flevyblog

Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.
MANAGEMENT & LEADERSHIP STRATEGY, MARKETING, SALES OPERATIONS & SUPPLY CHAIN ORGANIZATION & CHANGE IT/MIS Other

3 Reasons to Invest in Security As a Business Owner

pexels-photo-97077Security should always be a top priority for business owners, both in terms of your physical building security and online security. As a business owner your office, and the data stored on your computer systems, are often the site of your most valuable possessions. Theft is a serious threat to any business, and can happen through lapse security systems or via online cyber attacks. As a business owner it does not matter what size your company is, it is vital that you take your security seriously and invest adequately in it as otherwise you could risk everything.

Rise in cyber attacks

Cyber attacks and the use of malware to do damage to businesses are on the increase, growing in both frequency and extremity. In 2017, ransomware attacks rose by 250% and cost an approximate $5 billion to businesses. The cost of cyber crime damages is expected to rise to a massive $6 trillion annually by 2021. For online security using antivirus and anti-malware software is vital, but should not be your only defence strategy. Ensure that strong passwords are used throughout your business email accounts, ideally combining upper and lower case letters with numbers and symbols. Passwords should be changed every three months. Add encryption software onto work laptops and mobile phones so that if they are stolen the information cannot be used. Backup your data regularly, and always update your computer operating systems.

Risk to your reputation if you do not protect your business

It is important to physically protect your business by installing reliable and robust security systems such as burglar alarms and HD CCTV. Investing in a camera security system and robust alarms could save your business thousands in terms of the damage an intruder could cause. Similarly, a cyber attack could cost your business in many ways. Your reputation could be damaged if, for example, the attack means that the personal contact or financial information of your customers has been seized by cybercriminals. The time lost in trying to override a ransomware or undo the damage caused is also money lost. Seek the advice of professionals to ensure that you are well protected, for example an expert team from eurolinksecurity.co.uk can help by performing a risk assessment on both your building and IT systems.

Any size business can be a target

Burglaries, break-ins and dangerous intruders can attack a business of any size, and often smaller businesses have less robust security systems in place to prevent this. In the online world cybercriminals care about one thing only, and that is the data they can capture. Being a small business does not make you safer, as if your business operates a computer then cyber attacks are a threat to you. If you have files containing information on health data, credit cards or customer contact information then consider yourself at high risk of an attack. In fact, many small businesses may not have sufficient security in place and as such are more appealing to hackers than targeting a bigger business with robust systems in place may be. Similarly botnets, ransomware or trojan attacks spread through wide phishing campaigns are automated to seek out any holes in security, so if you have any security lapses online they may find them.

About Shane Avron

Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.



Complimentary Business Training Guides


Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]   What does it take to achieve Operational Excellence? Read this guide and learn to build an integrated Business Execution System from Six Sigma Master Black Belt Frank Adler, co-founder of Operational Excellence Consulting. [Learn more]
The Fiaccabrino Selection Process (FSP) is a proven methodology for increasing sales and reducing turnover, developed by "Mr. Roche," Charles Fiaccabrino. Mr. Fiaccabrino is a Sales Executive with over 50 years of experience. [Learn more]   Learn this time-tested approach to Change Management authored by Ron Leeman, recipient of the Change Leader award by the World HRD Congress in 2012. Ron Leeman has been Change, Process and Project professional since 1974. [Learn more]
Recent Articles by Corporate Function

  

  

  

  

  


The Flevy Business Blog (http://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most articles have been contributed for management consultants and industry executives with over 20 years of experience. If you would like to contribute an article, please email our editor David Tang at [email protected].

Flevy (http://flevy.com) is the marketplace for premium business documents, such as management frameworks, presentation templates, and financial models. Our documents are of the same caliber produced by top tier consulting firms, like McKinsey, Bain, Accenture, BCG, and Deloitte. Learn more about Flevy here.


Connect with Flevy:

   
  


About Flevy.com   /   Terms   /   Privacy Policy
© 2018. Flevy LLC. All Rights Reserved.