Identity Theft in Small Businesses

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Identity theft

Identity theft happens to Millions of Americans that scrupulously guard their identities and personally identifiable information.  Also, they fear that their bank accounts will be compromised, identities stolen and a parade of difficulties will follow them at the hands of those who wish to steal their identities. However, they will often not exercise the same care with their business “identities.” Even for small businesses that try their best with free tools, professional identity thieves can evade this type of protection and gain access to lines of credit or accounts. Also, here are some of the ways businesses can protect their identities.

What is Identity Theft?

First, enroll in a monitoring service. Businesses can enroll in monitoring services that continuously monitor any activity on their companies’ credit reports, looking for any red flags.

Next, establish a FEIN for your business. Also, for many small business owners, using their Social Security numbers and establishing sole proprietorships are the easiest things to do practically. However, this could lead to exposure for both your personal and business finances if either is compromised. Also, small business owners should obtain Employer Identification Numbers (EINs) to separate both and reduce risk.

Protect your data from Identity Theft

Next, keep your data safe with an established data protection system. Keeping your passwords in a safe, protected place is a crucial part of protecting your data. Also, use anti-virus and anti-malware software in addition to a secure password manager.

Cyber Insurance can help

Finally, cyber insurance can be a great way to protect your business. A cyber insurance policy can make all the difference in recovering from significant loss related to identity theft in the unfortunate event it does happen. Call or email us today, and we can review your insurance coverage to make sure your business is protected. We are always here to help.

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