[BreachExchange] 4 Ways To Protect Your Business During Major Transactions

[Audrey McNeil]

http://www.smallbizdaily.com/business-data-major-transactions/

Business owners who fail to take the proper precautions to protect
themselves and their organizations during the course of a major transaction
may be subject to far greater risk than they might realize. From using
sophisticated analytics in order to better forecast future market trends to
encrypting payment and account information during the actual transaction,
there are plenty of resources and solutions that businesses may be able to
utilize in order to reduce potential risks to more acceptable levels. The
following four tips may all be of benefit to those who are seeking to
identify and address the most costly or commonplace risks.

Next-generation Data Encryption for Online Transactions

While there are certain missteps that no business may be able to avoid,
ensuring tighter security for all online transactions should not be one of
them. Outdated encryption methods and payment arrangements that may be at
risk of a data breach can quickly become a major concern. Next-generation
data encryption can ensure that all payment, account and financial
information can be kept safe and secure. Even moderate-sized transactions
can be a liability for smaller businesses that have limited resources and
jeopardizing a financial transfer due to poor or insufficient digital
security can prove to be nothing short of a disaster.

Market Forecasts and Predictions Using Big Data Analytics

Data analysis methods have grown by leaps and bounds in recent years and
the latest tools and techniques can provide businesses with a far more
accurate picture of market trends and events that may be just over the
horizon. Using sophisticated analysis methods in order to sift through
existing data sets regarding the past and current operations of a business
can help to eliminate many of the risks that may be associated with an
acquisition, expansion effort or other major purchase.

Consulting With a Third-party Professional

Seeking the opinion of a professional before making a major decision can
offer a range of potential benefits. Service providers, contractors and
other professionals who possess greater insight into specific types of
transactions or undertakings may be able to provide much-needed guidance
and insight. While gut feelings and instincts will always play an important
role within the world of business, speaking with a qualified professional
and comparing different options with the help of the right service provider
can often make a considerable difference.

Implementing a Screening or Vetting Processes

For businesses that are involved with property ownership or management
efforts, vetting tenants and vendors can often be of tremendous importance.
Novice business owners may mistakenly assume that a poorly selected tenant
may result in little more than a few months of lost rent and the
inconvenience of having to line-up a replacement occupant. Dealing with the
wrong choice of vendors and tenants may result in costly property damages,
legal issues that may be difficult to resolve quickly and damage to a
business’ reputation or image. Vetting all vendors, tenant screening and
learning more about any potential occupants ahead of time is not a concern
that should be left to chance.

Finding Ways to Protect the Bottom Line

Businesses that take too many risks may soon find themselves struggling to
remain profitable or even just to survive. Risk management efforts that can
make a difference are always worth investigating and business owners who
know how to avoid the most serious and costly potential missteps may be
able to look after their bottom line to far greater effect. Rushing into a
major transaction or making important business decisions based in
information that may be incomplete, inaccurate or out of date could end up
costing businesses a great deal more than they might be able to afford.
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