Protecting your company can feel like a 24/7 job, as there are many risks to its operations, reputation, and finances. For your business to thrive each year, it is crucial to introduce tools and tactics that will simplify processes, protect the company, and make it easier to bounce back from mistakes.
To do so, you must identify the potential risks to your company and the best solutions available. Here is a rundown of the most common online threats to your business.
Data Security and Privacy
According to Forbes, approximately 30,000 websites are hacked every day, and a cyber attack occurs every 39 seconds online. As your company will store trade secrets, financial information, and, most importantly, a substantial amount of consumer data, your business has a legal and moral responsibility to improve its data security and privacy.
Cybercriminals are more than happy to attack companies of every size and in every industry, so your business is likely to be targeted by a hacker at some point in its lifespan. Also, they will use intelligent and evolving tactics to penetrate your network, systems, and data.
For example, your business could fall victim to:
- Ransomware
- Phishing scams
- Spoofing
- Denial-of-Service (DoS) attacks
- Supply chain attacks
- Insider threats
- Code injection attacks
- Trojan horses
Your business cannot take its eye off the ball when it comes to cybersecurity, as a hacker can strike day or night. Shield your business by introducing effective IT services in Los Angeles to monitor your IT network around the clock, and boost tech support with data backup and protection, two-factor authentication, IP access control and surveillance, and much more.
Intellectual Property Issues
No business has a right to use or copy another company’s branding, videos, images, music, and content without authorization. Yet, intellectual property violations do happen, and you have every right to defend a patent, copyright, and trademark.
For example, your business should:
- Register trademarks, patents, and copyrights
- Perform due diligence when creating brand names, domains, and products
- Record evidence of intellectual property, such as signed copies of drawings, drafts, and files dated.
- Request employees, partners, and contractors sign non-disclosure agreements
- Protect IP overseas to avoid infringement
If a business violates your company’s intellectual property at home or overseas, you may have no choice but to pursue legal action. If you believe an infringement could significantly damage your business’s finances and reputation, a lawsuit might be the best option for its survival and growth.
Evolving Online Regulations
The introduction of various data privacy regulations across the world has forced companies to change how they store and manage customer data. Businesses of all sizes have a responsibility to not only adhere to current regulations, but they must ensure they are prepared for any changes to protect their operations and reputation.
A regulatory violation cannot only lead to consumer data repercussions, but a business might receive a hefty fine, legal action, and reputational damage. For this reason, a company must make the time to familiarize themselves with the law and adapt accordingly. Also, it is crucial to learn about data privacy and its evolution to introduce best practices before they become a legal requirement.
Credit Card Fraud
Credit card fraud is on the rise, and the United States is responsible for more than a third of the total global loss. According to recent data, the US experienced an incredible $28.65 billion in credit card losses in 2019 alone, and the figure has increased at an alarming rate since the Covid-19 pandemic.
Fraud can happen in various ways. For example, a hacker could use stolen credit card data from a company’s system to use elsewhere, or a customer could pay for products using a stolen credit card.
Part of the problem is that fraudsters are finding new and innovative tactics to fight back against new technologies. Unfortunately, it is a challenge for companies to be 100% certain that thecredit card numbers or bank information belong to the person placing an order. Yet, businesses must strive to combat credit card fraud by closely monitoring all transactions and bank information, as patterns or unusual behaviors could indicate fraudulent activity.
Online Downtime
Downtimes can happen for many reasons. For example, a hosting issue could make it difficult or impossible for customers to access your site for a short or long amount of time, or a substantial amount of traffic could overload a server. Also, if your company relies on a platform like Shopify or BigCommerce, it might schedule downtimes to update its cybersecurity and server or for code maintenance. However, a short or frequent downtime can affect your business in many ways, such as causing a loss of sales, poor productivity, a bad reputation, or SEO damage.
It isn’t always possible to avoid downtime when running a business, but a little research could reduce its likelihood. For instance, you must do your homework when choosing a web host or e-commerce platform, as you must select a company with a high uptime and a good reputation for uptime reliability.
Also, you must choose your plugins and web themes carefully, as conflicting code can cause unnecessary downtime. Ensure you only pick website plugins and themes that have been recently updated and learn about any potential incompatibilities.
Conclusion
Running a business online provides many opportunities to grow a company’s reach, revenue, and reputation, from tapping into a larger audience to the ability to resolve many customer issues in an instant. Yet, there is no doubt there are many threats an online business must overcome to survive and thrive during its lifespan, which is often more complex in nature compared to running a brick-and-mortar store.
If a brand wants to enjoy many decades in an industry, it must identify its potential risks and introduce the best solutions to protect its operations and reputation. For this reason, your business must not hesitate to strengthen its IT services to avoid cyberattacks, fight back against copycat companies, and introduce tools and techniques to prevent credit card fraud and online downtimes.