Your Business is at Risk

youareatrisk

Small Businesses don’t believe they are at risk and this makes them an easy target  Almost 50% of small business owners do not have staff overseeing their data-security issues.  Yet the risk is double that of non-business.

A recent survey of executives at 500 U.S. companies of varying sizes found that 76% had had a cyber security incident within the past 12 months resulting in the loss of money, data, intellectual property or the ability to conduct day-to-day business.  According to the Computing Technology Industry Association about half of those cases were described by the businesses as “serious.”

Data breaches happen when a crook steals your customers information. The estimated cost of a data breach is $214 per record.  That means that if you had 1,000 records stolen it could cost the business $214,000 and months to recover.

Perhaps most important your customers take ID theft seriously and expect you to as well.   Today’s buyers want to know that your businesses has taken the necessarysteps to secure their information.  If they are not confident in our ability to protect your data they will take their business elsewhere.  Developing data protection plans, managing the information you have and  training your employees in the dangers and how to spot identity theft is a must do in today’s world.  There are 5 key principles to protect sensitive information:  Take Stock, Scale Down, Lock it, Pitch It and Plan Ahead.

The Federal Trade Commission’s booklet ” Protecting Personal Information A guide for Business is as good overview of the process.  Write me and I will be happy to send you a copy.  jhisey@management-insights.com

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