Visa, Verizon, and IBM on How Small Businesses Can Protect Customer Data

Photo caption: For most small and medium-sized businesses (SMBs), the biggest risks come from hackers breaking into systems to steal customer information, according to security experts. Photo credit: Getty Images / Oscar Wong. Article by Mark Hamstra. CO by US Chamber of Commerce – June 26, 2023.

Execs share the key safeguard measures and employee training necessary to thwart hackers amid the growth of e-commerce and other digital touchpoints.

Why it matters:

• For most small and medium-sized businesses (SMBs), the biggest risks come from hackers breaking into systems to steal customer information, according to security experts.
• The average cost of a data breach was $4.35 million in 2022, according to IBM and the Ponemon Institute.
• Businesses can protect against cyberattacks by incorporating multiple layers of protection, staying on top of cybersecurity threats, such as various forms of ‘social engineering,’ which trick people into giving sensitive information for illegitimate uses, and by training employees on how to avoid attacks, security experts said. […]

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