No company, big or small, is completely immune from cyber security threats. This current day and age, marked by the booming popularity of e-commerce, means that business owners and individuals rely on computers for everyday communication, sales, banking and more.
Unfortunately, fraud can hit small businesses much harder than large corporations. According to the Association of Certified Fraud Examiners, small businesses lose a median $200,000 before most fraud schemes are uncovered. For a small company, this can be a major hit that is hard to recover from. In the small business environment, employees often wear multiple hats in a tight knit environment with little to no oversight, making them a target for fraud. Also, it makes it easy for the fraud to go undetected until it reaches six figures.
However, there are many IT systems in place to help protect your small business from these looming threats of fraud. Here are some things small businesses should do in order to keep their companies safe:
Invest in Proper Fraud Detection Software
While budgeting for a small business may be difficult, investing in a high quality fraud detection software can save you hundreds and thousands of dollars down the line. For the sake of your entire company, it is very important to invest in your digital security and tech team. This is not a place to cut costs. In the coming years, cyber attacks are only going to get more sophisticated, and you need to ensure that your small business will stay protected.
Figure Out the Difference Between Essential and Non-Essential Information
In the age of digital information, many businesses try to store as much consumer information as possible, utilizing this data to advance their marketing and communications practices. However, sometimes all of this information is not necessary and just puts you at a greater risk for fraud. Figure out what information you actually need to keep on your customer and do not hold on to the rest.
Make Sure Your Entire Team is Educated on Digital Threats
As your business expands, it is essential to realize that digital security is the responsibility of everyone. Especially working from home and having many work conversations take place online, everyone should feel comfortable with digital communications and project management platforms. However, there are naturally some people who will feel more comfortable with digital technology than others. To counteract this, management should regularly educate the team on any potential scams or fraud that may arise. It is a good idea to create digital security policies and make sure everyone on your team is on the same page.