Presently, there are numerous risks out and about that can potentially damage, and in some cases, destroy a business entirely. These might be in the form of physical, financial, and cyber threats. Physical threats are related to the damages due to natural disasters such as; earthquakes or as a result of theft incidents. Financial threats include fraud, tax compliance issues, and any problem that might result in loss of customers.
On the other hand, cyber threats are something that every business faces because we now live in the digital era and rely on online platforms. Some of the common examples of cyber threats include; data breach, insider threat, spoofing, phishing, patching, etc. In comparison to other forms of threats, cyber threats are more common in businesses.
There are always tons of discussions about business performance, as questions like how to enhance customer experience, get better leads, etc., are frequently asked. Still, many fail to consider business security as the essential role player in business performance. According to a recent study, COVID-19 has caused a significant increase in cybersecurity statistics. Many businesses became the victim of data breaches and hacking.
With the rise in technological advancements, incidents such as leaking or theft of critical business information have become more common. However, considering the business market’s current business dynamics and uncertainties, it is imperative to make essentials measures to ensure all business assets’ safety and security. Listed below are a few actions that businesses need to take to avoid unfavorable conditions.
- HIRE A LAWYER
A good business lawyer helps business persons deal with complex legal procedures, i.e., from necessary tax compliance and copyright issues to lawsuits and liabilities. With the lawyer’s help, businesses can protect their intellectual property, such as logos, product designs, business services, and trade secrets. Depending on the nature of the intellectual property, a lawyer will file for a patent, copyright, or trademark.
Further, He/She will be of great help in reading and reviewing employees’ contracts. If a company isn’t sure if a transaction or deal requires a contract, then hiring a lawyer will be great. However, when looking to hire a lawyer, a business should consider his/her educational background, credential, and work experience.
Many believe that a person with MBA can better deal with the legal side of the business challenges. However, the jd vs MBA conversation is for another day. Experts suggest considering a lawyer with two post-graduate degrees, including a master’s degree in business administration (MBA) and a master’s in law. Besides, He/She must have good experience working with taxes, policy compliance, and copyright. In the end, a lawyer will give a business the security it needs to stay out of legal trouble.
- TRAIN EMPLOYEES
A well-known cause of data breaches in a company is employees who lack awareness and training. They usually end up making unintentional mistakes that open up the floodgates for hackers to get into the system. To refrain from data theft, businesses must educate their employees to increase awareness.
Hackers usually post as a legitimate source of confidential information. When an employee clicks on a specific link shared by hackers, it installs a virus, typically malware or ransomware, in the employee’s system. Managers and business owners must train and educate their employees, enforcing habits such as avoiding clicking on an unknown link, staying away from online ads, emails, or websites, and checking for websites’ SSL certificates.
- USE DATA ENCRYPTION
If data remains encrypted, nobody can see it without gaining access to credentials from the owner. Whether such information is on the cloud or a device or the internet in general, a person with the proper key can only decrypt. Perhaps, data encryption is beneficial for businesses as it secures information from illegitimate access. Organizations should consider investing in a solution that offers one-click encryption. It would merely mean to open up the software, choose the file you want encrypted, and the process of encryption is complete.
- GUARD AGAINST EMPLOYEE FRAUD
Regardless of how trustworthy your employees are, it is wise to use controls that limit the risks of fraud. In many cases, employees tend to steal important customer information or misuse company finances. Businesses must restrict their employees’ access and only allow them to view information vital for their job. Companies should also deploy a logging system that sends a notification on the manager’s mobile device whenever someone logs into their MIS system.
However, if something terrible happens, the business can always sue their employees through legal actions. Suppose you are currently experiencing an employee’s fraud and don’t have a lawyer on board. You can search on how to become a paralegal or lawyer on the internet. This can help you go through the information that would guide you to deal with the issues by yourself. But we prefer that you employ professional help as, by the time you become one, it will be too late.
- KEEP CYBERSECURITY UP-TO-DATE
Numerous cybersecurity programs can protect a business from ransomware, malware, or other types of cyber threats. Organizations should look for paid software to secure their networks and all devices present inside the premises. At the same time, businesses that already have cybersecurity measures in place should update all of them ASAP. Equifax data breach is one such example. However, according to Bloomberg’s sources, data theft occurred as they forgot to install updates on Apache Struts and affected 143 million people.
Preventable security problems continue to bring down business everywhere. Although they cannot eliminate fraud or data breaches, with the protection solutions, employee awareness, and practices, but can reduce the chances of such security issues and minimize collateral damage. To grow further, ensuring data security should be the topmost priority of businesses as experiencing one can make or break them.