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How to Help Protect Your Customers’ Financial Information

 

How to Help Protect Your Customers’ Financial Information

The number of data breaches experienced by small and middle-market businesses is steadily growing, and compromised customers’ financial information can especially put your company at risk. Fraud protection and data security require not only the right technology but also the right processes.

Data-breach incidents can be devastating to small and middle-market businesses. When your customers’ financial information is compromised, it’s a strike against your company’s reputation. Yet fraud protection and data-risk management are challenging if you’re a small company with limited resources.

“Smaller businesses may think they’re too small to be hacked, but they’re the ideal target because they typically have less resources to mitigate attacks,” says Charles Keating, president of IT consulting firm Keating Consulting Service.

Cyberattacks on SMBs grew from 61 percent in 2017 to 67 percent in 2018, according to the 2018 State of Cybersecurity in Small & Medium Size Businesses report, an independent study conducted by Ponemon Institute LLC and sponsored by Keeper Security, Inc. (The report featured responses from 1,045 individuals from companies in the United States and the United Kingdom, ranging from less than 100 to 1,000 employees.)

“Ultimately, small to medium businesses are just as exposed as large enterprises and will see the typical attacks that exploit human error and security weakness, as well as the same targeted attack methods as attackers move downstream,” says Carolyn Crandall, chief deception officer at Attivo Networks, which provides threat deception technology.

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