Article | June 6, 2018

Demystify Payment Security For The Small Business Owner

Source: Shift4 Payments

By Sean Berg, Shift4 Payments

Payment Security

Business owners are making life easy for cybercriminals. Despite the deluge of recent news about payment data theft, many small business owners still mistakenly believe they are not a target. With that mind-set, they will not learn about payment security until it is too late. This is where you, the reseller, can add value. At a time when your technology no longer differentiates you, your knowledge and willingness to take care of your customers can. You can educate business owners about the worsening state of payment security today and what is needed to protect their businesses. Here is what small business owners need to know.

1. Cybercrime is a real and growing threat.

Credit card data is highly valuable to cybercriminals, who sell it in illegal markets. Hacking into business networks or storage to steal credit card information is big business. Businesses are the single largest industry sector for of data breaches and identity theft at 55 percent of all data breaches. The next highest is the medical industry at 23 percent, followed by banking/financial at 8 percent. Within businesses, 60 percent of the data theft occurs through hacking. Methods include the use of malware, phishing attack, or in many cases simply gaining unauthorized access.1

Small businesses need to understand where their vulnerabilities are, implement current solutions, and remain vigilant and adaptable as cybercriminals develop new tools and methods. The inconvenience of the solutions is often a barrier for small business owners who experience slower transaction time or need an extra piece of equipment. What they may not appreciate is the level of risk they offset when using the latest solutions.