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Small business is under attack!
Criminals are now targeting small business. An unbelievable 85% of identity theft and fraud occurs in small businesses according to the International Council for Small Business. The consequences of not protecting customer, employee and business information puts a business at serious risk. A single data breach could take the business down.
One single incident of identity theft or fraud could cost a business customers, it’s image, drain the money supply and put it out of business. There are many costs and consequences to a business suffering from identity theft and fraud.
· It could lose its customer base overnight. Some 60 percent of consumers surveyed say they would not return to a business that experienced identity theft and fraud. A single data breach can destroy customer’s trust and loyalty. They may never come back. It will take a long time to gain the confidence of the community to bring those customers back.
· The businesses’ bank account could be drained. Cyber-
· Shareholder value will be impacted. Various fines, audit costs, and legal expenses can eat shareholder value to nothing and victims can go after the business personally.
· The image of the business will be tarnished. The reputation of both the business owner and the business will be stained for a long, long time.
· Recovery costs can be disruptive and costly. Outside forensic audits could take place. This could cost $10,000 or more, and the doors of the business closed until the audit is finished. Cash flow will be interrupted. Payroll, rent, and other costs will continue despite this interruption.
As you can see, the consequences of identity theft and fraud can be devastating to a small business. The business may not survive a data breach or cyber attack. A business that doesn’t protect its customer and employee information and business information is at great risk. Identity theft and fraud is truly the greatest threat to small business in the 21st Century.
Next up: Part 3: Business Must Protect Your PII
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Your Business at Risk: The Single Greatest Threat in the 21st Century
By Warren Franklin
Part 2: The Risk: Not Protecting Customer, Employee and Business Information Could Carry Devastating Consequences
This is the second in a series of five articles covering the single greatest threat to small business in the 21st Century and the steps they must take to avoid a data breach along with disaster and devastation that follows.
Just one incident of identity theft and fraud in a small business could put it out of business or at the minimum do long lasting harm. Entire money accounts could be drained. A business could lose customers. Shareholder value could be lost. Recovery costs could be high. Most important, the business could be forced to close.
Identity theft or identity fraud is the fastest growing crime today. It occurs when personal information of individuals is used for various criminal schemes. Crooks have effective and untraceable methods to capture personal and financial information from, not only individuals, but businesses, government agencies and organizations. This creates a massive personal information security problem.
Small businesses have become the single greatest source of cybercrime, identity theft and fraud in America. Over 350 million customer and employee records have been reported lost or stolen since 2005. The FBI reports $67 billion a year in damages and losses to businesses due to cybercrime. And the Poneman Institute says 88 percent of lost or stolen records are due to employee negligence or fraud.
Protecting Your Business Against The Single Greatest Threat of the 21st Century
Identity Theft and Fraud
A simple and affordable way to meet minimum information security and privacy standards
Warren Franklin’s Computer Security & Identity Protection Articles
Complete Internet Protection