[BreachExchange] 4 Most Important Security Factors Every Company Should Consider

[Audrey McNeil]

http://foundersguide.com/4-most-important-security-
factors-every-company-should-consider/

In the corporate world, security is always a primary concern, regardless of
industry or niche. It goes without saying that poor security exposes
businesses to a variety of avoidable risks that could result in significant
losses and/or damage to the company’s current status. However, despite
ongoing efforts to combat cyber criminals, hackers, data theft, ransomware,
and other malicious corporate attacks, the battle for perfect security
still rages on. Unfortunately, many companies are still vulnerable in some
areas of security. To make sure you have all the bases covered, consider
the following four facets of security that all businesses should become
familiar with.

1. Payment Processing

Using a payment processor that offers top-notch security and secure bulk
payments is an essential requirement for any company that plans on
conducting a high volume of financial transactions online. This is an
obvious step for most businesses, but many are still using the typical
payment processors that are popular with consumers. These common platforms
may work for giving and receiving money, but they also have a higher
incidence of fraud than specialised secure business. Thus, to ensure
maximum protection in all transactions, it’s best to opt for a solution
that’s geared towards corporate security rather than typical online
shopping. There are several services that can offer secure payment
processing, one example is AccessPaywhose software runs on a secure IP
infrastructure only accessible to banks and building societies who meet
specific requirements. Corporate payment processors also improve your
ability to send and receive funds via every possible payment method.

2. Physical Assets

Of course, aside from your real estate on the web, you also need to secure
your physical location(s) to prevent the theft or damage of essential
property such as inventory, equipment, and facilities. For this step, it
would be wise to surveillance systemthat can keep watch of your most
important assets while you’re not around.

In addition, equipping laptops and other devices with tracking software
will help you relocate lost or stolen devices with ease. Likewise, you can
use GPS tracking tools to keep track of your fleet of vehicles. Being able
to monitor and ascertain the whereabouts of all assets at any given time is
an undeniably beneficial capability for any company.

3. Trade Secrets

Some things worth protecting are intangible, such as trade secrets that set
the business apart from competitors. Keeping proprietary processes,
software, and strategies out of the hands of the competition ensures that
your business continues to retain its competitive edge. However, achieving
this can be easier said than done if you’re not adamant about the
importance of confidentiality.

Fortunately, there are many effective ways to encourage employees and
associates to keep your trade secrets under wraps. Perhaps the most
effective method is by having them sign a non-disclosure agreement (NDA).
An NDA is a legitimate and legal way to obtain the assurance that people
you’re doing business with won’t sell you out in the long-term, as doing so
could cause them serious legal repercussions.

4. Corporate Planning

Aside from existing processes, ingredients, and methods, it’s also
important to secure any future intentions you may have for the market. If
such plans were to be shared, it’s possible that an existing competitor or
a newly founded entity might try to capitalise on your research and
strategic planning efforts.

Again, NDAs are the go-to method of choice for securing confidentiality in
business operations, but since there’s no guarantee that a signor will
honour the agreement, the best course of action is to keep critical plans
on a “need to know” basis. By assembling small management groups and only
making trusted employees privy to pivotal upcoming moves you can minimise
the chances of accidental self-sabotage via oversharing.

Safeguarding from Negative Outcomes

Ultimately, all the security types mentioned above are absolutely necessary
for any business that wishes to mitigate risk and maximise the chances of
continued success. Failing to address these concerns could cause
significant negative outcomes, including but not limited to financial
hardships, data loss, lawsuits, theft, dissemination of company secrets,
vandalism, decreased profits, and damaged reputation.

Luckily, avoiding all of these potentially disastrous outcomes is as simple
as researching and implementing solutions to all of the aforementioned
problems. Of course, while there will always be smaller security issues to
contend with, in most cases the primary problems will be in relation to one
of the four areas discussed herein.
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