We all know that cash flow is important for your business. In these trying economic times you may be faced with decisions of where to cut expenses. Think twice – and even thrice – about cutting corners with your security measures though. It may be especially tempting if you haven’t had a serious security issue in the past so you may think you don’t need all the security you have. However, that is a sign of your security working quietly in the background.
Think of security as an investment. Also, remember that you can still improve both your physical and cyber security while keeping costs down.
Decrease insurance premiums
Keeping your security tight keeps your insurance premiums down. While added security may cost some money upfront, the costs can be negated in the long run. Basically, security measures that lower your risk profile for an insurer can mean lower premiums. That means that the cost of improving security reduces costs elsewhere. Security measures to take could be installing CCTV surveillance or access control systems.
Storing on the cloud
In the digital age, cyber security has become an important part of any security plan. Traditional centralised data centres can be costly though because they need a lot of resources. However, there is a form of storage called ambient cloud storage that’s not only secure, but cost effective as well. You can securely store your sensitive data on the Internet through ‘distributed cloud storage’. You earn storage space in the cloud by giving up some of your own disk space, which is combined into a large, shared cloud storage platform. Small parts of your data are stored in various places and this makes it very difficult for hackers to get at it.
Preventing internal theft and fraud
When you think of theft and your business, you might typically think of threats from external sources. You might be surprised to learn just how big of an issue internal theft is though. It is estimated that around $50 billion is stolen every year from businesses by employees and seven per cent of annual revenue is lost to theft or fraud – just in the US alone.
Re-evaluate your security needs
Every business has different security needs. Some businesses just need to implement better procedures with the cash register, while others need fully stocked security control rooms. If cost is an issue for you (like it is for everyone) then you need to perform a security risk assessment to make sure that you are utilising the right security measures for your business, otherwise you might be wasting money on security you don’t need.