans must also address the probability of outside access to these terminals and the network as a whole.
How Does an EMV Enabled Terminal Work?
The EMV enabled terminal allows consumers to use enhanced credit cards. These credit cards have a new chip embedded into them for added security. The chip authorizes the use of the credit card through the terminal. The terminal requires them to insert the card at the end where the chip is located. This prevents identity theft by requiring authorization through the chip to enable charges.
Retail stores require additional security measures to prevent identity theft and security breaches. According to reports, hackers are utilizing credit card terminals to acquire credit card information for these purposes. To increase security and prevent a data breach retail stores must choose the right terminals and security scheme. Retail store owners who want to learn more about these opportunities contact a provider today.