TSYS Acquiring Solutions today announced a partnership agreement with Royal Group Services designed to protect merchants, acquirers and independent sales agents (ISOs) from expenses resulting from a suspected or actual credit card data breach.
The partnership between TSYS Acquiring Solutions and Royal Group Services offers acquirers and small- to medium-sized merchants the benefits of the Data Breach Insurance Program, an insurance solution created to help meet the significant expenses resulting from a suspected or actual credit card data breach, regardless of PCI compliance status. The program covers the mandatory forensic audit required by the Payment Card Industry Data Security Standard (PCI DSS) when a data breach is suspected, card replacements costs and related expenses, and PCI DSS assessments and fines resulting from a breach.
"The impact that a data breach can have on a business or organization is tremendous and ultimately, can be difficult to overcome," said Bob Philbin, president of TSYS Acquiring Solutions. "We take pride in being a market leader in security and compliance and see the Data Breach Insurance Program from Royal Group Services as an important offering to help protect our bank acquiring and ISO clients and their merchant customers."
"Royal Group Services is excited to partner with an industry leader like TSYS Acquiring Solutions to protect merchants and acquirers from the unexpected costs associated with data breaches," said Robert Halsey, president of Royal Group Services. "Because small- and medium-sized merchants are increasingly the target of hackers and thieves, we are convinced that the Data Breach Insurance Program will benefit TSYS clients around the globe."