Small Business Security: Is It Worth The Investment?

Without a doubt, you need to invest in a form of small business security. However, you have to determine how much you should be investing in it. Some small business owners think that it does not deserve that much investment. After all, their company is not really worth a lot compared to the multinational companies out there. Who would waste time trying to steal from them?

This mindset is actually what makes small businesses an easy target. Statistics show that 6 out of 10 data breach victims are small businesses. Criminals like to take advantage of the ignorance of some companies when it comes to security measures. These smaller entities are easier to hack or steal from because thieves know that they do not have enough finances to invest in a strong security system. Not only that, they have more digital assets compared to individual consumers.

This is the reason why small business security is more important than you know. It does not matter if you are a big or small company. You will always be a target as long as your company is making a profit and holding private information.

Security measures for your small business

There are several areas that you need to look into if you want to boost the security system of your business. Here are the two most important areas that you need to look into:

Physical business

First of all, you need to secure your physical location. There are basic security guidelines that are available from the U.S. Chamber of Commerce Foundation. The important thing to remember is that thieves are good at concealment. You need to ensure that you have security cameras in place. Not only that, the surrounding areas should be free from plants, trees, and other structures that can be used as hiding places. At least, if it is in your property, you need to ensure that it is minimized. If it cannot be helped to have these “possible hiding places” have a security camera aimed at these areas. Proper lighting, strong locks and deadbolts, alarm systems, and even motion sensors should be invested in. The bigger the property, the higher the need for security measures.

Virtual business

The online side of the business will also need a certain level of protection. It will be a different level of protection because you will be securing digital files and records. If you have a thriving business online, that means it will require more investment when it comes to small business security. Regardless of the type of business that you do, the security measures you will put into place will include firewalls, SSL (Secure Sockets Layer) encryption technology, etc. The Federal Communications Commission published the Cybersecurity for Small Business to guide entrepreneurs in protecting their digital assets.

How much should you invest in your small business security?

Now that you know the two areas in your business that require security, it is time to answer how much you should be investing?

The answer to that will depend on what your business can afford to lose. Obviously, you want to secure both physical and virtual sides of your business. If you cannot afford it, you may want to prioritize.

If you think that most of your assets are digital, you need to invest more in cybersecurity as compared to physically securing your office. Of course, you will need a basic security setup for your physical office. Although, the rest of your budget can go towards protecting your digital files.

You need to think of small business security as you would health insurance coverage. It seems expensive when you feel healthy. However, once you get sick, the insurance does not seem to bad after all.

The same is true when you are investing in the security of your small business. Some people would argue that having a dummy camera should be enough in discouraging robbers from targeting your office. When something does happen, the camera will be useless. Not only that, it will also give you a false sense of security that might make you careless.

Some business owners choose to install both real and fake security cameras. There is a risk to this, but if you are working with a limited budget, it might work temporarily. Just make sure to upgrade when you have a bigger budget for your small business security. The more your business grows, the bigger the need for security. Make sure you invest in security to protect both your interests and that of your customers.

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By |2019-07-18T17:22:12+00:00July 18th, 2019|Industry News, Small Business|