It is not until the costs reach the point of diminishing return that large corporations will decide to take action. For example, it is a business decision to reimburse credit card holders (less fifty-dollars) when credit fraud is committed. If you find a charge for a cool laptop but unfortunately, you did not order it, you are covered and the bank covers the loss.
However, with Identity Theft being the fastest growing crime in the United States and the United Kingdom, the Payment Card Industry has reached that point of diminishing return, in other words it is costing corporations more money than they are are willing to accept as the cost of doing business. Unfortunately, what was considered an acceptable loss for banks now cuts to deep, and the expense of ID theft and credit card theft are being passed onto the business owner who fails to protect his or her customers and fails to follow compliancy standards.
Cybercriminals are cutting into the profits and it is time to pass responsibility of Internet security and the criminal expense on to the business owner.
Federal and State government regulations and Payment Card Industry Standards now shift the responsibility for protecting customer information to merchants!
Research indicates small and mid-sized businesses are prime targets for crime especially identity theft. Criminals have shifted from the Fortune 500 and large corporations to smaller businesses because hackers, organized crime, and cybercriminals realize that smaller businesses do not have the necessary resources to protect proprietary information.
