Unfortunately, we live during a time when hacking is on the rise. Most hackers are never caught, which makes it impossible for merchants to go after them for losses assessed.
WPS wants to make sure that you can have peace of mind, even for complicated situations involving cybersecurity. When a data breach occurs, it can cost a business of any size thousands of dollars—sometimes even tens of thousands. Reach out to us if you’d like to set up a time to talk through your personalized cybersecurity plan. Read on for a greater understanding of the problem and our solutions.
Breach Protection Means Insurance for Difficult Moments
As a customer of WPS, you are automatically enrolled in our Data Breach Protection Program, which:
- Gives you a $50,000 coverage policy
- Has no deductible
- Can be used whether you are PCI DSS compliant or not
The WPS Data Breach Protection Program is built into the partnership that we share with our customers. We want to make sure you can cover or offset your main financial obligations in the unfortunate event of a data breach.
The Protection Program is insured by an A+ rated, U.S.-based insurance carrier. The Program covers major data breach risks such as employee dishonesty, skimming devices, hacks, and the physical theft of receipts and equipment. We don’t wish these events on anyone, so we also do up-front work with our customers to prevent these breaches before they can occur. Read on to find out how we get started.
What Are the Data Breach Responses for Worst-Case Scenarios?
Small business merchants might not know that they can be fined up to 10% of their annual sales volume in the event of a data breach. Visa and Mastercard are the governing bodies over credit card processors, and they can assess these charges as a fee for retrieving any losses from stolen credit card numbers.
Because merchants can be caught in the crossfire here, WPS works with our clients to get out ahead of these problems. Depending on the volume of transactions that a merchant processes annually, we can assist in finding an additional cybersecurity policy that will fully cover the merchant in one of these worst-case scenarios.
Where Do We Begin?
Because we work with so many different types of businesses, WPS brings a breadth of experience when evaluating a company’s data breach protection vulnerabilities. We know this is not likely to be your primary area of expertise or your primary interest. That’s why we come prepared with a comprehensive checklist on breach protection for businesses as well as the ability to follow up on the details that invariably surface during this process.
In our initial conversation, we can give you an overview of what the insurance policy covers and look at some common mistakes. Let’s set up a time to chat.