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Tips to Protect Your Small Business From Fraud and Cybercrime

Companies with less than 100 employees lose approximately $155,000 each year to fraud.
6/25/2013

Companies with less than 100 employees lose approximately $155,000 as a result of fraud each year, according to the Association of Certified Fraud Examiners. Credit card fraud is one of the most frequent sources, largely due to the fact that few business owners actually take the time to go through every line item on their bill or choose to mingle business and personal accounts.

The U.S. Small Business Association has gathered a list of recommended tips to help prevent fraud and cybercrime. Some highlights:

While it may be easier for some small business owners to operate entirely out of their personal bank accounts instead of establishing a dedicated business account, this can be a very dangerous practice. A fraudster can now impact all aspects of that person’s financial life by breaching only one account. For many reasons, keeping business and personal financial accounts completely separate makes financial tracking easier and cross-contamination difficult.

Secure your IT infrastructure with a firewall as well as anti-virus, malware and spyware detection software. Regular data backups are also a must. Institute an official companywide password policy to ensure that everyone is in compliance with best practices.

Cybersecurity gets the most coverage these days, but don’t lose focus on keeping real-world security tight. Limiting access to credit cards to most-trusted employees, utilizing secure mailboxes, and doing background checks on new hires are still important!

Protect yourself and your business. Before buying cybercrime insurance, meet with your independent insurance agent to analyze your needs and potential risks.

 

The information on this site is general in nature. Any description of coverage is necessarily simplified. Whether a particular loss is covered depends on the specific facts and the provisions, exclusions and limits of the actual policy. Nothing on this site alters the terms or conditions of any policies, nor does it provide any guarantees. You should read your specific policy for a complete description of coverage. Someone who knows the business, its downfalls and upsides, and can guide you toward to making the right choices that suit your individual needs.

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