Are you confident that your business is fully protected? These days, companies are at risk from all kinds of different hazards, risks, and threats. These issues have the potential to cause significant short and long-term damage to a company and could even cause the business to fold. Therefore, it is vital that you take action to protect your business against these various threats. It will depend on the type of business you run and the industry you operate in, but any business owner can take a handful of steps to protect their business against numerous threats. Keep reading to find out more.
Risk Assessments
A logical starting point is to conduct a risk assessment. External specialists’ risk assessments will help identify the risks and hazards in your daily operation. You can then find ways to remove or mitigate these threats. This can create a safe and secure work environment for your team and protect visitors you have onsite.
Software & IT Systems Litigation Experts
During a time when software and IT systems are integral to business operations, there has been a sharp rise in software and IT systems legal disputes. This can include things like intellectual property theft, copyright infringement, software contract disputes, and cybersquatting. As you might imagine, these disputes can be complex and highly technical. This is why it is important to have a company that has expertise in software and IT systems litigation. A recent case involving computer software expert witnesses is a good example of this – the company assisted the plaintiffs by investigating various data sources and testifying about the impact of evidence destruction. The jury ruled in favor of the plaintiffs, resulting in a multi-million dollar judgment in punitive damage.
Cybersecurity Products
Experts state that the biggest threat to modern companies is cybercrime. Cybercrime is a growing issue affecting businesses of all sizes and industries, and it can cause harm in many ways. Therefore, it is vital that you invest in high-quality cybersecurity products and keep these up to date. This should include:
- Antivirus software
- Firewall
- VPN solutions
- Intrusion Detection Systems (IDS)
- Endpoint Detection & Response (EDR)
Cybersecurity Training
Having high-quality cybersecurity products is key, but you must also have a team that knows how to work safely and avoid common scams. Statistics show that as many as 95% of cyber attacks succeed due to human error. Therefore, it is clear that cybersecurity training is an essential investment for any business. This will help your team develop positive cybersecurity habits that will safeguard sensitive data and avoid the damage that cyber-attacks can cause. Crucially, keep in mind that cybercrime is constantly evolving, so this will need to be an ongoing process.
Data Backup
In today’s data-driven landscape, businesses will find themselves in a difficult situation if their data is lost, damaged, or stolen. Cybercriminals will target the company’s sensitive data as it is so valuable, which is why it is important to have a data backup system in place. By backing up data externally, you can protect your company against threats like ransomware. Additionally, having backups can provide important peace of mind.
Access Control
Another intelligent way to protect your business’s data and systems is with access control. Essentially, this allows you to control what each employee has access to. This can reduce the attack surface as it means that if one employee is hacked, then all of your data will not be at risk. It also protects against internal threats, which can be an issue in modern times if employees become disgruntled.
Incident Response Plan
Even with strong cybersecurity protection, your business will still be at risk. This is particularly true with criminals developing advanced tactics and using technologies like AI. Therefore, it is prudent to have an incident response plan. This plan will outline roles, responsibilities, and procedures in the event of a cybersecurity incident. A timely response is critical for minimizing the impact of these attacks, so an incident response plan will help you to respond swiftly and effectively.
Protecting Intellectual Property
Following this, you must also take action to protect your intellectual property (IP). This can include your logo, products, formulas, software, and processes, just as a few examples. You can protect your IP with patents, trademarks, copyrights, and trade secrets. Additionally, be careful to avoid infringing on your competitor’s IP – this can be easy to do on a subconscious level.
Surveillance Cameras
A lot of focus is on cybercrime and protecting digital assets, but you should not forget about physical security. Criminals still target business premises, especially when they are vacant overnight and have valuables onsite. Surveillance cameras are a smart investment that can monitor critical areas and identify those that enter the building. Additionally, the presence alone of surveillance cameras can act as a deterrent to criminals.
Security Personnel
Many businesses employ security personnel to monitor the premises and respond to any security incidents. This could involve having personnel physically onsite and patrolling the premises or hiring a security team to monitor live CCYT footage and respond to incidents. A physical presence can also act as a deterrent and stop criminals from attempting to gain access to the building.
Visitor Management
If you have a lot of people coming and going each day in your business, this can create a potential threat. A visitor management system, such as a sign-in system and visitor badges, can help you track those who have entered the building. Escorting visitors out of the building is also good practice to prevent unauthorized and unsupervised access.
Contracts
Another key area to focus on is contracts. Every kind of agreement and arrangement you have needs to be secured in the form of a written contract. This contract will be useful in case there are any disputes or disagreements, whether an employee or supplier contract. Additionally, contracts are useful as they provide the chance to outline the specifics of the agreement so that both parties are on the same page and know what is expected of them.
Insurance
Of course, insurance is one of the most effective ways to protect your business against the various threats and hazards that you face. There are all kinds of different types of insurance that you can take out to provide financial protection for your business. A few of the most common types include:
- General liability insurance
- Property insurance
- Business interruption insurance
- Workers’ compensation insurance
- Professional liability insurance
Without sufficient insurance, your business could struggle to manage if a threat or hazard becomes a reality, such as an employee who becomes injured on the job. Therefore, you want to make sure that you have complete coverage for financial protection and peace of mind.
Cash Reserves
Finally, it is intelligent to have cash reserves. Cash reserves can be used to manage any sudden, unexpected financial issues or quiet periods. Many of the hazards, threats, and issues mentioned throughout this post can cause significant financial damage, but you can mitigate the impact of this with cash reserves.
These are a few of the best ways to protect your business against various threats. You do not want to risk having your business derailed or even destroyed by an external threat, as you can protect yourself against many of these. Taking the above measures can protect your business against many of the most prominent threats. In addition to protection, this can also provide peace of mind, knowing that you have robust protection in place.
