Asset Security: How To Prioritize Potential Business Risks

March 7th, 2018 | by Anica O
Asset Security: How To Prioritize Potential Business Risks

Keeping your business safe on all fronts should always be at the back of your mind. Risk is inherent in business operation, but a good executive does what it takes to mitigate that risk. Here are four important areas of security to consider and how to go about prioritizing them.

Consider Physical Security

Even in today’s digital world, you should not discount physical security practices. For example, if you deal in confidential customer information, your staff should have privacy screens on their monitors so clients cannot see what is on the screen if they come into your office. A designated person should ensure all doors are locked at night, and signs should be placed on doors to areas where sensitive information is stored. These areas can be off limits to just clients or even to all but a few designated employees.

Consider Cybersecurity

Your business likely uses many different technologies and programs to remain functional. Most of these technologies, however, have security weaknesses that need to be understood and addressed. Have rules in place about employee Internet usage. If you use cloud technology in any aspect of your business, it’s important to ensure it has proper security. If you run an ecommerce store, ensure all payment information is secure or allow third-party payment options such as PayPal. Cybersecurity should be prioritized because of the massive impact a breach can have on your business.

Use a Security Monitoring Company

A security monitoring company can put your mind at ease. Modern security companies have apps and security software you can access to activate or deactivate the system as well as report issues, add users, and more. In addition to protecting your assets and property, a security company will also act as a deterrent to potential thieves. Having a security system can make physical security a lesser priority because you have a security company watching your back.

Don’t Forget Intellectual Property Security

Keeping your business’s intellectual property secure is paramount for all businesses big and small. These can include copyrights, trade secrets, patents, trademarks and more. The security of your intellectual property should take a high priority because losing the rights to an invention or logo would be a massive blow to your company. The best way to take stock of your intellectual property, make sure it is secure and understand the importance of protecting it is to consult an intellectual property lawyer.

Your business should take security seriously. Neglecting it can result in massive financial losses and the loss of customer trust. Consider all of these security areas and prioritize the risks based on what your company does and the sensitivity of information in your possession, whether digital or on paper.