Running a business is a tricky, tricky task. Aside from the usual day-to-day jobs, you have to adequately defend, protect and fight for your company against a whole host of risks.
These risks range from financial issues to data issues to cyber issues, and they’re problems that every business will face.
If your company turns over a nice amount of money, it could be targeted from dozens of angles – which you must prevent. Below, you’ll find several of the biggest risks posed to businesses in the modern day, along with guidance on how to stop them.
Risk: Cyber Attack
The dawn of the internet age has led to rising security concerns among industry pioneers. Just this past May, a teenager managed to hack the North Korean Facebook page which led to a huge security debacle.
And if an entire country can be victimized, what’s to stop your humble little company suffering the same fate? Hackers, with the right skillset, could feasibly access any sensitive data you keep, and destroy it or steal it. This could range from HR information to customer payment data.
Steps to take to prevent this threat include:
- Training less tech savvy staff how to use security tools, like antivirus software. Some cyber attacks are due to human error, so cut the issue.
- Change your passwords regularly, and make sure they’re complex. Insist all staff do the same.
- Ensure staff do not access company data from a public wifi network. This puts the data in the public space for anyone to access.
- Work with a cybersecurity expert to overhaul your hardware and software.
Risk: Intellectual Property Theft
Your intellectual property is arguably the very foundation of your company. Without it, you simply wouldn’t be… you. IP encompasses your brand, logo, company name and even your slogan. If you don’t defend it, it can be stolen, or used by other companies for their gain.
Steps to take to prevent this threat include:
- Working with a trademark attorney, like Secure Your Trademark, to keep your IP yours.
- If you design any products, have them patented immediately.
- Keep all your branding and IP on the down low until it’s secure. Don’t let staff or colleagues talk about it, or share it with the public.
Risk: Failure to comply with rules, laws and regulations
The rules and regulations for businesses are forever changing, and you’d be forgiven if you accidentally made a blunder.
But do you know who won’t forgive you? The court, The judge. Because businesses are such huge organizations, it’s rather easy for them to be targeted and sued if they make a mistake.
Steps to take to prevent this threat include:
- Understand employee rights – these are forever shifting. Consult your government’s website regularly for updates.
- Research local tax laws. These differ from country to country and state to state. You may have to complete your tax returns by a specific date, for example.
- Understand how your employees affect you. A lot of businesses get in trouble because a staff member did something silly when away from work. Keep tabs on your staff!
And that’s the list! Be on the lookout for these three risks, and keep your business well-guarded…
