Overcoming such threats can be a challenge. Indeed, it’s a key reason that 45% of businesses fail within 5 years of starting out! The secret to success is educating yourself on the potential trouble and taking sensible action to prevent worst-case scenarios.
Would you like some help to do exactly that? Well, you’re in the right place. Keep reading to discover 6 of the biggest security threats to businesses (and how to prepare for them).
1. Cybercrime
Cybercriminals are running riot in the world right now! They’re exploiting businesses’ newfound reliance on digital systems and causing mayhem through hacks, viruses, ransomware, spyware, and phishing scams (to name a few). In the process, they’re holding companies hostage and costing them huge sums of cash.
The bad news is that this trend’s only set to continue. After all, business owners are depending on digital systems to an ever greater degree. New and lucrative opportunities for cybercriminals develop as a result.
That’s why it’s so important to invest in your cybersecurity. Install antivirus software, update your systems, and educate your staff. You could even outsource your IT to third party companies that specialize in this field of work.
2. Password Inadequacies
Passwords are a perennial problem for business owners. Employees use them on a daily basis to access various computer accounts and, ultimately, do their job. Alas, a significant number of them set passwords that are far too weak (‘Password123’ is the classic example).
These types of passwords are easier to remember, which is great for the employee. Yet they’re also easier to crack, which is great for the cybercriminals. And that’s bad for business!
Remember the threat of cybercrime we just mentioned? Well, setting substandard passwords is like leaving your home’s front door unlocked in a bad neighborhood. They can get in without a fight and roam around at will.
Reduce the risk of that happening by ensuring employees set strong passwords! The best ones are long and contain a mixture of letters, numbers, and characters. Make it compulsory to change these passwords at regular intervals and you’ll be even better protected.
3. Thieves and Intruders
Digital robberies and intrusion aren’t the only things to worry about though. If you run a brick and mortar store, then the physical equivalents of these issues are of major concern too.
Indeed, larceny’s a huge problem for businesses across the globe. Stolen stock, lost revenue, property damage, and so on can all lead to serious financial strain. The good news is that there are plenty of proactive steps you can take to reduce the chance of it happening.
Start by conducting a thorough risk assessment to identify vulnerabilities. From there, you could install high-end security systems, hiring a 24/7 security guard, and buying new smart door locks. Other effective options include guard dogs, spotlights, and access control systems.
4. Recessions and Market Downturns
Market crashes and recessions are like landslides that can wipe out any hitherto thriving companies in their path. Even worse, this is one threat that’s hard to protect against. Why?
Because the forces at work are usually outside your control.
One thing you can do, though, is to expect these calamities to happen. There have always been bull and bear markets and there will be more to come! Whether it occurs next month or next decade, there will be another downturn and it will have devastating effects.
Instead of pretending that isn’t the case, we recommend accepting this reality. You can then take steps to a) minimize the impact when disaster strikes and b) set yourself up for a rainy day. You’ll feel less panicked by the collapse and have a strategy in place to come through it intact.
5. Hiring the Wrong People
It’s hard to overstate the importance of hiring quality employees to work in your business. Get it right and they’ll be committed, diligent, productive, and eager to please. They’ll be a good team player, fit in with the company culture, and work hard for the cause.
Bad hires do the opposite! They’re one of the biggest threats to a new business.
Among other things, they have a toxic attitude that has an adverse effect on the team. They’re unproductive, uncooperative, and unenthusiastic about their role. For these reasons and others, placing a bad apple in the team can cost your business significant sums of revenue.
Avoid this fate by focusing on your hiring process. Never rush proceedings- no matter how fast you’re trying to scale. Screen applicants with care, listen to your gut and remember that qualifications never trump attitude or worth ethic.
6. A Lack of Insight
The biggest threat to your business isn’t terrorist attacks, cybercrime, or economic downturns. No, the real danger’s far more insidious…
It’s you, the person in charge!
Or, to be more precise, it’s your lack of awareness of the external dangers that exist. This ignorance might be blissful in the short-term. Yet it can come back to bite if you get caught off-guard by otherwise preventable problems.
That’s why staying up to speed on current dangers is crucial. This article’s a good starting point, but be sure to invest more time educating yourself on the dangers out there. Learn how to avoid them and you’ll be far less vulnerable.
Never Forget These Threats to Business
All companies have to overcome a wealth of challenges in order to succeed. No matter what industry you’re in, coming out on top involves an uphill battle and a steep learning curve.
Nevertheless, some threats to business success are more serious than others. We hope this post has highlighted the ones you need to pay particular attention to! Keep them in mind, educate yourself on the issues, and you should be able to steer clear of their negative implications.
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