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The Lesson Behind JPMorgan Chase’s Data Breach

Last week, JPMorgan Chase announced that the recent cyber attack that it experienced compromised the private information of about 76 million personal banking customers and an additional 7 million small businesses. The data included names, addresses, phone numbers, and email addresses of customers that use its website and app to bank. Luckily, there’s no indication that the breach leaked account numbers, passwords, birthdays, or social security numbers, which would be a disaster of another level.

The breach occurred on a server in early June, but the bank discovered it until mid-August. This is one event in a long string of cyber attacks on major retailers and financial firms across the country. This breach has us especially on edge because banks are supposed to have the tightest security. If JPMorgan Chase is vulnerable to this type of attack, what does that say about everyone else? This bank is the largest bank in the United States by assets. 

Although many small businesses were exposed in this cyber attack, since it is Chase that took the hit, the effect on you is small compared to being the direct target of the attack. Whales go after big fish, but there are predators at every level of the food chain. 

Your business is not a financial behemoth like Chase, but it does have value and conducts business with other companies and people that have monetary value, which means it is already of interest to someone. Digital theft has moved beyond Craigslist and now lurks. Any time a transaction is conducted between you, there is a security weak spot because sensitive data is being exchanged. In addition to regularly changing passwords, double-checking your bank statement, and doing other things to help keep you safe from data breaches, extend the courtesy of safety to your customers (because it’s actually an obligation).

When choosing a payment processor, delve into security features including data storage and encryption. This is what is going to end up saving you money in the long run when you avoid losing your data and customers’ trust. 

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