What is the PCI Coverage Plan?

Program Overview
The PCI Coverage Plan is a new and unique indemnification program acquired to reduce monetary exposure in the event of a data compromise of your merchant account. The PCI Coverage Plan is designed specifically to meet the expenses resulting from a suspected or actual breach of credit card data from your merchant account.

You've heard that PCI Coverage Plan protects you from the expense of forensic audits, card replacement costs, and fines that result from suspected or actual data breaches due to network hacking, skimming, and even physical losses resulting from employee dishonesty or third-party theft of computer or paper records.

If you're like others we've talked to, you're wondering exactly what that means. We're often asked, "Well, but am I covered if this (fill in the blank) happens?" As long as the business owner is not involved in the data breach, the answer is most likely "yes!"

The Program Limits
Each merchant account is protected up to a maximum of $100,000 and there is NO deductible.

The Program Covers

  • A mandatory forensic audit required by the Payment Card Industry Data Security Standard (PCI DSS) of a merchant when a data breach is suspected.
  • The data breach can be either a system/network breach or the physical theft of the credit card data from stolen receipts, stolen computers, skimming, or even employee theft.
  • Card replacement costs and related expenses resulting from the data breach.
  • All Level 2, 3 and 4 merchants regardless of their level of compliance with the standard.

Take a look at some of these high-profile examples. Each of these companies would have been covered under Data Breach Protection for Merchants.
Could This Data Breach Happen to You? Would You Be Covered Under the Program?

A hacker broke into the TJ Maxx computer system and stole 45.7 million customer records, including credit card numbers, drivers’ licenses, names, and addresses.

A waitress in a Memphis restaurant used a magnetic card reader to swipe credit card information from some 150 customers of her employer's restaurant.

Card-skimming devices were used at Sam’s Club gas stations to steal credit card information from 600 customers.

DSW Shoe Warehouse had information from 1.4 million customers stolen from its computer database.

A Veterans Affairs data analyst took home a laptop contain-ing personal data for 26.5 million veterans and their spouses that was later stolen in a home burglary.

A hacker installed a keylogger to record every character typed on 13 Kinko’s computers in Manhattan and later sold the data.

A computer server stocked with credit card information was stolen during a burglary at a HoneyBaked Ham store.

A hacker accessed the computer system at a Wyndham Hotels and Resorts location and downloaded the personal debit and credit card account data of an estimated 21,000 customers.