To protect from business from identity theft is rapidly becoming a major concern. The latest figures estimate that the amount of identity theft that occurred in August 2021 was a staggering 500% more than the amount in July 2021!
The simple fact is that every individual and business needs to be aware of the risk and take steps to protect themselves from it.
The increase in reliance on digital technology has led to a dramatic increase in the amount of data stored online. Between this and the amount of personal and business information freely given over social media, it is easier than ever for unsavory characters to access the data they need to steal your business identity.
To help prevent this you need to make sure all data you store about your business and your customers is on secure servers. These can be physical or cloud-based, as long as they are secure.
Secure servers are only as secure as the passwords used. That’s why all passwords should have no personal connection and should be changed on a regular basis.
Although the world is increasingly digital and attempting to go paperless. The reality is that many things are still created or printed on paper. Of course, if you have paper then you have a trail that can give other people all the information they need to take the business identity and establish credit lines.
This can cripple your business and can be easily avoided if you invest in high-quality paper shredders. By shredding every physical document you will dramatically reduce the likelihood of business identity theft.
Of course, it also helps to be aware of the information that you put on social media and your website. Anything more than basic business details will be making it easier for others to perform identity theft.
It is essential that all staff working for you understand the risks associated with identity theft. Once they realize that it could have a direct impact on their job they will be eager to assist in preventing business identity theft.
Training should include the risk of identity theft, the importance of changing passwords and how to create them, and the correct handling and disposal of documents with personal or business details on them.
If your staff are vigilant it will make it harder for identity theft to happen.
You should monitor the credit lines of your business, any legal filings for the company, and even the business credit report. By monitoring these at least once a month you will quickly be aware of any issue and can start the relevant investigation. Many establishments offer electronic updates to advise you regarding changes, these are the fastest way of discovering an issue.
Nipping identity theft in the bud makes it much easier to sort out and it will cause much less damage. Considering your reputation takes years to build and can be destroyed in seconds, making sure you are not a victim of identity theft can be seen as an essential part of your business survival plan.