Building Barriers Against the Top Three Business Fraud Threats

**Originally published July 7, 2015, updated July 22, 2019**

Fraudsters are always in the market for a lucrative new target. So, what’s the most information-rich, security-poor victim they can exploit? A small business, of course.

According to the Association of Certified Fraud Examiners (ACFE), an organization on average loses a whopping 5% of their revenue to fraud each year — that’s potentially a global total loss of $4 Trillion dollars. And small businesses are impacted disproportionately harder by fraud, with a median loss of $200,000 for businesses with less than 100 employees. That’s almost twice as much as the median loss for companies with more than 100 employees ($104,000.)

Thankfully, there are a few tricks small business owners can use to combat potential fraud. And the best place to start is by looking at the main entry points of exploitation: occupational fraud, cyberattacks, and identity theft.

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Cybersecurity Best Practices – In & Out of the Office

National Cybersecurity Awareness Month: A Year-Long Effort

October is National Cybersecurity Awareness Month – a time that is dedicated to showcasing how to stay safe online by providing insight and best practices on how to protect Personally Identifiable Information (PII), financial and sensitive proprietary data.

The need for proper cybersecurity within the workplace should be a continuous effort throughout the year. With small businesses feeling the brunt of data breach events, many of which are caused by cyberattacks or other security vulnerabilities, a proactive attitude toward cybersecurity risks in the workplace is now more important than ever.

Your employees are ultimately your first line of defense against potential data breaches, and they can make or break your overall business security. However, employees may not realize that protecting business information also means protecting their personal information, too.

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Cybersecurity & Business – Not Just an IT Problem

Cybersecurity Needs for Businesses 

Connected technology, Internet-enabled (IoT) devices and other digital services each come with their own security risks. But when used in concert with businesses and their data, these technologies can present more substantial cybersecurity risks than those used for personal use.

Vendors, suppliers, partners and other third-parties associated with your business can also increase your risk for a data breach. Consequently, businesses have spent millions on cybersecurity solutions to combat the risks of the multitude of online, data-driven business services.

Businesses must prepare for the added cybersecurity risks that come with connected technology. But aside from new tech, businesses must also be willing to emphasize cybersecurity awareness and education along with their stringent security protocols.
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