The Main Threats Facing Modern-Day Businesses

As the owner of a small business, you must know what the main threats to your company are so that you can take steps to protect your business. In today’s day and age, there are all kinds of different threats to a business which have the potential to destroy a company and inflict significant financial and repetitional damage. This can be difficult to manage as a small business, but there are a few ways that you can protect yourself, which will be vital for success. Read on to discover what the main threats to be aware of are along with how you can protect the brand.

Cybercrime

Cybercrime is the single biggest threat to a modern-day business and is an area that you must consider, regardless of the industry that you are in. Threats are becoming more prevalent and increasingly advanced, but you can protect the business by training staff on how to stay safe and protect data long with having the right products in place, such as:

• Antivirus
• VPN
• Firewall
• External backup devices

Fraud

Following this, fraud is another major concern in today’s day and age, particularly for online businesses. You need to take steps to verify the identity of your customers to combat fraud and protect both the customer and the business, which is why knowing your customer (KYC) is so important. These are the steps that a business takes to verify customer identity. For financial institutions, this can also help to prevent money laundering, terrorism financing and any other kind of illicit financial activity.

Theft

For many businesses, theft remains a significant cause for concern and an area that needs to be addressed with every business. There are many ways that you can protect your business, building and contents, such as:

• Intruder alarms
• Access control
• CCTV
• Keycode entry
• Digital safe
• Perimeter alarms

Legal Liability

Many legal issues can arise when running a business, and this can be incredibly costly, which means that it can be challenging to manage if you are a small business. A few of the more common legal disputes that arise include professional mistakes, employee lawsuits and faulty products. Having processes in place and taking care is, of course, highly important to avoid legal issues. Still, you should also have business insurance in place which can provide significant financial protection in these instances.

Laws & Regulations

Following this, laws and regulations can be another significant threat to businesses because they change so often, and you need to make sure that you are always compliant. A business can make sure that it remains compliant at all times through HR continually staying updated on any new laws or regulations that might affect the business and taking action to make sure that they remain compliant. You should also always keep a clear paper trail along with virtual copies of all receipts and paperwork.

These are the main threats that a modern-day business faces, all of which must be carefully considered, and steps are taken to protect the company.