A business is a legal entity and as such, it needs to protect everything from information to its staff. Business owners are responsible for ensuring that they take care of their enterprise moving forward to sustain it and to enable them to reach their goals. There’s no excuse to be complacent when you are spending your time and money for an important endeavor you want to succeed for the long term.
Having a financial plan is highly important before starting a business as it can help you avoid paying extra money notably for taxes and other unnecessary expenses. Often, this results in the business owner not being able to accumulate assets and secure the right insurance or asset protection.
Being a vital component of any business, your finances should also be well accounted for and kept in a safe place. The standard procedures of conducting regular inventory checks, book audits, reconciling cash daily and reviewing financial statements (bank and credit card) should be followed to the letter.
“Any business owner must also get the right insurance protection,” stressed personal injury lawyer Daniel Gibalevich. “This will protect you and your employees in various situations.”
Several types of insurance are worth considering. A life insurance coverage will be able to replace any lost income generated by the owner and other resources tied to the business. A disability insurance will protect business owners in the event they and their staff are not able to work due to disability such as due to an injury or illness. A liability insurance, on the other hand, will protect you in case of liability and litigation claims resulting from negligence, property damage and personal injuries issues.
Company data should be kept confidential at all times but sometimes, hackers can still find their way and gain access to them. Hacking does not exempt any business regardless of its size and the industry it belongs to.
But fortunately, there are now advanced ways to protect vital business information against cyberattacks and infiltrations. Firstly, business owners can always hire an expert on cyber security to secure their data. Secondly and this is the most effective method, inform employees about ways they can prevent and respond to possible threats.
When it comes to passwords, for instance, they have to be carefully chosen so that hackers won’t easily figure them out. Employees have to be reminded to change their passwords every now and then and to always ensure that they form strong passwords.
An important point to also keep in mind is to protect your vital information from departing employees. A study done by Lieberman Software which focuses on security management showed that more than 13 percent of IT professionals still have access to the systems of their former employers and they use the old information they have. More than 16 percent of them claimed their employers do not have specific policies that prevent access after leaving the company or they were not knowledgeable of any policy regarding the matter.
To prevent data breaches, IT security experts recommend that business owners should follow basic security best practices to enable them to manage powerful passwords for sensitive data. Companies needs to regularly or automatically update privileged account passwords and include this condition in the policy.