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Majority Of Business Owners Not Concerned About Credit Card Security

Newtek-headerNewtek Reports 63% of Independent Business Owners Are Also Unaware of EMV Chip Card Technology

Newtek Business Services with a portfolio of over 100,000 business accounts, announced today the findings of its SB Authority Market Sentiment Survey, a monthly window into the concerns of independent business owners. Based on a poll of over 1,400 respondents, one of the key findings from the February survey is that even after the recent hackings at major companies such as Target and Neiman Marcus, 67% of business owners are not concerned about credit card security at their business. Additionally, 63% of business owners are unaware of EMV Chip Card Technology.

EMV is a global standard for credit and debit payment cards based on chip card technology. Payment chip cards contain an embedded microprocessor, a type of small computer that provides strong security features and other capabilities not possible with traditional magnetic stripe cards.

The full February 2014 results showed the following:

Poll Question

Poll Answer

Percentage

Based on the recent credit card
security breaches at Target and
Neiman Marcus are you concerned
about credit card security at your
business?

Yes

33%

No

67%

Are you aware of EMV Chip Card
Technology?

Yes

37%

No

63%

Barry Sloane, Chairman, President and CEO of The Small Business Authority® commented, “With data and security breaches increasing in intensity and frequency, it is surprising, but revealing, that independent businesses are not having the concern they should over their own cyber security. It is the “It’s not a problem until it happens to you” attitude that is concerning to us at The Small Business Authority®. Business owners need to scan their websites continuously for vulnerabilities, use tokenized gateways and have cyber liability insurance for the protection of the enterprise and business franchise.”

 

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