NEW YORK — Despite all the attention to what appears to be a growing number data breaches, the majority of independent business owners are not concerned about credit card security, according to a new study from Newtek Business Services.
Newtek's February SB Authority Market Sentiment Survey found that 67% of independent business owners are not concerned about card security at their businesses. It also reported that 63% of business owners are unaware of EMV. Newtek serves more than 100,000 business accounts and 1,400 businesses responded to the poll.
The finding confirms what many analysts have told Credit Union Journal — that the major retailers will be the first to move to EMV at point of sale, but many smaller businesses will lag behind.
"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," said Barry Sloane, chairman, president and CEO of Newtek, contending that the attitude results from businesses not having a data security concern until their business is hacked.
"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," Sloane added.
