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Merchants Information Solutions Releases Whitepaper on Small Business ID Theft and Fraud

Strategic Insights

— 1 min read

Merchants Information Solutions, Inc. has released a whitepaper addressing the growing concern of small business ID theft and fraud. According to Russ Johnson, President and CEO of Merchants, the whitepaper was created in response to the increasing trend of small business ID theft and data breach events in 2009. The primary focus of the whitepaper is to educate small business owners on the risks and consequences of ID theft and data breaches, as well as provide guidance on managing these risks and complying with new regulatory requirements.

Key Takeaways:

  • The whitepaper aims to educate small business owners on the risks and consequences of ID theft and data breaches, as well as provide guidance on managing these risks and complying with new regulatory requirements.
  • ID theft thieves range from organized crime to employees who steal company assets, confidential customer information, and the small businesses' credit information for personal financial gain.
  • The increasing trend of small business ID theft and data breach events in 2009 prompted Merchants to create the whitepaper.
  • The primary objectives of the whitepaper are to offer information security governance principles and help small business owners support their risk management objectives.
  • New regulatory requirements, such as HIPAA, HITECH, and the FACT Act Red Flag Rules, pose significant challenges for small businesses.

Statistics:

  • 2009 saw an increase in small business ID theft and data breach events.
  • ID thieves target small business assets, confidential customer information, and credit information.
  • The whitepaper aims to provide basic but necessary information and education to small business owners in the United States.
  • The whitepaper's focus is on helping small business owners support their risk management objectives and respond to new regulatory requirements.

Sources:

  • Merchants Information Solutions, Inc. (Merchants) press release
  • Quote from Russ Johnson, President and CEO of Merchants
  • In an interview with Mark Pribish, Vice President and ID Theft Practice Leader at Merchants and co-author of the whitepaper

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