Blog & Company News

Mar 6, 2014

Majority Of Business Owners Not Concerned About Credit Card Security

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


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





Are you aware of EMV Chip Card Technology?





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."