When most businesses speak about security, they are generally referring to balance sheets, profit margins, and general financial security. If they are located in a physical location, they even go beyond financial security and consider the physical security of their location, including an alarm system and security cameras. However, one thing that businesses often fail to take into account when it comes to security is the security of their digital assets. While it may seem that only large corporations and conglomerates need to think about cybersecurity, this is simply not the case. All businesses have sensitive data, and it is estimated that a small business can suffer up to $200,000 in damage in the event of a cybersecurity breach.
Letting your customer data fall into the wrong hands is not only reckless, it’s downright financially irresponsible and insecure. Most businesses, no matter what size they are, have a lot of sensitive customer data in their hands, including credit card information, addresses, and possibly even social security numbers. Hackers often find that smaller businesses are more vulnerable to attack, and have not put the proper security measures in place. To stop this from happening, you need to understand how important it is to make sure that hackers cannot so easily break into your systems and steal your valuable data. With that in mind, here is what you need to know to prioritize cybersecurity in your business.
Make sure your deals are secure
It is important for every business to deal with other businesses. These types of strategies partnerships, whether with vendors, suppliers, or service agencies, are extremely essential for businesses to continue to run their operations. Even online-only businesses like ecommerce stores have to be able to source products or supplies for these products. As COVID-19 is still affecting how people conduct business, it is also affecting the deal-making process as well. Because many business deals now need to be negotiated online, a lot of sensitive data needs to be exchanged digitally, most of which is a treasure trove for potential hackers and cybercriminals.
To prevent this from happening, you need to stop sharing sensitive information that is required for the deal-making process over unsecured channels. These include unencrypted email providers such as Gmail, as well as cloud storage platforms such as Dropbox and Google Drive. Instead of using these platforms. Instead of using these types of unsecured platforms, businesses of all shapes and sizes should consider using a deal room. A deal room is a virtual solution that safeguards sensitive data and documents during the deal-making process, and can also help to expedite it through various means. Companies that use a deal room can set user-based permission for specific documents, allowing them to entirely block out unwanted people from accessing or even viewing them. This will make it easier to negotiate deals online, and by expediting the deal-making process, you are opening your business up to less digital risk.
Other things to consider
It is, of course, important to make sure that your business has a bulwark of digital security at its disposal. Aside for making sure to make your deals secure, you should also make sure that your employees and contractors are educated about the effects of cybercrime. This can mean the difference between an employee unwittingly falling for a phishing scam or avoiding the situation entirely. By focusing on security and education, companies can have an easier time navigating the risk that comes with cyberattacks, which can hamstring a business for years.