There are many risks facing businesses, and keeping your corporation running smoothly and safe from attacks and other security incidents is absolutely vital. With so many potential threats, it is very difficult to keep every business completely safe from security breaches. As technology is on the rise, the future of the security industry and corporate protection methods are changing too. Threats are becoming more sophisticated, and updating your business security methods regularly is key.
Understanding where to get started with regards to security needs careful consideration and so this article is an in-depth look at corporate security risks and solutions.
1. Cyber Attacks
The rise of information and technology has introduced a new kind of criminal to the modern world; the cyber-criminal. Nowadays, cybercriminals are the number one adversary for corporations of all sizes as they are able to hack devices, breach networks, and steal sensitive data. These types of incidents have become so common in recent years, and hackers are constantly coming up with new methods to exploit vulnerabilities. As a result, extensive damage is done to corporations, and billions of dollars worth of assets and data are stolen every year around the globe, which can not only hurt a business’s profits but their reputation too.
The fact of the matter is that every corporation is vulnerable to cyber attacks, and although there is no definitive way to prevent 100% of attacks, minimizing the risk of threats and recovering quickly from such attacks is certainly possible. Make sure to have the latest secure and sophisticated hardware and software on your computer systems, always encrypt and backup your data, and invest in cybersecurity insurance.
2. Corporate Espionage
Corporations gather intelligence on their competition just like nation-states do. Corporate or economic espionage is the act of using spying techniques for commercial or financial purposes and is targeted towards data like trade secrets, clients’ information, or marketing strategies. Although the cost of corporate espionage to the global economy is reported to be billions of dollars every year, it does not tell the whole story since other effects like delays in innovation, trade distortion or social costs from job losses are incalculable in terms of financial loss.
Consequently, it is imperative for your corporation to establish an effective security policy and hire a top-class security provider to secure your infrastructure. Ensuring that critical data is only accessible to a limited number of people, continuing to educate employees on this matter, conducting background checks along with monitoring staff activities are some of the practical measures to take to protect your organization from both outsider and insider espionage threats.
3. Natural Disasters
Natural disasters are classified as one of the biggest threats to modern corporations, especially to businesses that are dependent on technology or operate out of multi-floor buildings. There are locations all over the world with the potential for natural disasters, from tornadoes and hurricanes to floods and earthquakes. It only takes one major natural disaster to do significant damage to assets, corporate property, and supply, and distribution chains. The effects of natural disasters can enormously affect your employees’ ability to come to work and do their jobs. Billions of dollars are at stake whenever a major natural disaster strikes.
Businesses have to make natural disasters a top priority in their risk management procedures. By staying conscious of the potential risks to your business, effective preventative measures can be implemented. This may include backing up data and documents or structural and facilities adjustments to ensure protection. Creating detailed emergency plans is also vital and make sure to regularly train and drill your employees so they know what to do in an emergency.
Terrorism can come in many forms and is designed to do the maximum damage possible to people and property. Probably the most famous act of terrorism were the attacks on 9/11 which not only killed thousands of people but also caused huge financial loss as the businesses in the World Trade Center were destroyed in the attacks. The constant threats from terrorists and the horrendous and unpredictable nature of terrorist attacks often leave corporations around the world blindsided and unprepared which leads to significant losses.
Property terrorism insurance, which can reimburse organizations for expenses incurred from physical damage and business interruption as the result of a terrorist attack, is vital for major companies these days. Other safety procedures, such as those for natural disasters including evacuation procedures and exit routes should be made clear to all employees and consistently trained.
Effective security requires investment and careful planning to reinforce your corporation’s defenses against the many endless risks and threats facing modern businesses. By understanding these security threats and how to implement the best preventative measures, you will give yourself the best chance at keeping your business and your employees safe.