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How to protect your business against financial loss

When working so hard to grow your business, it is devastating to you personally as well as professionally when something happens to threaten everything you’ve built.

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How to protect your business against financial loss (1)

Sometimes all it takes is one cyber attack or the loss of one key employee and your whole business can come tumbling down. Anyone in business should be aware of the directions from which loss can occur and do everything in their power to guard against anything and everything possible. You’ve built an amazing business, now let’s keep it that way.

Cyber attacks are your worst nightmare

You’ve taken heed of all the advice regarding making your presence known on the web. You’ve paid for a phenomenal website that sees massive amounts of traffic and your business is growing by leaps and bounds. You’ve even gone as far as investing in a responsive website because you know that most people search using mobile devices, so you want to capture all the attention you can get. What you may not know is that the internet as you know it only takes up a small portion of the web.

There is the deep web and the dark web, and within these layers is where all the cyber criminals reside. It takes a good cybersecurity platform to protect you from being hacked. Protect all your customers’ private information as well as anything relevant to your business operations. Any intellectual property on your mainframe that hasn’t gone public yet? You better bet that’s something to protect at all costs.

Tips for protecting financial information

The internet isn’t the only place where criminals can access sensitive financial information. Although it is usually easiest for cybercriminals to gain access to your financial information and those stored for your clients or customers, there are ways they can gain access to the hard copies you store in your office.

There was a time when credit cards were run through those imprinting devices that put a carbon copy in triplicate which was a huge concern. Even though your computer system may be safe from hackers, what about all those files you’ve paid to have transferred to digital files?

Never throw out the hard copies before having them professionally shredded.

Never throw out the hard copies before having them professionally shredded. (Source)

There are companies that will bring a large truck and professional shredder right to your office. Those papers will be unrecognizable as files, let alone offer the ability to steal any financial information from the pages.

Why you need the best insurance money can buy

While many businesses are looking at how to save money, there are some types of insurance every business must carry such as liability. Other types of insurance may be just as vital to the survival of your business.

For example, after years in business, you’ve raised up a company director and departmental managers from within the ranks. They are not only qualified businessmen and women but they know your company inside and out. There is literally no one to walk in and take their place should you suddenly suffer the loss of just one of those employees. 

Protecting your business against financial loss is just as important as building it up in the first place, maybe even more so. After all, you’ve years invested in growing your business and have sunk an untold amount of money into it as well.

Make sure to use the best security system possible to keep your grounds safe, do a thorough background check on each and every employee, and follow the tips listed above. You can never do too much when it comes to securing your business and that is the best suggestion of all. Pull out all the stops and purchase the best protection money can buy. Being in business is a risk, but losing it is a risk you should never be willing to take.

DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation for writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.

Boris Dzhingarov graduated from the University of National and World Economy with a major in marketing. He writes for several sites online such as SEMrush, Tweakyourbiz and Socialnomics.net. Boris is the founder of Blog For Web and MonetaryLibrary.

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