Keeping Your Business Protected In The Digital Age

The digital age has opened the door to a plethora of exciting business opportunities, not least for SMEs and ERP system hosted. However, it does also pose a host of potential risks. Consequently, then, going the extra mile to protect the organization is a responsibility that you cannot afford to ignore.

While a comprehensive strategy will be required, many of the steps are straightforward. Better still, once the situation is under control courtesy of 360° protection, staying on top of it should feel fairly easy. Implement the steps below to unlock the results you deserve.

Focus On Data Protection

In today’s landscape, stock theft is far from the biggest danger to the business. Frankly, data breaches and unauthorized access to personal information is the far larger threat. After all, over half of all SMEs that suffer this type of attack will cease trading within six months to a year. Even those that survive will suffer badly. 

Efficient information security requires the use of advanced systems to prevent unauthorized access. As well as reduced exposure. Opting for data access with RESTful API for document generation supports this. It also aids future scalability. To gain a firm grasp on InfoSec, you must ensure that network security, cloud security, app security, and IoT security are all under control.

Prevention is the best form of protection by far. Therefore, admins may also wish to adjust the access credentials of individual employees. When only the right people are able to view sensitive or insightful data, risk levels are significantly reduced.

Invest In Managed IT Services

When looking to protect your business in the modern landscape, you must remember that 24/7 care is required. After all, websites and online databases could be attacked at any moment. Should your company fall victim to a breach or attack, implementing a quick response is vital for limiting the damage.

Working with a dedicated IT service provider offers many benefits. Nonetheless, the knowledge that your website and online data will be monitored at all times is one of the best features. Suspicious activity can be identified and nullified before it costs the company dearly. Moreover, the knowledge that you have experts supporting your team removes stress from your shoulders.

Managed IT services can also ensure that the latest defense systems are in place. This is something that could easily be overlooked with internal efforts. When added to the fact it allows your team to spend more time on their assignments.

Teach Employees About The Latest Scams

The harsh reality is that cybercriminals can attack businesses in many different ways. From a business owner’s perspective, though, it should be known that uneducated people are the largest vulnerability. In fact, up to 95% of all data breaches can be attributed to human error. If that doesn’t make you take note, nothing will.

Cybercriminals are continually looking for new ways to trick users. Whether it’s phishing scams, ransomware, or the malicious use of GANs doesn’t matter. If you allow your employees to fall victim to them, the results will be catastrophic for your company. Therefore, you must ensure that every member of your team knows the latest attacks as well as how to stay vigilant.

Educating employees about potential threats can be achieved in several ways. Regular staff training is essential, but team meetings are useful too. Many companies test their employees by sending fake attacks too. 

Know Your Obligations & Potential Dangers

Building and managing a business is hard work. However, you will make the process infinitely harder if you enter the arena with a lack of information. Firms must meet several obligations and failing to do this can be catastrophic. Firstly, you must ensure that the company is registered and legally able to operate.

Similarly, you must gain a clear understanding of all tax obligations. This is especially true if you plan to expand and operate in multiple countries. Using dedicated Xero business accounting software is a particularly smart move. Above all else, it will allow you to stay on top of the situation at all times. This is far better than leaving it until the end of the tax year, as you could discover a major problem if you do.

It is also important to appreciate the risks associated with bad debt caused by repayment customers who do not pay. Running credit checks will help prevent this risk. Meanwhile, researching lines of credit could be a useful step in managing cash flow.

Ensure Your Innovations Are Protected

The importance of protecting information has already been discussed. However, it’s equally crucial to keep your innovations protected. Only your business should profit from its ideas. Sadly, without the right protection in place, everyone from fraudsters to your competitors may look to capitalize.

Firstly, then, you must always take out the necessary patents and copyright legislation. This stops others from stealing your ideas. It protects your brand integrity by stopping counterfeit goods. Likewise, it’ll prevent copycat products made by competitors. If someone does try to benefit from your innovations, you’ll be perfectly positioned to take legal action. This helps you gain compensation and restore your reputation.

As well as outside threats, though, you must acknowledge internal ones. Former employees could potentially steal ideas or client lists. Non-disclosure agreements will protect you. Without them, you would be left in a vulnerable position.

Have Clear Information For Clients

Protecting your business must also extend to the concept of keeping operations on a smooth path. With this in mind, it’s vital that you provide clear communication, particularly when dealing with clients and suppliers. Otherwise, ambiguity and confusion could result in returns and costly disputes.

Modern consumers are more demanding than ever. Meanwhile, buying products online without seeing them in person first could also open the door to disappointment. Providing clear product and service descriptions, as well as explainer videos and other content will help. Furthermore, you must invest in a clear returns or exchanges policy. Making your privacy policy clear and accessible is also vital.

It’s best to quash any potential issues at the earliest stage. So, having live chat or chatbot systems in place to field questions before a consumer makes a purchase is useful too. Being transparent at every stage will make life a lot easier. 

Prevent Downtime

Protecting your business isn’t just about stopping outside dangers. Time is the most valuable resource at your disposal and unscheduled downtime will hit your bottom line hard. In fact, research shows that downtime costs businesses up to 8% of their total turnover. It can also cause data loss and damage to equipment.

Thankfully, you can prevent total shutdowns by investing in assets like backup power generators. They kick in when power from the grid is lost, thus enabling the organization to keep operating. Better still, this allows your team to bypass the fallout, including costly equipment repairs and data recoveries. It additionally removes a potentially huge source of frustration for your employees.

Another top tip for preventing unscheduled downtime is to use scheduled downtime. Data analytics will tell you when equipment performance levels are falling or software needs updating. Do this during out-of-office hours for an easy solution.

Be Prepared For Adversity 

Even when you take a proactive approach to protecting the company, you can’t prevent all problems. Some issues are simply outside of your control. The pandemic was a perfect example of how adversity isn’t always preventable. More importantly, it shows the need to have contingencies in place.

As was shown during the pandemic, having the resources in place to facilitate WFH models or hybrid working is very helpful. Meanwhile, taking out the relevant types of business insurance will provide a safety net in many situations. Whether it’s responding to theft and breaches or personal injuries and damage to the workplace doesn’t matter. The right cover will prevent potential nightmares. 

It is also a good idea to look at the prospect of reducing your expenses. This will help you through difficult moments of low sales, which are a real threat during the cost of living crisis. If nothing else, it’ll put you in a more competitive position. 

Don’t Forget To Protect Physical Assets 

Finally, the fact that online crimes are on the rise should not distract you from real-world dangers. Unauthorized access to your offices, warehouses, and other business premises can still pose a huge threat to your company. As well as financial losses, they damage your reputation and could put employees at risk.

Keeping your physical workspaces safe is relatively easy with the right systems in place. Surveillance cameras and alarm systems naturally make a huge difference. Meanwhile, the use of keycards will ensure that only people with the right credentials may enter certain spaces. When supported by ample lighting for external spaces, thieves will be less likely to target your company.

For the best results, you may also need to hire security personnel. Whether it’s protecting the store floor or preventing break-ins at night, this is an extra layer of safety. When combined with the other steps above, the future of your business will look safer.