One of the greatest threats to small businesses comes from within: insider fraud and embezzlement. Nearly one-third of small businesses that file for Chapter 7 bankruptcy do so due to insider fraud and embezzlement. This staggering statistic underscores the need for small business owners to implement proactive security measures to protect their enterprises from internal and external risks.
Insider fraud poses a far greater threat to small businesses than most external crimes. Small businesses account for over 90% of U.S. businesses, which is why adopting preventive security measures is crucial for these enterprises. Unlike large corporations with formalized procedures for oversight, small businesses often rely on a few trusted employees to handle multiple responsibilities.
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