'Passwords for Payments' initiative established to help reduce small business breaches

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The PCI Security Standards Council is looking for 50 organizations to come forward and become Passwords for Payments (P4P) ambassadors.

Seeking to reduce the potential for breaches, P4P was developed to educate small businesses on how to properly secure point-of-sale (POS) systems with strong passwords, according to a Thursday PCI Security Standards Council release.

Groups of all sizes and across all industries are welcome to become P4P ambassadors, and are scheduled to meet together for the first time on July 9.

Although larger retailers, such as Target and Michaels, have gained media attention recently for having experienced massive breaches, more than 30 percent of attacks are on small businesses. And, about 60 percent of small businesses breached are closed within six months, according to a 2013 Symantec report.

[An earlier version of this story incorrectly stated that 70 percent of attacks are on small businesses].

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