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Privacy and security insurance coverage relates to pci (payment card industry) fines and penalties

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The Harvey Company Insurance Services
The Harvey Company Insurance Services

More carriers are providing this coverage on a sub-limited basis. It is essential for any business that takes credit card payments and/or stores credit card information on their servers.

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? Beazley Small Business Spotlight Compliance ? According to a recent survey, 79 percent of businesses Q4.Is compliance difficult? that accept credit and/or debit cards failed to achieve and/or maintain compliance with the PCI Data Security Keeping customer data secure is essential, and complying with 1 Standards (PCI DSS) . You could be among these -- and existing PCI standards is much easier than researching and at significant risk. Understanding some fundamentals on designing a payment card security program from scratch. PCI PCI DSS helps mitigate critical exposure. provides businesses with a ready roadmap to best practice payment card security and information and tools to support Q1.What are PCI Data Security their compliance efforts. Standards? The PCI Security Standards Council website offers a variety of tools and suggests Payment Card Industry (PCI) Data Security Standards were enacting the following three critical steps: created by the major credit card issuers to provide merchants ? Assess and others in the credit card transaction chain with a ? Remediate consistent, actionable framework to keep payment card data ? Report secure. The standards focus on preventing, detecting, and https://www.pcisecuritystandards.org/smb responding to data security incidents. Q2.?Why comply? Q5.Where to begin? PCI DSS give a merchant confidence that its systems are secure and their customers' personal data is safe. PCI compliant The PCI Security Standards Council offers information for businesses are better positioned to keep pace with evolving getting started, a self-assessment questionnaire, and key security regulations. And, of course, if they are compliant they documents and forms right on line. They also provide a wealth are much less likely to suffer a breach.1 of information specifically for small businesses, including tips to jumpstart better payment card security now Q3.What if we are not PCI compliant? For more information contact your insurance agent or go to: www.beazley.com/pe. A non-compliant merchant can face fines from credit card companies and banks--and even lose its ability to process credit cards. It will be more likely to suffer a breach and so have to deal with the multifaceted fallout from an incident, including legal liability, regulatory fines and penalties, and notification and recovery costs. Even a relatively small breach can damage The descriptions contained in this communication are for preliminary informational a businesses¡¯ reputation, resulting in lost customer confidence purposes only and coverages are available in the US only on a surplus lines basis ... and lost customers. through licensed surplus lines brokers underwritten by Beazley syndicates at Lloyd's. The exact coverage afforded by the products described herein is subject to and governed by the terms and conditions of each policy issued. The publication and delivery of the information contained herein is not intended as a solicitation for the purchase of insurance on any US risk. Beazley USA Services, Inc. is licensed and 1 regulated by insurance regulatory authorities in the respective states of the US and Verizon 2011 Payment Card Industry Compliance Report 2 transacts business in the State of California as Beazley Insurance Services Verizon (see above reference) (License#: 0G55497). SL_US_PE_203 February2012

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Privacy and security insurance coverage relates to pci (payment card industry) fines and penalties

  • 1. ? Beazley Small Business Spotlight Compliance ? According to a recent survey, 79 percent of businesses Q4.Is compliance difficult? that accept credit and/or debit cards failed to achieve and/or maintain compliance with the PCI Data Security Keeping customer data secure is essential, and complying with 1 Standards (PCI DSS) . You could be among these -- and existing PCI standards is much easier than researching and at significant risk. Understanding some fundamentals on designing a payment card security program from scratch. PCI PCI DSS helps mitigate critical exposure. provides businesses with a ready roadmap to best practice payment card security and information and tools to support Q1.What are PCI Data Security their compliance efforts. Standards? The PCI Security Standards Council website offers a variety of tools and suggests Payment Card Industry (PCI) Data Security Standards were enacting the following three critical steps: created by the major credit card issuers to provide merchants ? Assess and others in the credit card transaction chain with a ? Remediate consistent, actionable framework to keep payment card data ? Report secure. The standards focus on preventing, detecting, and https://www.pcisecuritystandards.org/smb responding to data security incidents. Q2.?Why comply? Q5.Where to begin? PCI DSS give a merchant confidence that its systems are secure and their customers' personal data is safe. PCI compliant The PCI Security Standards Council offers information for businesses are better positioned to keep pace with evolving getting started, a self-assessment questionnaire, and key security regulations. And, of course, if they are compliant they documents and forms right on line. They also provide a wealth are much less likely to suffer a breach.1 of information specifically for small businesses, including tips to jumpstart better payment card security now Q3.What if we are not PCI compliant? For more information contact your insurance agent or go to: www.beazley.com/pe. A non-compliant merchant can face fines from credit card companies and banks--and even lose its ability to process credit cards. It will be more likely to suffer a breach and so have to deal with the multifaceted fallout from an incident, including legal liability, regulatory fines and penalties, and notification and recovery costs. Even a relatively small breach can damage The descriptions contained in this communication are for preliminary informational a businesses¡¯ reputation, resulting in lost customer confidence purposes only and coverages are available in the US only on a surplus lines basis ... and lost customers. through licensed surplus lines brokers underwritten by Beazley syndicates at Lloyd's. The exact coverage afforded by the products described herein is subject to and governed by the terms and conditions of each policy issued. The publication and delivery of the information contained herein is not intended as a solicitation for the purchase of insurance on any US risk. Beazley USA Services, Inc. is licensed and 1 regulated by insurance regulatory authorities in the respective states of the US and Verizon 2011 Payment Card Industry Compliance Report 2 transacts business in the State of California as Beazley Insurance Services Verizon (see above reference) (License#: 0G55497). SL_US_PE_203 February2012