Running a business undoubtedly comes with numerous challenges, no matter which industry you enter. After all, you have to be able to be able to build a strong customer base from scratch. However, there are some issues that may present more problems than others, especially if you encounter any of the following threats:
- Fraudulent activity
- Cybersecurity attacks
Unfortunately, there is plenty of evidence to suggest that small businesses are often the target of criminal behaviour, as they don’t have as much infrastructure in place to protect themselves when things go wrong. As a result, if you fall victim to fraud or any kind of security breach, you may be met with a host of complications that damage not only your brand but for your bank account. With that in mind, here are some simple steps you can take to protect your business!
There are various different types of fraudulent activity you may encounter in the running of your business. For example, you may notice that a customer places a questionable transaction that ends up being from a fake (or stolen) card. Alternatively, you may notice that your business account has been used for purchases you did not authorize. In any case, if you think you’ve become a victim of fraud, it’s best to reach out to a fraud lawyer right away. They’ll be able to talk you through the best practices in how to respond, and can even help you seek compensation.
Regardless of whether or not you run a brick and mortar store, or e-commerce business, you likely have a lot of important or pertinent information stored online. This could include the personal information of your customers, such as card and contact details – which is the exact kind of information that hackers are searching for. As a result, your cybersecurity systems must be up to scratch, especially if your business is on the smaller side (over 50% of cyber attacks are done on Small to medium-sized businesses). Thankfully, there are various ways in which you can heighten your cybersecurity practices, such as by investing in new software, ensuring all employees receive the appropriate training and routinely changing your passwords.
Smaller business are more likely to be targets of theft and burglary than larger businesses, again due to the fact that they may not have the systems in place to protect themselves. As a result, it’s important that you invest some of your funds into security software, such as video cameras and alarms. While these tools are largely used in the wake of an attack (such as for evidence in an insurance claim), they can also work as a preventative measure, as security cameras are known to deter crime. Flood lights are also another useful tool, as they take away the element of surprise and make any footage that you capture a lot clearer. It may also be useful to install a safe or similar tool within your building to store anything important overnight.