Hackers publicly embarrassing juggernaut corporations like Snapchat and HBGary are on the rise and leading to public scrutiny over their business credibility and security protocols, TechCrunch reports. But it’s not just hacking and malicious activity that negatively impacts a business’ bottom line — 36 percent of purchases were abandoned because the consumer couldn’t tell if their information was being handled securely, the National Cyber Security Alliance says.
That’s not all. Security errors can also encompass everything from how you backup your data to skimping on essentials like outdoor security. Put your business on the best path for success by combating these four completely avoidable security errors your startup might be making.
Not getting the right insurance
Buying rock bottom insurance policies to protect your business won’t make much sense if it doesn’t cover you for unforeseen circumstances. Your insurance should cover for temporary relocation in case of damage, like fire or flooding, and replacing damaged equipment. Meanwhile, failing to cover yourself against liability could open yourself open to a lawsuit from injured employees or customers who receive a defective product.
Skimping on HD security cameras
Burglary prevention starts with solid security procedures, including locking down your office and using quality security cameras. Low-grade security camera system won’t do you much good after a robbery if you can’t make out the perpetrator on the footage. You need high-quality, crisp HD-quality cameras to properly protect your business from theft. Start by investing in an HD security camera system you can install yourself (and don’t have to pay a subscription for). You can rely on the recorded footage in case of burglary or an emergency, as well as monitor your business property while on work trips or on vacation right from your smartphone or other device.
Ignoring cloud backup services
Small businesses often neglect setting up a cloud backup service to protect their data, failing to test their backup system, or suffering hardware damage that leads to data loss. And the impact to your bottom line is costly. According to a global study by Dell EMC, data loss downtime costs enterprises $1.7 trillion, and a staggering 71 percent of IT professionals are not fully confident in their ability to recover information following an incident.
Protect your business from data loss by backing up to a cloud-based provider. Set-up an hourly, daily or monthly backup system that runs on autopilot. Quickly restore lost data when you need it and get up and running without interrupting your business.
Using outdated payment processors
As of October 1, 2015, brick and mortar businesses were required to switch to EMV-ready chip card payments. Before this date, the credit card issuers were largely responsible for shouldering the costs of consumer fraud. While this still holds true, credit card issuers can now seek reimbursements from merchants who fail to use EMV ready payment technology. In other words, your business could be responsible for the financial fallout of unauthorized, fraudulent transactions. Protect yourself by getting the latest payment processor to ensure the safety of both your business and your customers.
Security errors shouldn’t make or break your business. Get set up with the tools and systems to protect your business. Those safeguards and peace of mind ultimately gives you the freedom to work on growing your business instead of trying to pick up the pieces from disaster.