2018-05-10 12:46:41SecurityEnglishFind out what type of security your business needs by looking at common threats to small businesses and reviewing security measures for...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/04/Cyber-Security-Expert-On-Duty.jpghttps://quickbooks.intuit.com/ca/resources/security/right-security-small-business/Selecting the Right Kinds of Security for Your Small Business

Selecting the Right Kinds of Security for Your Small Business

2 min read

When you run a business, you have all kinds of digital and physical assets. To protect those, you need the right security. What type of security does your business need? That depends on your budget and what you need to protect.

Digital Security

In the age of big data, you probably have all kinds of personal details about your employees and clients, everything from Social Insurance Numbers to credit card details. You may also have proprietary business information you don’t want your competitors to get. Regardless of the digital information you have, you need to take steps to secure it.

In some cases, laws dictate how to keep your digital information secure. If you run a medical clinic, for instance, you need to follow the rules of the Personal Information Protection and Electronic Documents Act when storing medical records. Regardless of how sensitive your data is, you should always install a firewall and anti-virus protection program and keep your operating system up-to-date, since hackers like to target holes in old systems. You may also want to educate employees about the risks of phishing e-mails and avoid using public Wi-Fi to share sensitive information.

Physical Security

Physical security is essential. If you run a retail shop, you need to protect your inventory. You also need to safeguard the tools of your trade, whether that’s heavy-duty construction equipment or computers. To ensure everything is protected, install a security system in your facility. Consider using a monitored security system, so that whenever a breach is detected, the system contacts the authorities for you. Security cameras are another great option. If you choose Wi-Fi enabled cameras, you can see what’s happening remotely with your smartphone or laptop.

In some cases, you may want to hire security guards to actively monitor your facility. These professionals ensure no one gets into your building when it’s closed, and they can monitor your business for shoplifters and other threats during open hours. The presence of security guards alone deters theft.

Internal Loss Prevention

In addition to guarding your business from outside threats, you should protect yourself from internal loss, such as employee theft of digital or physical assets. Although you may trust your employees, remember that Canadian businesses lose $1.4 billion to employee theft every year, and employees steal an average of $2,500 before getting caught, whereas the average shoplifter only steals about $175.

To protect your business, screen employees carefully before hiring them, and restrict access to sensitive parts of your business to the employees you trust most. Only a few employees should have keys to your building or passwords to your digital accounts. Another reason to have security cameras and guards is that they prevent employee theft.

A solid security plan is crucial when you run a business. To decide what you need, make a list of your most valuable assets, and prioritize your security efforts based on what’s most important to you. When implementing security, always remember that it’s an evolving task; as your business expands, you may need to embrace new tools and techniques to keep up.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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