Merrill Cook
Stealing and selling financial information has been around for a while, with black market rates ranging from $2 for a stolen CVV code, to $32 for credit card information. Cyber theft is on the rise, however, particularly as new payment methods leave businesses holding more and more payment information about customers. Start to collect financial information for contactless and mobile payments without a plan on how to store the data and you may be out of luck. While cyber theft of improperly stored payment info doesn’t often lead to large scale breaches, and financial data may only be utilized one account at a time, this is your customer’s hard earned cash on the line, as well as your business’ credibility.
