The Green Sheet Online Edition
August 13, 2007 • Issue 07:08:01
MWAA 2007: Security, depth and rock-and-roll
Cleveland isn't America's most exotic vacation spot. Yet, the Midwest
Acquirers Association (MWAA) leveraged hip music attractions to
draw a crowd to the city on Lake Erie for the organization's 2007
The highlight of the event, which took place July 24 through 27, was an evening
at the Rock and Roll Hall of Fame and Museum. Attendees were free
to wander six floors of music, videos and memorabilia, or dance the night
away to rock classics, thanks to the event's generous sponsors. But it wasn't
only rock-and-roll that brought approximately 400 people to the fifth annual
Like other regional conferences, the MWAA meeting brings together a cross
section of the acquiring space -- from executives of large ISOs to newbie feet
on the street -- to network and share experiences.
Educational offerings focused on business relationships and security. They featured
industry veterans like National Processing Co. President Tom Wimsett,
who discussed industry trends, past and present.
Between sessions, the exhibit hall offered an array of technologies and experts
on all aspects of transaction acquiring.
Here are a few insights we picked up
about security issues.
- Fifty percent of consumers will
not buy items online because they
fear for the security of their accounts
and related information, according
to David Mertz of Compliance
Security Partners LLC.
- Sixty-two percent of Americans
recently surveyed by the independent
research firm Ponemon
Institute LLC have been notified
that their confidential data has
been lost by a bank or other service
- Companies victimized by data
theft spend, on average, $5 million
each on remediation, according to
several sources. Total costs associated
with the highly publicized
TJX Companies Inc. data breach
are expected to exceed $1 billion,
several experts noted.
- The cost to card issuers of compromised
customer accounts averages
$182 per breached account, according
to the Ponemon Institute.
Mike Ponder, President and Chief
Executive Officer of Integrity
Payment Systems, was honored
during the event with the MWAA
Lifetime Achievement Award.
United Bank Card Inc., meanwhile,
used the occasion to hold a charity
poker tournament -- the latest in a
string of Texas Hold 'Em tourneys
held during regional acquirers association
The event brought in over $3,000,
one of the biggest takes yet, said UBC
CEO Jared Isaacman. The money will
be donated to the National Cancer
Next year, the MWAA annual conference
moves to St. Louis, and will be
held during the third week of July.
For more information about
the MWAA, visit its Web site at
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