I see "Breach Protection Coverage" as a charge on my credit card statement. What is this?
Anovia provides $50,000 of data breach protection for your business in the event that card or personal data you process is stolen or hacked by criminals. Your business could be responsible for operational reimbursements from card issuing banks. This pertains to the cost to cancel and reissue potentially thousands of credit cards. You could also be responsible for the fraud charges that result on those cards after any data breach. The card brands could also assess fees and fines for not being PCI compliant. You will be required to perform forensic audits of your network and all processes related to card data transmission, storage and other usage. Fees associated with only a minor breach can put most small to mid sized businesses into bankruptcy. This $50,000 of coverage is intended to help your business weather a data breach storm.