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Six Steps to Protect Your Business from ID Theft

Why protecting your business and your clients’ data is critical

For small- and mid-sized business owners, whose time and energies are dedicated to growing the company, data security often falls to the bottom of the list. But it should not. Protecting your business and your clients’ financial data is critical to averting the kind of disaster that could ruin your business’ success.

According to the IRS, business identity theft cases have increased from around 350 in 2015 to about 10,000 cases in 2017, potentially costing $137 million total. “Fraudsters are stealing as much as $1 billion a year from small- and mid-sized businesses in North America and Europe, and the numbers are only going to increase,” says Mike Gross, director of product innovation for global fraud and identity at credit reporting company, Experian. “Because the largest institutions have sophisticated fraud prevention solutions in place, the latest fraud attacks are looking to exploit the next tiers of businesses that are typically not as well defended.”

Entrepreneurs, freelancers and businesses with fewer employees often have a lack of resources available for ID theft prevention. But there are several practical steps you can take to make it tougher for criminals to steal your business’ valuable information. 

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