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Security key to success of mobile payments in small business sector

February 28, 2013

Small business insurance and liability needs provider Insureon recently stressed the need for companies to follow PCI compliance requirements when it comes to avoiding data breaches.

Expected growth in for the mobile credit card processing industry may be a good thing, but according to some sources, providers still have some way to go when it comes to security. Small business insurance and liability needs provider Insureon recently stressed the need for companies to follow PCI compliance requirements when it comes to avoiding data breaches.

Insureon reminded businesses that PCI compliance standards are not optional, and represent minimum safety requirements that service providers must adhere to if they wish to remain in good legal standing. 

“Small and micro businesses constantly struggle to contain costs while making purchases easier for their customers,” said Ted Devine, CEO of Insureon. “Mobile payments can offer a great solution that balances those interests. However, accepting mobile payments also opens small-business owners up to a number of liability risks.”

Bob Russo, general manager of the PCI Security Standards Council, told CNET that, in his experience, businesses that fall victim to data breaches tend to only be those that have not achieved full compliance with the guidelines. Russo added that it is up to merchants to make sure that they maintain good standing.

Insureon also recommended several other methods for avoiding costly data breaches, including knowing one’s general liability business insurance policy, securing company devices and buying additional insurance to cover gaps in general liability plans.

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