The Slim CD Payment Gateway Breach Is the Latest Example of Why Cybersecurity is Critical

Recently, it was revealed that Slim CD, a payment gateway provider, experienced a data breach affecting nearly 1.7 million credit card accounts from August 17th, 2023, to June 15th, 2024.

Here’s a breakdown of the situation and the key takeaways that you can use to safeguard your own business.

What Happened with Slim CD?

On June 15th, Slim CD detected unusual activity on its network and immediately launched an investigation with a third-party security firm. The findings showed that unauthorized access to their systems began as early as August 17th, 2023, continuing until June 15th, 2024. During this time, the intruders had access to sensitive customer data, including names, addresses, credit card numbers, and expiration dates.

Slim CD has since fulfilled its legal obligations by notifying federal and regulatory authorities and reaching out to those affected by the breach.

What to Do If You’re Impacted

If Slim CD has contacted you regarding the breach, or if you suspect you might be affected, here are steps you can take to minimize the risk of fraud or identity theft:

• Notify your credit card company and bank - Reporting potential fraud establishes a record that can protect you from liability.
• Monitor your credit statements and reports - Use credit monitoring services or set up fraud alerts to watch for unusual activity. You may also want to consider freezing your credit to prevent unauthorized access.
• Change your passwords - Even if passwords weren’t compromised, it’s a good practice to update them after any data breach.
• Request a new credit card - Many financial institutions will provide a new card with updated details at no cost if your account information may have been exposed.
• Be on alert for phishing - Scammers may use information from the breach to attempt further attacks, so be cautious of any communications from Slim CD or your financial institution.

Steps Businesses Can Take to Prevent Data Breaches

It’s not just payment processors that need to prioritize security—every business should take data protection seriously. Here are a few strategies to reduce the risk of a breach.

• Keep your security tools updated - Regularly update cybersecurity solutions to patch any vulnerabilities.
• Enforce strong password practices - Ensure your team follows best practices for password security.
• Train your employees - Make sure your team can recognize potential threats and report them promptly to prevent breaches from occurring.

How We Can Help

At BSGtech, we go beyond providing comprehensive IT services to businesses in Chicagoland. We work proactively to minimize your cybersecurity risks and protect your data. Call us today at (866) 546-1004 to learn more about how we can help safeguard your business.