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Data Protection is a Lucrative Business


What is involved?
Many Entrepreneurs and Business Owners have little to no idea about security. With the increase in sophistication in which fraudsters use technology to perpetrate crimes, it has become important we not only understand the nature of the potential threats we face but also to take steps to safeguard our business and that of our customers as well.
 
Your main security concern as a small business owner might just be to protect your shop from break-ins and thefts. Little did you know that criminals are looking beyond the physical stock of your business? As time goes, they have evolved to thinking about how to rob your customers of relevant pieces of information like their financial data and other card details. Not paying attention to customer or employee data is like protecting the main entrance of your building but forgetting to secure the back entrance.
 
The most valued currency by most criminals in the world today is data. Irrespective of the kind of data involved, be it payment card details, social security number or personal data files, this is the new thrill for the modern criminal, and they have started targeting small businesses, and they are not limited by the boundaries of distance.
 
Some stats that might interest you
A survey conducted by NFIB in conjunction with Visa USA revealed that a lot of small businesses are involved in activities that leave their customer personal information at risk and the mercy of these criminals.
 
About 37% of businesses that accept cards are intentionally storing customer cards, 24% save the social security numbers of their customers, 28% save bank account information of customers including copies of their checks. On the other hand, about 52% have saved a minimum of one sensitive information. About 57% of business owners do not think protecting customer information necessitate the need for proper planning and execution while 61% haven’t given it serious thought.
 
When a security breach occurs these thieve aside carting away valuable information about your customers, they also put a dent in your reputation and also the trust of your customers is lost.
 
A study carried out in March 2007 by Javelin Strategy, and Research shows a strong correlation between a customer’s views of the retailer’s standard for protecting sensitive account information and the customer’s willingness to purchase something from the store. Only about 20 percent indicated a willingness to continue shopping if they discovered there was a data breach and their information has been compromised while a resounding 78 percent said it was a deal breaker as far as they were concerned.
 
Asides the loss of potential customers, a data breach could also bring about bad publicity and incur fines from banks and regulatory agencies with potential exposure to litigation.