Cybercriminals are more and more often targeting small businesses worldwide. The reason is that small businesses don’t use the security measures that larger companies use. This article sheds light on the issue and helps you find a reliable and affordable high risk merchant account in the U.S.
Small Businesses Vulnerable to Cyberattacks
Smaller businesses’ vulnerability to cyberattacks is associated with more than one reason. The thing is that businesses hold customers’ sensitive data that’s a target for cyber attackers. In addition, companies store their customers’ payment information that hackers “love” so much. Besides, companies may process payment transactions, which is an opportunity for fraudsters to steal data.
Based on surveys among business owners, most of their businesses are vulnerable to cyberattacks. Specifically, according to the “IBM Cost of a Data Breach Report 2021,” the average cost of a data breach reached $4.24 million in 2021.
A recent survey by the Small Business Administration (SBA) has revealed the vulnerability of 88% of small businesses to cyberattacks. Many companies don’t have enough financial resources for professional cybersecurity solutions or don’t have an idea of where to start.
Cybersecurity Importance for Small Businesses
Small businesses are now more willingly adopting digital technologies for remote work, production, and sales. However, they don’t pay enough attention to proper cybersecurity measures, which is vital for them. After all, they’re expanding their computer networks, thus facing more vulnerabilities for phishing and ransomware attacks.
This is especially critical in today’s difficult circumstances when companies are focused more on their day-to-day survival. And they can’t achieve longer-term survival without a respectable cybersecurity program.
Thankfully, there are respectful payment specialists that can make security part of your company culture. With a true payment expert, you can get fast and easy access to a reliable and advanced fraud prevention technique to stay away from fraud and chargebacks.
With a reputable payment services provider, you can open both a low and high risk merchant account without a challenge. Make sure the offered rates are among the lowest.
Remember that you also need to use strong passwords and two-factor authentication. Moreover, you should back up data on a regular basis and limit employee access.
Use Strong Cybersecurity Measures for Your Small Business
Cybercriminals are more and more often choosing small businesses as their victims. The reason is that small businesses store more data than individuals and have weaker security. The good news is that there are respected payment processors that can help you prevent fraud with success.
Author Bio:- Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.