by Ben Dwyer No business is exempt from an attack on their sensitive credit card customer databases by hackers and other criminals. And small businesses who might not be able to afford the latest security measures have found themselves especially targeted.
In response to this threat that can cripple or virtually destroy any retail business, Total System Services, Inc. (also known as TSYS) created a Credit Card Compromise Assistance Plan (C-CAP). This service can ease the financial risk and reassure business owners who accept credit cards at their retail locations and online. C-CAP protects them from the devastating expenses commonly associated with actual or suspected card data breaches.
Note: In 2019, Global Payment acquired TSYS. However, there is still information about the Card Compromise Assistance Plan, including the terms and conditions / legal agreement for the plan. That text states that the agreement is between the business and Global Payments and it is dated October 2021, so it is after the merger. This program may or may not still be available through your Global Payments account or authorized reseller. If you’re interested, be sure to check with your processor.
- What is the Card Compromise Assistance Plan?
- How does C-Cap Work?
- Who is it good for?
- Costs for C-CAP
- How do I get it?
What is the Card Compromise Assistance Plan?
C-CAP is essentially data breach insurance. It’s designed to reduce your financial exposure in the event of data compromises. It helps offset the expenses that you would incur after a suspected or actual breach of credit card data from your databases.
All businesses that accept credit cards must comply with the latest Payment Card Industry Data Security Standards (PCI DSS), but even when a business is compliant, issues can happen. Your reputation and money are both on the line if you suffer a data breach or some other compromise. If you experience a breach, you’re likely to incur not only fines but other expenses to correct the problem. The Card Compromise Assistance Plan helps defray those costs.
How does C-CAP Work?
In response to the growing number of similar programs recently offered by other providers, the C-CAP is a reimbursement insurance for retailers who incur expenses for correcting a data breach, and compensating customers whose information may have been compromised. The list of financial assistance retailers can receive from C-CAP includes:
- Any normally mandated forensic audit expenses when a compromised database is suspected
- Customer credit card replacement costs and related expenses from an actual or suspected breach
- PCI DSS assessments and fines that a retailer may incur from any credit card brand
- Assistance with data breaches due to network hacking, skimming and physical losses resulting from any or all of the following: third-party theft of computer or paper records, and/or in some cases, employee theft, fraud, malicious or criminal act, error, or omission.
To assist with any or all of the above expenses, the amount of compensation from the Card Compromise Assistance Plan can be up to $100,000 for each merchant identification number. Multi location businesses receive as much as $1 million annually in expense reimbursement assistance.
Who is C-CAP good for?
It’s for virtually any business that might be vulnerable to credit card data breaches. In the past, it has been available both directly from TSYS (now owned by Global Payments) and from resellers.
Costs for C-CAP
Current costs for the plan are not published readily on Global’s website. In the past, when it was offered by TSYS, the Card Compromise Assistance Plan cost $7.95 per month.
How do I get it?
Contact your credit card processor to find out if you’re able to sign up for the plan. If you don’t have a processor or are looking for one with better card compromise assistance, try CardFellow’s free quote request tool to request quotes quickly and privately. Once you complete the short signup form, you’ll be able to choose a solution that fits your needs. If you need help after signing up, contact us for assistance.
