Starting a business is exciting: there are so many opportunities for innovation, growth and community building for a new business owner. It is important, however, that some of the possible dangers involved with starting a business in the modern age are considered. Security is a big concern for modern businesses. Here are four types of security you need to plan for when building a business strategy.
Data Security and Backup
Data theft is one of the biggest security concerns for modern businesses. Modern business relies upon data more than ever before, and the theft of data is a big industry in itself. Companies need to take a close look at how they store and back up data if they don’t want to be left with their intellectual property stolen, their employee identities compromised and their bank accounts emptied. Customer data should also be guarded at all costs. Customer data breaches seriously damage a company’s reputation – and quite rightly so.
Keeping your data safe is not just about hiring an expensive cybersecurity firm or purchasing software – it is about employee education. Teaching your employees the correct data security protocols and ensuring that they follow them is crucial if you want your data to be airtight.
Regular backups of data can also help improve security. Not only will it mean that you don’t lose any stolen data, it also means that you will have more of a chance if intellectual property litigation regarding your stolen data ever comes to pass.
Digital Identity and Authentication
Due to the COVID-19 pandemic, more people than ever before are working from home. There has been a huge increase in the number of people working remotely. We are not likely to go back to exactly the same office-based model even after the pandemic has receded.
This poses a security risk to many businesses. Digital identity theft is one of the most common ways that hackers exploit businesses. By assuming the digital identity of an employee or collaborator, a hacker can steal data and assets, sell them on the dark web or use them to siphon money from your organization.
Companies have been scrambling to find foolproof ways of ensuring that the remote workers that log into company accounts are who they say they are. Biometric authentication systems, password-protected accounts and digital signatures are all popular ways of trying to positively authenticate a person’s identity online.
In-Person Identity and Authentication
The thought of unauthorized people entering a premises and stealing valuable information should concern any business owner. This fear is the reason why many offices require staff to be positively identified before they enter the building. This can be done in several ways.
Traditionally, companies issued their staff with identity cards or keys, which allowed them to pass through checkpoints on their way into work. Unfortunately, these methods are easily compromised. Staff can have their identity or keys stolen, and some clever fraudsters will be able to fabricate identity cards using data stolen from individuals.
The unique biometric data that each person’s features contain is much harder to forge. Companies have recently been incorporating biometric authentication systems into their security. Biometric authentication can be achieved in several ways:
- Retinal Scanning
Every person has a unique pattern in their retinal blood vessels. A scan of the eye will reveal this pattern, which can be matched against a database to positively identify an employee.
- Facial Recognition
Facial recognition systems log the dimensions of a person’s face, which are entirely unique. These systems are often used in very high security settings like government agencies and airports.
- Fingerprint Recognition
Long used in the world of forensics, fingerprint recognition technology identifies patterns in a person’s fingerprint that are both unique and durable. A person will retain their unique fingerprint for their entire life.
Asset Tagging and Security
All of this high tech talk can make it easy to forget that some security breaches are done the old fashioned way: by busting in and physically stealing assets. Unless you are willing to have a large security team on your premises, there isn’t much you can do about people taking your things by force. Instead of trying to stop would-be-thieves that want to physically break in, your best bet is to give every item on your premises a unique tag. This can prevent the reselling of your items and help the authorities to track down the people responsible for the theft. The installation of a good alarm and CCTV system can also help you recover stolen goods.
Check out my guide on how to start your business right with tons of useful tips I learned by successfully starting, building, and selling multiple companies.