5 biggest threats to your business security and how to prevent them
As a business owner, you always sleep with one eye open, fearing the obstacles that can trip up your business security. But it doesn’t have to be this way. This article explores the biggest threats to your company and how to prevent them.
Running a business isn’t an easy task. It almost feels like a roller coaster ride of ups and downs. One day your business is flying high, getting lots of orders and positive customer reviews and, the other day, it can face a horrible crisis that will destroy all your hard work. So, it only makes sense that you have many sleepless nights when you worry that a crisis may hit your business when you expect it the least.
But, constant worry won’t make your business any less vulnerable in the face of obstacles. Good leadership and proper strategies will. Play a pivotal role in developing and implementing the right strategies to protect your business from whatever may go wrong. This will significantly decrease the chances of having your business taken down by a threat you didn’t see coming.
So, here are the five biggest threats that can affect your business security and how you can deal with them efficiently:
1. Financial crisis
A financial crisis is the most common nightmare all business owners share. It can be caused by all types of things, including external and internal factors. For example, it can be caused by poor cash flow management, a market trend change, a new competitor joining the market, and many others.
Now, no matter what may cause your business to deal with a financial crisis, you need to have a backup plan to financially sustain your business until the waters have calmed. There are two strategies you can use here:
- Have an emergency fund for your business. Should your business experience a financial crisis and need more capital to overcome it, you can always turn to that money to support your business to go through the situation.
- Regularly review your business’s processes and keep an eye on what’s happening on the market to predict a potential problem and manage it quickly.
2. Workers strike
Your employees are one of the most critical parts of your successful business. Without your employees, nothing would run as smoothly as it does. There will be no one to produce your products/ services, no one to manage your customers, promote your business, and handle every essential process of your business. So, in other words, without your workers, your business wouldn’t exist.
Now, unfortunately, many business owners forget that their employees are their business’s most crucial asset. And, they often end up treating their employees poorly or not rewarding them enough for their work. Feelings of frustration, being mistreated, and working in poor conditions can very quickly lead to workers’ strikes. And, needless to say, this would be a significant threat to your business security.
So, how to prevent a walkout and having your business disrupted? Here are a few strategies:
- Manage your relationship with your employees. Encourage open communication about potential complaints so that you can manage them efficiently and avoid a walkout.
- Offer advantageous employee benefits to keep your employees loyal and productive.
- Promote a positive work environment.
- Make employees feel part of the big picture of your business’s success.
Today, cyber-attacks on businesses are becoming more widespread than ever before. And, don’t you think that if your business is small, it isn’t an attractive target for hackers. These days, cybercriminals are targeting both small and large companies.
Now, having your business attacked by hackers can mean a huge crisis. Leaked data can seriously affect your business reputation. It can give your competitors a major advantage and can even disrupt your business activity for a prolonged time. So, you need to take cybersecurity seriously more than ever before. Here’s how:
- Hire a cybersecurity professional to ensure that your business’s IT system is well protected against hacks.
- Educate your workforce on potential cyber threats and how to avoid them.
- Keep your IT system up to date and use the best security tools.
- Have a cybersecurity crisis management plan in place.
Having your business’s assets stolen in the digital world isn’t the only threat of such kind you need to prepare for. You also need to prevent a commercial burglary from happening to your business.
According to Statista, there were over 267 thousand burglaries in England and Wales in 2020/2021. Now, while this is a significant decrease compared to the previous reporting years, the numbers are still worrying enough and make you think that your business can be visited by burglars as well when you expect it the least.
As the security experts from 247 CCTV explain, “Businesses represent very attractive targets to burglars, especially because they usually hold a significant amount of capital in their locations, as well as expensive equipment.” And, having all these things stolen can represent a major shock for your company.
To prevent burglary, you can:
- Secure valuable assets in a safe place.
- Block access to your computers with strong passwords.
- Install high-quality locks.
- Install burglar alarms.
- Create keys and access cards for employees and keep a log of who has them.
4. Legal liability
Being sued isn’t something any business owner would want. A lawsuit can mess with your business stability in all essential areas, including financial, reputation management, customer loyalty, and even employee loyalty. Yet, there can be many reasons why yours can face a lawsuit, including selling faulty products, failing to protect employees in the workplace, fraud, money laundering, or having a customer injured in your business location.
So, it only makes sense to take all necessary steps to avoid having your business’s name dragged into the courtroom and the press. How? Here are some ideas:
- Make sure that your business complies with all laws and regulations existing in your industry.
- Get business liability insurance to protect your financial interests in the event of a lawsuit.
- Hire a legal specialist to assist you in all legal-related tasks and represent your business in case of a lawsuit.