Even if you have dotted every “i” and crossed every “t”, your business is not immune to data breaches. In recent years, the U.S. has experienced an endless stream of credit card fraud and other types of data breaches. But these breaches only affect the “big guys”, right? Wrong. Unfortunately, your small business can easily fall prey to these data breaches too.
Small Businesses are Vulnerable to Fraud, but Why?
It’s true that large corporation’s money and resources make them an attractive target. However, even the smallest of small businesses are frequently hit as well. Just recently, a new cybercrime trend has emerged in the form of malicious emails – sent to business both large and small – that have the power to hijack a business’ entire data system, known as “ransomware”. It may seem odd that thieves would target a small business over a large corporation, but there are many reasons why small sellers are a target.
First, just like mega-retailers, small businesses collect and store their customer’s credit card data. Because security is not always a big priority, it leaves these small businesses even more vulnerable to attack. Second, many small businesses have yet to adopt the more secure chip card readers. For the businesses that have not upgraded their credit card scanner and swipers to accept the new cards, they are required to pay for the costs associated with any breach or fraud that may occur – potentially a daunting some of money.
How to Protect Your Small Business
- Create a Privacy Policy – Make sure when you draft your privacy policy that it details your business’ obligations when it comes to data (limit your liability).
- Educate Your Team – Go over how your employees should safeguard their data and the business’ customer’s data. Make sure you also offer regular trainings, and clearly communicate what happens when someone fails to follow protocol.
- Establish Strong Protocols – Inform your employees whether they can use public networks. You should also establish requirements for locking PCs and laptops, and specify using strong passwords.
- Examine Insurance Coverage – Believe it or not, cyberattacks are not covered under most general liability insurance policies. Thus, it is critical that you purchase a rider that covers both first- and third- party’s expenses and liability.
Seek Additional Help and Resources
Sadly, every business nowadays, regardless of size, is vulnerable to theft and cyberattacks. The best move you can make for you small business is to stay aware of cybercrime trends, update equipment and educate your employees. Another way you can be proactive is to secure the services of a processing provider – like Payworld – that offer fraud protection services and secure payment processing solutions. If you are interested in such services, consider the information a Payworld review provides via Bestpaymentproviders.
Author Bio: Electronic payments expert Taylor Cole is a passionate entrepreneur who enjoys to write, produce music, and travel. Bestpaymentproviders is the UK’s best Payworld review company, serving both traditional and high-risk merchants.