Why Small Business Owners Need Identity & Cyber Protection

Estimated Reading Time: 6 Minutes

For small business owners, the line between personal and business life is often blurred – and device use is no different.  Personal smartphones double as work devices. Home laptops become the hub for business finances. That makes every click or connection a potential risk – not just to them personally, but also to their business and overall livelihood.

Unfortunately, this risk is all too real for small business owners. Accenture's Cybercrime Study reveals that nearly 43% of cyberattacks target small businesses, and many victims don’t recover.

Let’s explore the most common threats facing small business owners, why traditional protection methods aren’t enough, and how champions of small businesses can provide a comprehensive, all-in-one solution that provides them the peace of mind they deserve and you a long list of benefits you’ll learn about in this blog.

Key Takeaways

• Small business owners are increasingly targeted by phishing, scams, and account takeovers.
  
  
• Most have only partial protection, which leaves critical gaps.
  
  
• A comprehensive, always-on solution protects both personal information and business data – and gives SMBs peace of mind.
  
  
• Offering full-spectrum protection strengthens loyalty, reduces churn, and boosts your bottom line.

SMBs Are Under Attack

According to the Small Business Administration (SBA), small businesses make up 99.9% of all U.S. businesses (yes, you read that right). The sheer volume of them alone makes them appealing targets for cybercriminals – after all, there’s success in numbers. But they also typically don’t have the same security technology and resources as large organizations, and, often, the founder/CEO also wears the hats of CMO, CFO, and CISO. Moreover, research shows that 50% of all small businesses are run out of the owner’s home.

Unfortunately, that leaves gaps cybercriminals are eager to exploit. The SBA reports that nearly 88% of small business owners feel vulnerable to cyber threats – yet many don’t have comprehensive protection for themselves or their business data. This makes them highly susceptible to a wide range of attacks, including:

• Phishing attacks that trick owners into revealing sensitive data
• Cyberattacks that infiltrate their home Wi-Fi networks and connected devices
• Account takeovers that give hackers full control of email, bank, or vendor accounts
• Impersonation scams where criminals pose as clients, financial institutions, vendors, or even the business owner

And the stakes are high. A phishing attack that tricks a business owner into clicking on a malicious link can quickly spiral into a full-blown breach, exposing both personal and business records. If a hacker gains access to a business owner's Social Security number, tax documents, financial accounts, or payroll data, the damage can be devastating. 

Iris’ comprehensive Small Business Owner Identity Protection & Cyber Protection bundle allows your company to provide your small business owner clients proactive defenses against identity fraud, scams, social media account takeovers, and more.

Click here for more details.

Why Piecemeal Protection Isn't Enough

Many SMB owners have some level of protection. Iris’ recent Identity & Cybersecurity Concerns (ICC) Survey revealed that 82% of consumers have access to at least one component of identity or cyber protection. We would maybe expect this number to be slightly higher for SMB owners – but not by much.

Some protection is good though, right? The problem is it’s all fragmented. According to the survey, access to protection varied, with the most popular components being: credit monitoring (48%), password managers (45%), VPN (31%), and anti-phishing/anti-malware (29%). These individual solutions offer coverage but leave a lot of gaps – and cybercriminals are well aware.

What business owners need is a comprehensive, always-on solution that better protects the full picture. Their multi-use devices hold a goldmine of sensitive personal and business data, and hackers are actively looking for ways in. Being alerted when their EIN, VAT ID, or DUNS number is exposed is priceless. Getting expert guidance regarding the likelihood of a specific message being a scam is very valuable. Without that level of security, one wrong click could shutter their doors for good.

The Smart Way to Protect the People Behind the Business

When you protect a small business owner – the person behind the business – you protect much more than data. You protect their reputation, their livelihood, and their peace of mind. That’s why we created the Iris Small Business Owners Identity & Cyber Protection Bundle – purposefully built for those hard-working individuals who need extra protection from the host of threats they face. We combined the following identity protection tools and services, providing a comprehensive protection package for your small business owner clients:

• Small Business Data Monitoring + Alerts
• Identity Monitoring (dark web) + Alerts
• High-Risk Transaction Monitoring + Alerts
• ScamAssist^®*
• Personal Cyber Protection**
• Caller ID Monitoring + Alerts
• Social Media Monitoring + Alerts
• Email Health Check
• Personal Web Defense (VPN)
• 24/7/365 Resolution Services
• Up to $3M Identity Fraud Insurance***

By offering Iris’ SMB Owners Identity & Cyber Protection Bundle, you’ll not only deliver peace of mind to today’s entrepreneurs, you’ll also demonstrate that you care about the person behind the business, on top of the business itself. With this increased level of care and support, your brand will boost retention, reduce churn, and create loyal advocates for your brand. It’s a sure-fire way to boost your bottom line and be seen as a trusted protector.

Give your small business customers the freedom to focus on what matters most: growing their business.

Ready to make protection part of your value?

Contact us today.

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*Iris^® Powered by Generali is not responsible or liable for the availability, safety, accuracy, or effectiveness of the techniques, products, tools, or resources used by Iris Powered by Generali in its ScamAssist^® service and customers’ access and use of ScamAssist is entirely at their own risk.

**Personal Cyber Protection services are for personal use only and not designed for enterprise or business systems.

***Identity Fraud - Expense Reimbursement, Cash Recovery Aggregate, and Investment & HSA Cash Recovery benefits are underwritten and administered by American Bankers Insurance Company of Florida, an Assurant^®  company, under group or blanket policies issued to Iris^®  Powered by Generali for the benefit of its Members. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions. Review the Summary of Benefits at https://www.irisidentityprotection.com/terms-conditions.