Launching a business amid the ongoing pandemic is a big decision; as we enter the fourth industrial revolution, the business landscape changes dramatically. Technology use is increasing dramatically, and new innovations are everywhere; running a business in today’s age is incomparable to running a business a decade ago. But with this, entrepreneurs have access to tons of solutions.
There are many beneficial software solutions for businesses to consider, like online timesheets, accounting tools, and project management tools. These innovations aim to enhance business, add convenience, and make things more affordable overall. But with all the benefits that many developments offer, there is also an increase of all-new risks for companies.
Among these risks are cyber threats, fraud, property damage, and many others. While some business risks are unique to the modern world, others have been common concerns for decades. Many of these threats are enough to disrupt business practices, harm your reputation, or even have your startup sink. As a result, it’s essential to be aware of certain risks and find ways to mitigate them right from the start.
So, we’ve listed the best ways to secure a startup in 2022.
Rely On Cybersecurity Services
There’s no doubt that your startup uses the Internet of Things to operate in one way or another. There’s no actual way for a company to survive without an online presence in today’s digital era. But with this come several cyber threats, and businesses need to be prepared.
Cyber threats can impact a business in several concerning ways. Firstly, breaches are often astronomically expensive as they can cause downtime or slowed production, at the very least. Beyond time loss, business reputation is often also impacted negatively. And along with damage to reputation comes a loss of revenue and the potential loss of customers.
Threats such as ransomware attacks and supply chain attacks are particular concerns for organizations. So, relying on a cyber security services provider is an excellent solution to ensure your business is safe from cyber-attacks of all kinds. This type of service will protect your business from phishing scams, third-party attacks, and so much more.
That said, you must also implement other cybersecurity measures, such as changing passwords often, limiting devices on your Wi-Fi network, and using a VPN for privacy. A VPN is an effective solution to mask your online presence and hide from cybercriminals.
Invest In Business Insurance
Business insurance is vital, even if you have just launched your brand. Without this type of insurance, you will be completely exposed to the financial impacts of downtime, natural disasters, theft, and so much more.
Because business insurance is relatively affordable, there are ways to reduce your premiums, and you can opt for tailor-made policies; there’s no logical reason not to ensure your startup. Although with this, you will need to determine your startups’ particular insurance needs. Some will need employee comp insurance and property insurance, while others might only need property insurance.
Nevertheless, when searching for business insurance for your startup, you should compare your options with the best insurance companies. Some top options will include State Farm, Nationwide, The Hartford, and others.
Secure The Property
Of course, you will need to think about physical threats to your business, as cyber threats are not the only concern. You can find business security services that install high-tech monitoring features and others. Furthermore, relying on a security company means the property will be watched over. Some security companies also offer custom installations, which is excellent for businesses with unique security needs.
Nevertheless, regardless of whether you rely on a security service or opt for the DIY approach, be sure your property is secured with monitoring, sensors, lighting, alarms, and panic buttons; these are the essential elements of property security.
Business security is also essential when claiming from an insurance policy; if your business is a victim of theft and there is no proof that the property is secured, the policy might not payout.
Backup Your Data
Even if you have opted for cybersecurity services, it’s wise to create data backups. In the event that you are hacked, you will still have backups. Unfortunately, ransomware is the more profitable kind of cyber attack. In these instances, your data is withheld until a ransom is paid. So, if you have backups, the impacts of the attack won’t be as damaging to business functions.
Safeguard Your Intellectual Property
Your intellectual property is genuinely the lifeblood of your business, so you need to do what you can to protect it. Intellectual property can be software, a trading algorithm, or even a culinary recipe that your business functions with, so protecting it is fundamental.
The best way to safeguard your intellectual property is with legal protection. In some cases, legal protection is in the form of trademarks, soul rights, and other legal processes. With this, be sure your legal defense is relevant internationally and not just locally. The latter could cause issues later down the line when you want to expand your business.
Launching a startup and nurturing it to growth and success is no walk in the park. There are so many areas of importance that need priority. However, once you have secured your startup from all the relevant threats, you can invest your focus back into your company. With the peace of mind that the above security will provide, you will have less to worry about as an entrepreneur.
With this, because there are professional services out there that are affordable and reliable, it’s worthwhile for startup owners to consider the benefits of outsourcing and relying on service providers. Not only does this option give you access to industry experts, but the affordability and quality of services are also noteworthy. But regardless of whether you decide to rely on services or manage these areas of business security otherwise, it’s essential to prioritize ways to secure your startup to ensure it survives its first year and soon flourishes into an established brand.