Banks and Payment Processors Now Able to Offer Data Breach Protection to Millions of Small Businesses
Industry-leading solution from Aon supports efforts to secure payment processing
CHICAGO.– Aon Corporation (NYSE: AOC), the leading provider of global risk management and consulting services, announced today the launch of a merchant data breach protection program that protects small businesses from related fines and penalties.
Ninety percent of cardholder data breaches happen in small businesses or in companies that process fewer than 20,000 transactions each year1. A single breach can cost a merchant thousands of dollars in reputation damage, lost business, forensic costs, penalties and payment card industry fines. The cumulative effect can put a company at risk for bankruptcy. Now, banks and payment processors can offer these small businesses financial protection through Aon’s merchant data breach protection program, which:
* Expands upon existing payment solutions to include privacy and security data breach protection, resulting in improved management of a merchant’s payments business
* Addresses on an international basis financial exposures in the form of forensic costs and payment card industry fines
* Enables merchants to assume a market-leading advantage over competitors
* Offers increasing levels of protection based on the security needs of the merchant
* Provides coverage for liabilities not covered under standard professional liability and general liability policies
“Data security is a top concern for every business that accepts credit and debit cards,” said Michael O’Connell, managing director of Aon’s financial institutions practice. “Aon’s merchant data breach protection program enables banks and payment processors to offer a much-needed layer of security to their small business clients by limiting their liability, thereby helping to stabilize the cost of doing business.”
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.