Will the Equifax Security Breach Impact Your Business' Bottom Line?
The recent Equifax security breach, impacting over 143 million Americans, may have some impact on your business' bottom line. But exactly how can it impact your company and what can you do to try to counteract these potential issues? From business credit to consumer confidence, here's a quick look at what may come out of this incident.
Though there isn't yet any notice of business credit files being impacted by the breach, the extensive nature of the breach and the length of time over which it occurred may still have you at risk. What's more, if you're planning on pursuing financing for an expansion or change in the company using your personal credit file, you'll need to keep a close eye on your file if it has been compromised. If someone has gotten ahold of your credit information and uses it to your detriment, the sooner you catch the issue, the sooner it can be resolved. It's also very important to document these issues to work with your financial institution so that they understand where these issues have come from.
What if you've used Equifax to determine customer creditworthiness in the past? Though the breach was in no way the fault of your company, you'll probably want to switch to another credit agency until this issue has been resolved. You may also need to be understanding of customers who have become victims of identity theft or credit fraud due to the breach.
In addition, consumer confidence has also been shaken. Consumers may be less comfortable using credit or applying for credit with your company, especially if they have been the victim of identity theft or fraud. It may help if you take a little time to update your IT security and privacy terms to help ensure your prospective or current customers are confident in your company's practices.
Whether you're directly or indirectly impacted by the Equifax security breach, keeping a close eye on your company's finances and noting any issues that arise is important to your bottom line. If you need help keeping an eye on how your company has been impacted by this incident, we can help. Please feel free to contact AccountRely today to speak to one of our experienced finance professionals.