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of all cybersecurity incidents are categorized as small businesses of all breaches involved the hospitality industry of all breaches are not detected. When detected, it is by an external source (such as common point of purchase or law enforcement)

Top security breach for hospitality? 2

POS Intrusion

Cost of Data Breach Fees and penalties: Breaches involving card data will add up quickly with the possibility of substantial fines and penalties from the credit card companies, forensic audits fees, legal fees, credit monitoring fees, and notification fees. Average cost: In a study by Ponemon Institute, the average cost of a data breach for small and medium businesses was approximately $2.2 million dollars, which is a combination of damage or theft of assets and disruption of normal operations.3 Reputation damage: After a data breach, businesses will find it much more difficult to hold onto current customers and attract new ones because of compromised data fears. Businesses in the hospitality industry that are looking to take measures toward securing and updating systems, should consider the benefits of a Cybersecurity Audit. Using the NIST Cybersecurity Framework or the AICPA Cybersecurity Framework, experienced specialists can provide meaningful recommendations to safeguard against attacks. ď Ž

Payment Card Industry (PCI) Data Security Standard Requirements and Security Assessment Procedures 2 2018 Data Breach Investigations Report 11th Edition - Verizon 3 2017 State of Cybersecurity in Small &Medium-Sized Businesses (SMB) - Ponemon 1

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KROST QUARTERLY VOL. 2 ISSUE 2 - THE HOSPITALITY ISSUE

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Profile for KROST

KROST Quarterly Magazine: The Hospitality Issue - Volume 2 Issue 2  

KROST Quarterly is a digital publication released by KROST CPAs & Consultants headquartered in Pasadena, California. This issue will highlig...

KROST Quarterly Magazine: The Hospitality Issue - Volume 2 Issue 2  

KROST Quarterly is a digital publication released by KROST CPAs & Consultants headquartered in Pasadena, California. This issue will highlig...

Profile for krostcpas