- Invest in network security, employee training, physical security, and business insurance to protect against data breaches, theft, workplace violence, and natural disasters.
- Regularly update software with patches and updates to stay protected from malicious actors.
- Have a comprehensive disaster recovery plan for offsite storage of essential documents and relocation procedures if necessary.
- Invest in specialized insurance tailored to the business’s industry and legal protection to safeguard against liabilities such as copyright infringement claims.
- Take proactive steps to ensure the business is adequately prepared for potential risks.
Business owners face many threats that can have a devastating impact on their operations and bottom line. Cybersecurity is a significant concern for businesses, regardless of the size or industry. According to Verizon’s 2018 Data Breach Investigations Report, 81 percent of data breaches involve stolen credentials or weak passwords, meaning that most companies are not adequately prepared to defend against malicious actors. Cybercriminals are becoming increasingly sophisticated and adept at exploiting technological infrastructure and procedures weaknesses.
Another threat to businesses is physical security. Companies can be vulnerable to theft, vandalism, workplace violence, and natural disasters like floods and earthquakes. In 2019, the FBI reported over 2 million burglaries were committed across the United States, with an estimated loss of 3.4 billion dollars from those incidents alone. Additionally, 60 percent of small business owners do not have emergency plans in place in case of a natural disaster, leaving their company unprepared and at risk of extensive damage due to unforeseen circumstances.
Threats will come from all angles, so businesses must plan for the worst and protect their operations. To do this, business owners should consider taking the following steps:
Security Measures
Security measures are essential for businesses to protect themselves from various threats. Security measures can help prevent data breaches, mitigate the risk of physical theft or vandalism, and ensure business continuity in a natural disaster. Proper security measures are critical to ensuring a business is always adequately protected.
The following are the best investments a business owner should consider when it comes to security:
Network Security
Network security includes firewall installation and configuration, antivirus software, and effective intrusion detection systems. These measures can help detect malicious activity and block unauthorized access to the company’s network system. Businesses should also consider regularly updating their software with patches and updates to ensure they have the latest cybersecurity protection available.
Employee Training
Employee training is a business’s most essential investment in maintaining secure operations. Employees should be trained on basic cybersecurity principles such as identifying phishing attempts, best password practices, social engineering tactics, and general digital hygiene habits like avoiding clicking unknown links or downloading suspicious files.
Physical Security
Physical security is as essential as digital security when protecting a business from external threats like burglaries or workplace violence incidents. Business owners should invest in surveillance systems such as cameras and alarm systems to protect against intruders or malicious actors attempting to enter the premises without authorization. If all those are expensive, you can partner with experienced alarm monitoring companies to help you attain those business needs.
Disaster Preparation
No matter how secure your operations may be, there is still a risk that natural disasters could occur unexpectedly and cause massive damage to your facility and the vital data stored within it. To minimize potential losses from natural disasters, businesses should have comprehensive disaster recovery plans, including offsite storage of important documents/data backups and relocation procedures for personnel and equipment if necessary.
Business Insurance
Business insurance is one of the most valuable investments a business owner can make when protecting their operations. Business insurance provides financial protection against losses and damages caused by unexpected events like fires, floods, or theft. By having an appropriate business insurance policy in place, a business can mitigate the risk of significant financial losses due to these unforeseen occurrences.
Businesses should also consider investing in specialized types of insurance tailored to their specific industry and needs. This may include product liability insurance for companies selling products, professional liability insurance for businesses providing services, or cyber liability insurance for businesses that use technology extensively. Specialized policies like these will give more coverage and help protect businesses from more specific risks associated with their industry.
Legal Protection
Businesses should also take the time to review their contracts, policies, and procedures to ensure that they are legally protected from potential liabilities. This includes safeguarding against copyright infringement claims, intellectual property theft, and other violations of existing laws. Business owners should consult an attorney or qualified legal professional to ensure all legal paperwork is up-to-date and compliant with applicable regulations.
Having legal representation will also be helpful with any disputes that may arise between the business and other parties. A qualified legal team can help you navigate complex legal issues quickly and efficiently, minimizing potential risks to the company.
Final Thoughts
Protecting a business from external threats requires taking the necessary steps to prepare for unexpected events. Investing in security measures, employee training, physical security, disaster preparation, business insurance, and legal protection are all essential steps businesses should consider when looking at ways to protect their operations. Taking these proactive steps can help companies to ensure they are adequately prepared and protected against potential risks.
