The Reality of Identity Theft

By:  |  Category: Blog, Security Thursday, September 13th, 2018  |  No Comments

It’s a bad day as a business owner when your IT guy walks in and tells you your system has been breached. Crucial data has disappeared. Your customer’s information has been stolen. Passwords breached. Identity theft is your new reality.

What now?

Panic sets in.

Unfortunately, despite our best efforts, criminals on the Dark Web are always one step ahead.

Too many SMB’s fail to understand that data breaches aren’t just happening to big companies like Target, Home Depot and Equifax. Small businesses are a target too and with 30% of breaches pointing back to an employee error, it doesn’t really matter the size, any business with employees is susceptible.

How easy is it for employees to make a mistake?

  • A medical office employee emails patient data without encrypting the email.
  • Someone in HR attaches a document to an email that contains a potential employees social security number and drivers license.
  • Malware enters a company’s servers through an internet download and steals customer and business data.
  • A hacker breaks into the business network and downloads credit card data.
  • A company laptop with customer information on it gets stolen.

Any company that stores customer information, regardless of size, is vulnerable and at risk for a data breach. And data breaches lead to identity theft for business owners and customers.

The negative press to a business from a data breach is bad enough. Customers leave. Restitution or penalties nay occur. Even lawsuits are possible.

As terrible as that is, the risk of identity theft to customers and owners takes it to another level. Over $16 billion was stolen from consumers in 2016, roughly $1,300 per victim. While that amount may seem low (in perspective), the time involved is not. Theft caught early might take eight hours to resolve; for many, however, hundreds of hours are spent reclaiming their identity. Then there’s the person that never fully restores his or her identity–one in four victims lives in this nightmare.

For any business that cares about their employees, customers and personal information, it’s in your best interest to do everything possible to reduce exposure to data breaches and the high cost of damage control (negative press, lost revenue, customer reparation). Businesses and consumers must work together to safeguard nonpublic, personal information. All our identities and millions of dollars are at stake.

If you need assistance with business domain monitoring and identity theft protection call EnhancedTECH at 714-970-9330 or contact us at [email protected]

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