What to Do In The Event of a Security Breach at Your Company Involving Customer Credit Cards

What to Do In The Event of a Security Breach at Your Company Involving Customer Credit Cards

One of the worst things that can happen to a company is a data breach. This will cause financial and public relations problems for a long time. However, when dealing with this issue swiftly, one can avoid an even bigger problem. With that in mind, here is a quick guide on what to do in the event of a security breach at a company.

Contact the customers:

First and foremost, the CEO should contact every customer. While this is not fun, it is necessary as this simple gesture can help one avoid angering customers further. To do so, the company should send an email or regular letter. In the correspondence, the CEO should outline the problem and promise to take care of any of the backlash. Without a doubt, one should not blame the merchant account or credit card processing company. Instead, the CEO should take full responsibility and outline the steps that he or she will take to fix the problem.

Find the cause:

Now, the company must find out what caused the issue. Otherwise, it is likely that the problem will occur in the future. While it is not wise to go on a witch hunt, it is beneficial to find out what service or employee caused the problem. Sometimes, it is the result of a careless staff member; other times, one will not use enough security with their merchant account provider. Either way, when finding out the issue, one can take steps to resolve it quickly.

Fix the problem immediately:

When dealing with the breach, one must fix the underlying issue immediately. This will allow a company to return to a state of normalcy. To do so, a business may need to hire an outside firm that can get to the bottom of the issue quickly and efficiently. While this is not cheap, it is a smart step to take as an entrepreneur cannot leave this to chance.

Reach out to clients again:

After fixing the underlying problems, one should reach out to clients and let them know that the problem was resolved. This will help the company keep clients happy and coming back again. Otherwise, the credit card processing will slow as people run for another provider.

A data breach is a serious issue. While it is possible to recover from this, one will face an uphill battle and must go out of their way to talk to clients and find out the cause of the breach.