If you’re in electronic payments, you should be well aware of the risks coming from cybercriminals. They’re constantly trying to get access to sensitive payment data. Did you know that only 38% of merchants consider the PCI compliance of their service providers highly important? No worries! This article will tell you how small-business owners can address their cybersecurity risks
Cybersecurity Risks Facing Entrepreneurs
Cybersecurity risk is among the biggest challenges your business can face nowadays. In addition, ransomware is another concern for small businesses in terms of cybersecurity and it’s growing. Today, more and more small businesses become a target for such threats. The reason has to do with a lack of adequate security protocols, and not only.
A recent study by the Ponemon Institute shows that many small businesses aren’t prepared to control the cybersecurity risks they come across in the modern world of business. Let’s have a look at the study result:
- 55% don’t have the necessary personnel and expertise to manage cyber risk.
- 47% don’t have an idea on how they can prevent a cyberattack.
- 10% of over 6.500 small-business operators think they faced a medium risk.
- 1% faced high risk.
- 20% of those previously breached faced a high risk with having another data compromise, 36% − medium risk, 41% − low risk, 69% of them weren’t breached at all, 3% of those breached believed there was no risk of another one at all.
Now, let’s go through the results of another study. This one is by Hiscox, a business insurance company:
- 47% of small businesses having participated in the survey were faced with a cyberattack in the past 12 months.
- 44% were faced with 2 or more attacks during that period, which cost them too much.
- The average cost per attack accounted for $84.000 – $187.000.
Best Fraud Protection for Small-Business Owners
It’s too important to have a reasonable level of confidence that your company is well prepared to work effectively against cyberattacks. Tiny budgets and the lack of experience are going to leave you without an adequate reaction to payment fraud. Thankfully, small-business owners can turn to a reputable payment processor to get the best protection from fraud.
With a reliable and experienced processor and alternative online lender like FirstAmericanMerchant.com, you can be sure to enjoy the highest level of security. What’s more, FAM, which is rated A+ by the BBB and is also an award-winning payments specialist, can help you mitigate chargebacks successfully. By the way, you can also get the cheapest and most secure merchant funding from First American Merchant with ease.
Symantec reports that 43% of all cyberattacks fall on small businesses. What’s more, a cyberattack forces 60% of the small companies stop their operation after 6 months. This is according to the National Cyber Security Alliance.
To sum up, if something unforeseen happens like a data glitch, ransomware attack and system crash, you can face a major difficulty and risk to lose your business. So, get down to finding the right merchant services provider that can protect your company and support your growth.