As a small business owner, taking measures to protect your business from potential threats is essential. From cyber attacks to natural disasters, many risks can cause serious damage to your business. For instance, a recent study shows that the average cost of a data breach can range between $120,000 to $1.24 million for small businesses. Fortunately, there are several things you can do to protect your small business. Here are five straightforward ways to protect your small business.
- Insure your business
Insurance is a significant way to protect your business from unforeseen events. Ensure you have the right insurance coverage for your business, such as liability insurance and property coverage. Having the right insurance can help you financially recover if something goes wrong. Experts recommend getting a first and third-party plan. The first party will cover for loss, while the third party will protect your business when a customer or partner company information is compromised and your business is sued for the data breach.
- Invest in cyber security
Cyber security is one of the most important steps you can take to protect your business. Invest in security solutions like firewalls, antivirus software, and malware scanning. Ensure all your employees know cyber security best practices, such as using strong passwords, not clicking on suspicious links, and avoiding public Wi-Fi networks. Meanwhile, encryption is a great way to protect sensitive data from falling into the wrong hands. Use encryption to protect data stored on your systems and being transferred over the internet.
- Implement a backup plan
Having a backup plan in place is essential for any business. It is practical to assume that your business will fall prey to cyberattacks, so you must create a quick response plan to contain the damage. Aside from training your staff on the plan, ensure that all your data is backed up regularly and stored securely. If you suffer a cyber-attack, you can restore your data from the backup and quickly get your business running again.
- Use the right payment solutions
Security is critical for everybody, including your customers. They will likely patronize your service if they are confident about the safety of their payment data. Using a certified payment solution to demonstrate how you prioritize security is best, as this will encourage customers to trust you with their data. If your business accepts card-present payments, you want to use a solution like easy card present payment processing with Ingenico API. While this will create a seamless checkout experience, customers will feel confident about doing business with you.
- Get professional advice
Finally, make sure you get professional advice from experienced professionals. Consult a lawyer to ensure your business operates legally and a financial advisor to ensure you manage your finances wisely. Lawsuits are much more common than we assume, posing a serious threat to your business. Legal fees can be tremendously costly, and reputation damage can be devastating. Legal issues, including defective products, copyright and IP infringement, and workplace accidents, may come unexpectedly. Seeking professional advice can help you spot potential risks and take the necessary steps to protect your business.
Following these five steps can help protect your small business from potential threats. Investing in the right cyber security solutions, having a backup plan, insuring your business, and getting professional advice can help you protect your business and keep it running smoothly.
