The likelihood of a company, big or small, facing a security incident has increased, and an estimated one in three organizations will fall victim in the next two years. As long as cybercriminals can make a profit from consumer and business data on the Dark Web, organizations will continue to be targeted by hackers. Businesses must be empowered to better protect and prepare their organization against a data breach. The consequences are costly, but the good news is the damages, and the expense, can be mitigated. Continue reading
Many Small to Medium-Sized Businesses (SMBs) rely on their bank for all their checking and credit needs. But could they be doing more? A recent study by J.D. Power discovered only 37% of small business banking customers believe their bank appreciates their business, and 32% say their bank understands their business. A strong relationship is one built with trust and communication, and the same goes for your relationship with your Financial Institution (FI). Your small business banker is not only there to ensure your business credit line is open and your cash flow is managed. They can also be a trusted advisor, helping you safeguard your business, your assets, and your employees from identity theft and cyber threats. Continue reading
**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.
Much like individuals, businesses can be victims of identity theft. However, unlike personal identity theft, it is often unclear how a Small and Medium-Sized Business (SMB) can recover from the financial and reputational impact. Business identity theft occurs when criminals impersonate a company to target its funds, file fraudulent tax returns, take out loans, or apply for lines of credit — all for financial gain. Continue reading