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Home > Blog > Credit Nightmares > The High Cost of Identity Theft to Your Business

The High Cost of Identity Theft to Your Business

Posted by: Desiree B. | Jan 17,2008

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Learn more about how expensive identity theft can be to your business. We often write about the high cost of identity theft to individuals on the blog. But businesses are also affected by this insidious crime. According to the Identity Theft Resource Center (ITRC), a nonprofit organization that provides information about identity fraud prevention, this crime can be especially costly to businesses:

The ITRC reports that the theft of one notebook can cost a business almost $100,000 in damage control, public relations, class action litigation, fines and credit monitoring for victims. A friend had her notebook stolen last year and her employer paid for a credit monitoring program for one year.

According to one study, 16% of survey respondents stopped shopping online because of worries about identity theft. The respondents expressed concerns about using a debit card or credit card online.

In reality, as long as you use your credit card to shop, you won’t be liable for fraudulent charges. And, customers can become victims of identity fraud in a restaurant or a store as easily as they can fall victim to the crime online. But if you have an e-commerce business, it doesn’t matter. You will take a hit in your online business if your customers are victims of identity theft as a result of shopping online at your website.