As a new business owner, you might be overwhelmed with responsibilities. From creating a business plan to building a team and making investments, the tasks are endless—however, one of the essential tasks that might slip your mind is security. Although you may have a primary security measure in place, it may not be sufficient.
Sometimes, new business owners focus less on security from day one since they don’t feel like they have much to lose, especially if they are a small business. Unfortunately, neglecting security can quickly put you out of business. Data reveals that 60 percent of small companies go out of business within six months becoming a data breach victim.
It is vital to take extra measures to ensure that you can stay in business, despite any potential threats. Take some time to understand why it is essential for startup companies to emphasize security and always be a step ahead of hackers and data thieves.
You Have New Faces Entering Your Premises
As a new startup, you will probably have numerous people entering your premises. From contractors to employees and customers, it can be challenging to keep track of everyone. You can check out AvonSecurityProducts to find the perfect solution to address security concerns. Choose from a range of ID systems based on your company’s needs.
It can be beneficial to use ID cards that enable access to sensitive information only to authorized employees. Using custom ID cards will help you administer visitor access, access control to specific areas, and verify the identity of every person that entered the premises in case of a data breach or other security issue.
Ability to Safeguard Innovations & Ideas
Since you started a new company, you put time and thought into the innovation. If you don’t safeguard your ideas, they could fall into the wrong hands and adversely affect you and your business. A new business idea requires heavy research, which means you have to invest a large sum of money in the process. So, protecting your data is vital to ensure you don’t lose your money.
Losing your innovation at the start of your business can also mess with your confidence and make it challenging for you to proceed with your company positively. So, security measures both in-office and online are essential to safeguard your creations.
Reduces Risk of Cyberattacks
Living in a digital world where many business events occur online can be a blessing and a curse. While technology streamlines most processes, there is also a risk of cyberattacks. Unfortunately, the number of data breach reports in 2021 has already exceeded the number from 2020. Despite numerous efforts to enforce security, hackers seem to target vulnerable businesses and plant their attacks.
You can reduce the risk of cyberattacks by taking extra measures to secure your computer. It is vital to train your employees to identify threats and refrain from clicking on suspicious links. Employee error can result in a harmful data breach, so you must invest in training to avoid such events. It is also essential to place multiple barriers of entry on all work networks and devices.
Customers Will Trust You with Their Data
It can be difficult for customers to trust a business with their data when they are new and small. But, most businesses store some degree of customer information. If your customers or clients don’t feel safe providing their personal information to you, it might be challenging for you to build a loyal customer base. According to a Harvard Business Review study, 72 percent of Americans hesitate to share information with businesses to maintain their privacy.
Protecting customers’ privacy is crucial, especially in a modern era where everything is stored online, and hackers are always looking for victims. If you avoid protecting your customer’s data and a data breach occurs, you will lose their business forever and create a bad name for yourself on the market. Valuing your customer’s privacy will help you hold on to them as customers.
Can Improve Your Company’s Credibility
As mentioned above, your business can benefit from having a loyal customer base, which can be tricky if your company isn’t credible. However, some investment in security measures will allow you to look for professionals and enable people to trust you more.
When potential customers, business partners, or investors notice that you value security, they will be more comfortable investing their time and resources. As a startup business, you have to do your best to create a positive image in every stakeholder’s mind. So, improving your security level can be a feasible step in that direction.
Will Encourage Employees to Be Careful
Enforcing security by making security photo ID card use a priority can motivate employees to be careful. In addition, practicing safe working ethics will also push employees to prioritize security and be aware of potential threats. A joint Sandford University and security firm study revealed that 88 percent of data breach incidents occur due to employees’ mistakes.
You may need to invest in training your employees to protect data, identify threats, and be cautious of every step they take. Since employees are often the backbone of a company, they must constantly be on board with your company’s every step. Sometimes, employees are the reasons for data breaches, so encouraging them to be careful will reduce the risks.
Lower Unforeseen Costs Associated with Breaches
If you don’t take security measures ahead of time, you might become a data breach target. If that does happen, you will incur unforeseen costs which can slow down your business, result in losses, and hamper your business’s name.
Taking preventive measures to enhance security allows you to reduce the risk of incurring unforeseen costs in the future. The average global cost of a data breach is $4.24 million as of 2021. So, you can face a significant loss if you wait until the last minute to take security seriously—the costs associated with recovering from a data breach and highly impact your business adversely.
Security is an essential aspect of every business. Although startups may sometimes overlook its importance, it is vital for security measures to be one of the top tasks on every checklist. Taking preventive measures can save you from several costs in the long term. The safer you are, the higher chances of success you have!