• 45% of U.S. companies suffered a data breach in 2021.1
• 60% of data breaches in 2021 were not discovered for weeks or longer.1
• 60% of companies that suffer a data breach are forced to close within 6 months.2
• 1 in 3 data breaches occur in businesses with less than 100 employees.2
• The average cost to a small business of EACH compromised record in a data breach is $217.
100 customers = $21,700.2
Protect your business with an additional layer of security.
$100,000 in breach insurance coverage is only $5.95 per month.
A: BASYS Processing offers breach insurance through the North American Data Security RPG (the “Company”), a risk purchasing group authorized under the Liability Risk Retention Act (LRRA). This federal law was enacted in 1986 to facilitate cost-efficient liability insurance.
A: Any Level 2, 3 or 4 merchant account is eligible, provided the merchant account has not already suffered a data compromise. Level 1 merchant accounts are not eligible.
A: Merchant accounts are not required to be PCI compliant; however, if a breach occurs, the merchant account must become certified compliant before that merchant can participate in coverage under the Policy.
A: The $100,000 breach insurance plan covers:
* In the event of a breach, the merchant will be billed for a forensic audit in conjunction with the breach. The breach insurance would help defray this cost. If the merchant is found at fault, they lose the fraudulent refund and will also be responsible for the cost of the audit. Please take this into consideration before submitting a claim.
A: No, there is no deductible. By including this policy with your program, you provide a generous benefit to your merchants.
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