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The business climate in North Carolina is particularly attractive to new businesses. North Carolina is consistently in the top ten of the most attractive locations for businesses. Quality of life, education and population continue to grow at a much faster pace than other states. If you are planning to start a business in North Carolina, do not forget to obtain a NC Tax ID to streamline the process of taxation, application of business licenses and permits and financing.
However, an important thing that businesses have to pay attention to is data breach. In recent history, several businesses that are used regularly by consumers have become the target of hacking that resulted into compromised data.
One of the most notable cases of hacking in 2017 was the Equifax hack that resulted into with compromised data for 143 million consumers. Sensitive personal information that includes social security numbers and license numbers were compromised. However, the company bungled recovery when they inadvertently directed the affected consumers to phishing scams posing as a security site.
Sad to say, it is not only Equifax that became a victim of hackers. Fast food chains like Wendy’s and Chipotle, health insurance providers like Anthem and Premera and retailers like Under Armour and Saks Fifth Avenue have also been victimized by hackers.
In 2013, Target was the victim of a massive data breach where credit card data of more than 40 million customers were stolen. The breach was found in Target’s point-of-sale system and compromised customer data in the company’s stores all over the country. It was revealed that the hackers were able to gain access to Target’s system through an outside contractor working with the company.
Even eBay was not spared by hackers. In May 2014, eBay became a victim to hacking that compromised a database holding the information of 145 million active and inactive customers. Financial information was not accessed but the hackers were able to steal personal information.
A better option for businesses is to obtain a NC Tax ID for identification instead of using the social security number. The Tax ID number will identify a business to the IRS. It is also an important requirement for licenses and permits including the opening of a checking account.