In an increasingly connected and digital world, the security of a business’s assets, data, and operations is more important than ever. Implementing security measures not only protects a business from external threats but also saves it money in the long run.
It may seem like implementing all these new systems and training your staff to use them is going to cost your business more money than you can afford, but it is well worth it for the benefits you stand to receive. What’s more, implementing these new security measures can end up saving your company money down the line. Here’s how.
What is Business Security?
Before you learn more about new security measures, it is probably worth explaining what is meant by business security, as the term has probably changed definitions a few times over the last decade. Business security encompasses measures taken to protect an organisation’s assets including physical premises, hardware, data, employees, and intellectual property. In a world where threats like data breaches, hacking, theft, and fraud are rampant, a well-thought-out security framework is vital for the longevity and prosperity of any business.
Avoiding Data Breach Costs
Of course, one of the biggest negative consequences of experiencing a data breach in your business is the direct financial loss. Data breaches can result in financial loss due to the theft of financial data, corporate information, and customer data. Implementing security measures like encryption, secure sockets layer certificates, and strong authentication can protect sensitive data and ultimately prevent these losses.
There are also further legal costs that you may have to consider. Data breaches often lead to regulatory fines. Governments and regulatory bodies across the world are increasingly holding companies accountable for breaches. Only by investing in the right security infrastructure, businesses can avoid or minimise these fines and financial losses.
Reputation Damage
As a business leader, you will know how important your reputation is to your customers. A company that is seen in a good light will experience more sales traffic than one that is viewed poorly. Unfortunately, a data breach or public security issues can damage your company’s reputation.
When customers lose trust in a business due to a data breach, the damage to its reputation can be long-lasting. This often leads to a loss of business and revenue. Implementing security measures safeguards a company’s reputation and helps in retaining and attracting customers.
Disrupting Productivity
A data breach or security issue within your business is likely going to be the main focus of the office. This means that people will be spending more time trying to recover from the breach than being productive. What’s worse, a security breach may also render some of your computer equipment useless for a time.
As expected, these service disruptions due to security incidents can cause a significant loss in revenue. Investing in security measures like Distributed Denial of Service protection can help ensure that services remain online and operational. To avoid these issues in the future you can also create a plan to recover quickly from such an event. A business continuity plan including data backups, disaster recovery, and incident response is essential to reduce downtime in case of a security event. This ensures that business operations can resume quickly, thus minimising financial losses.
Fleet Tracking
If you have a fleet of vehicles as a part of your business, you will know just how costly these cars and vans are to maintain and keep running. Sadly, the loss or disruption of one of the vehicles in your fleet could be costing you money. An employee may only take a company van on a small detour during delivery, but that is time that could be used to earn you some money.
Before, you only had your staff members’ word that they were performing their vehicle duties as expected. Now, you can use fleet tracking systems to know where your vehicles are at all times. This means that you can locate a vehicle in real time if it is stolen or you think that it is being used in a way that is less than efficient. As such, you will no longer incur any unnecessary fuel costs and save money. Even better, your company vehicles can easily be recovered so you no longer have to pay to replace anything that is stolen.
Lowering Insurance Costs
One outgoing expense that every business has to contend with is the price of insurance. However, you will have more money in the company account if you manage to keep these insurance costs low.
Investing in comprehensive security measures can lower insurance premiums. When a business can demonstrate that it has robust security in place, insurance companies often consider it to be a lower risk and may offer reduced rates on cyber insurance and other related policies.
Protecting Your Intellectual Property
Your intellectual property is often among the most valuable assets that your company possesses. Examples of intellectual property in a business can include:
- Your domain name
- Inventions
- Patents
- Moral rights
- Industrial design
Theft or unauthorised disclosure of IP can lead to a competitive disadvantage and loss of market share. By employing security measures like access control and data encryption, businesses can protect their IP, preserving its value and revenue potential.
Facilitating Trust
When a business is known to take security seriously, it garners trust among customers and partners. This trust is essential for business growth. By implementing security measures, a business can position itself as a reliable partner, opening doors to new opportunities and markets.
If you think about it, implementing these security measures is more of an investment than a cost. To maximise the return on this investment, it’s important to conduct regular risk assessments and align security strategies with business objectives. Regular security audits and risk assessments enable businesses to identify their vulnerabilities. By focusing on addressing these vulnerabilities, businesses can strategically allocate resources where they are most needed, saving money in the process.
Forging Relationships
As you already know, the relationships that you forge in business can lead you to more profit. These relationships may be with your potential investors, suppliers, or customers. By partnering with other organisations and participating in information-sharing initiatives, businesses can collectively enhance their security and response to threats, often at a lower cost than going it alone.
You will also find it beneficial to these relationships and your financial standing if you can outsource your security operations. For many businesses, especially small and medium-sized enterprises, managing security in-house can be costly. Outsourcing security operations to specialised firms can sometimes be more cost-effective and ensure that security is handled by experts.
Conclusion
The landscape of threats that businesses face today is ever evolving. As such, implementing security measures is not just about protection, it is an essential component of a financially healthy business. Through direct savings from avoiding breaches, lowering insurance costs, protecting intellectual property, enhancing productivity, and fostering trust among consumers, security investments can provide significant financial returns.
In an age where data is often likened to oil in terms of value, ensuring the security of business assets is akin to protecting the most valuable resource. A judicious, well-planned, and executed security strategy not only safeguards a business but paves the way for growth and prosperity. It is an investment that no business can afford to overlook.
