Identity Theft Is No Small Problem: How to Protect Your Business

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://www.allbusiness.com/identity-theft-is-no-small-problem-how-to-protect-your-business-103221-1.html

There are different nightmare scenarios out there for small business
owners, none of which are particularly appealing in today’s challenging
economic world.

> From bad public relations and misconceptions about your brand to one or
more employees stealing from you right under your nose, the chances of
recovering from such situations can prove daunting if they are not handled
properly.

Keep in mind that just one significant ID theft mishap can tarnish your
small business, an action that may have long-term consequences.

With that in mind, turning to an identity theft protection bureau, or
something similar, can go a long way in lessening the chances your brand
becomes a victim.

Know the Signs of Identity Theft

Given all you have to do to run a small business, it can be easy to lose
focus at times, but identity theft is not one of those occasions where you
want to drop the ball.

Among the ways to lessen the odds of becoming a victim:

Know your workers. Running a smaller company should allow you to really
know your employees. That said, how well do you truly know those who work
under you? It just takes one employee (in-house or outsourced) to get their
mitts on both employer and client data. Once they have such information,
they can use it for their own bad intentions, potentially leading to lost
business and lost revenue.

When you hire someone (full or part-time) spell it out that using company
and/or client data for any purposes other than originally intended for, is
subjecting that person to potential discipline, loss of job, and even
criminal charges. If an employee gets that message from day one, he or she
is less likely to be up to no good.

Know your online footprints. Unless you are a small business that is
operating without a website and not taking credit and/or debit cards, you
will have an online footprint. As a result, you need to make sure all
online transactions, website entries, etc. are protected. Use encryption
techniques so that the information is shared only between your business and
your client while transacting business.

The same holds true for your website dealings. Let’s say you outsource a
large swath of client data to an individual or company for accounting
purposes. Make sure that the individual or business has been properly
vetted, thereby lessening the chance of identity theft occurring.

Clients also need to have their own firewalls in place to better protect
against hackers gaining access to sensitive company and/or client data.
Lastly, make sure all your customers are legally bound to protect the data,
and address any breaches.

Know how to be on top of technology. It should not come as a big surprise
that hackers are always trying to stay one leg up on authorities,
businesses, and of course consumers. That being the case, make sure your
technology doesn’t lapse, thereby allowing hackers to easily infiltrate
your website, credit card machines and more.

Yes, you will likely spend more money to increase your technology
capabilities, but stop for a moment and think about the potential long-term
consequences if you are hacked even just once. Not only will it be a
financial consequence, but the negative PR your brand receives could be
even more significant. When it comes to brands, perception is oftentimes
considered more important than reality. As a result, one identity theft
incident can be tough to recover from.

Identity theft is certainly not a laughing matter for small business
owners. Don’t let yourself become a target or a victim.

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