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Life is a Breach

Did you know in 2016, $12 billion in fraud loss came from data breaches? That may seem like a big number to process, but it’s three-quarters of total fraud losses for the whole year. That’s $1 billion a month. It’s such an overwhelming amount because the hacking technology continues to grow in sophistication and skill.

Naysayers may downplay these figures because not every breach results in fraud. Sometimes, the problem is resolved quickly or the sensitive information is taken offline. But this year, almost 32 percent of breach victims became fraud victims, the highest rate in six years. This staggering number puts the severity of these breaches into perspective and highlights a concerning trend. You don’t want to be part of that 32 percent.

There are several misconceptions business owners have about data breaches. The top five are as follows:  

  1. “I’m too small for hackers to bother with.”
  2. “We have firewalls – our people say we’re ok.”
  3. “We would catch it quickly.”
  4. “We don’t collect credit cards so it doesn’t affect us.”
  5. “It wouldn’t affect our business.”

These misconceptions are wrong for many reasons. No target is too small for hackers – if there’s personal information to be gained, that’s a target. Firewalls can be overcome – even as simply as someone in your office unsuspectingly clicking on an email attachment. Plus, there’s no guarantee that a breach would be caught quickly – or caught before damage was done. Each staffing office has a host of employee information such as social security numbers, addresses, banking information, spousal information, and insurance data. All of this can be used for identity theft, a costly and widespread crime. Any type of data breach can impact your business – bad press reflects poorly on your brand.

The best way to guard against data breaches is to be diligent and prepared.

In our May and June TRICOM e-newsletters, we talked about the facts and fictions regarding data breaches, as well as what to look for, and how to protect yourself from email scams called phishing. You can read each of those articles by clicking here.

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