The Journal of Management and Marketing Research mentions that as many as 30% of business failures may be due in part to criminal activity.
\r\nA business that is negatively impacted by crime can't grow, and will inevitably shrink and possibly collapse. Companies should consider investing in security, mainly because of how crime can adversely affect a business's long-term growth projections.
\r\nCriminal activity tends to impact the performance of small and medium enterprises negatively. As the journal Tourism Economics reports, a study based in Latin America finds that there is a negative correlation between increased crime rate and small business growth. How then does a business deal with the problem of crime while at the same time remaining profitable? The key to this discussion lies in how the business approaches its security.
\r\n\r\n\r\n
\r\n\r\nWhy Business Security Is Important for Growth
\r\nThe first thing a small business must secure is its operating location. The real-world situation of a company is of extreme importance to its growth. Securing that property should be the business's first step. There are several ways companies can go about securing their premises, including the following:
\r\nThe standard locks that a commercial building comes with are usually not made to deal with dedicated criminals. Most commercial rental properties will allow tenants to change locks, once the owner also gets a key. Replacing the standard bolts that a location has with more sophisticated locks should be among the first changes a business makes to ensure its continued security.
\r\nSurveillance of a commercial property can add to the safety of the premises as well as serve as a deterrent to criminals. It is important to note, according to Security Instrument, that a commercial-grade security camera is different from a consumer-grade camera, and one should not be used to replace the other. Security cameras offer peace of mind, and many systems come with an option for the user to log in to the system remotely and view cameras from anywhere with an internet connection.
\r\nThe age of klaxon alarms to alert the surrounding regions of a break-in seems to be coming to an end. However, that doesn't mean the need for security alarms has waned. Instead, companies have started investing in alarms that send notifications directly to security firms, which can then delegate an armed response if necessary. Some businesses may not require that level of security, but having an alarm that alerts local law enforcement should be high on the list of improvements to any commercial property location.
\r\nDealing with vendors is part and parcel of being in business, but being aware of the risks that come with letting a vendor's registered personnel onto the premises should be considered beforehand. In a 2018 survey, SHRM found that as many as 95% of respondents indicated that they did at least one form of screening on employees to determine whether their background was suitable for the job. Understanding the hiring process for vendors can alleviate the risk the company may find itself in. Ideally, businesses should try to avoid interacting with vendors that don't have transparent hiring practices.
\r\nWhile physical security is a significant factor, a company would do well not to overlook the safety of its data. Even physical locations require proper data security, or else they risk falling prey to malicious users that can potentially steal customer data. Data breaches could lead to a loss of business, and potential legal action by affected users, which would negatively impact the growth of the company. These are some of the steps enterprises can take regarding their online security:
\r\nCNBC mentions that the most substantial cybersecurity risk facing U.S. businesses stems from employee negligence. While proper training might lower this risk factor, employee screening that deals with potential employees who fail to follow security protocols exactly can also minimize the exposure to risk from this direction. Businesses should deal with training employees in the underlying security measures necessary to protect company data.
\r\nInstalling a cybersecurity system does have a significant impact on whether hackers consider the business worth breaking into. Small businesses tend to be the easiest targets for malicious users because they offer a similar prize to large corporate structures, but without the level of security that corporations invest in. The more complicated a system is to crack, the less attractive it is for a hacker to spend time and effort on it. By having a basic cybersecurity system, a business is already working to deter hackers from trying to gain access to its data.
\r\nIf there are remote workers associated with the business or sensitive data that needs to be sent to anywhere online, there will be a risk of a data breach by interception. VPNs have long been a bastion for those users who seek anonymity online but more than that, it can be used to protect a business from falling prey to interception attacks. VPN's create a direct tunnel between the source location and target location so that data is sent directly from sender to recipient without any third party having access to that data while it is in transit. For businesses, this adds a layer of impenetrable security to their data transmission.
\r\nBusiness prosperity is directly proportional to the company's profitability. The more security breaches it has, both offline and online, the less profitable the business stands to be since it will be losing money dealing with restoring systems and appeasing customers. Security is a preventative measure to ensure that the company can withstand attempts to get access to its data or premises. It's an investment that sees a return by allowing the business to be profitable instead of having to reinvest profits into mitigation and settlements. It might not be such a prominent contributor to the growth of an enterprise, but without security, the business would likely fail because of an inability to deal with the constant threats on its location or customer information.
\n","docType":"article","guid":"articles_1e0af063e238557f034661b98163039a","lastModified":"2019-07-18T16:00:00.000Z","published":"2019-07-18T16:00:00.000Z","structuredData":null,"subtitle":"Learn how security can lead to profits for your business.","template":"legacy","title":"Why Business Security Is Important for Growth","type":"article","author":{"avatar":null,"bio":"I'm a serial entrepreneur and owner of three internet ventures, including My SEO Sucks. A contributor to ZeroHedge, Entrepreneur.com, Forbes, Inc.com, and dozens of other media outlets, I believe in SEO as a product. I developed a proprietary technology fueling the #1 rankings of My SEO Sucks clients. In guest speaking ventures across North American, I advocate for organic search traffic as the backbone of any comprehensive digital marketing strategy.","name":"Chris Porteous","image":null,"slug":null,"social":{"facebook":"https://www.facebook.com/chris.porteous","linkedin":"https://www.linkedin.com/in/chris-porteous-9594323/","twitter":"https://twitter.com/framestr","website":"https://www.framestr.com/"},"status":"enabled","title":null,"type":"New BDC Member","user":{"imagePath":"https://staging.business.com/images/uploads/user/profile/4f8eb7656123e1b3e55eefc1e923dc43b305b.jpg","profile":{"company":"Framestr","jobTitle":"Co-founder and CEO","website":"https://myseosucks.com"}}},"breadcrumbs":null,"channels":{"primary":{"name":"Technology","slug":"technology"},"sub":{"name":"Security","slug":"security"}},"meta":{"robots":"index, follow","description":"Business security, both online and on location, contribute to a company's profitability. Find out how.","title":"Business Security: Why It Can Help Your Company Grow - business.com"},"parsedContent":{"toc":[{"id":"physical-business-security-measures","title":"Physical business security measures"},{"id":"online-business-security-measures","title":"Online business security measures"},{"id":"why-invest-in-security","title":"Why invest in security?"}],"json":[{"component":"p","children":["The Journal of Management and Marketing Research mentions that as many as 30% of business failures may be due in part to criminal activity."]},{"component":"p","children":["A business that is negatively impacted by crime can't grow, and will inevitably shrink and possibly collapse. Companies should consider investing in security, mainly because of how crime can adversely affect a business's long-term growth projections."]},{"component":"p","children":["Criminal activity tends to impact the performance of small and medium enterprises negatively. As the journal Tourism Economics reports, a study based in Latin America finds that there is a ",{"component":"a","props":{"href":"https://journals.sagepub.com/doi/abs/10.1177/1354816616657940","target":"_blank","rel":"noopener external nofollow"},"children":["negative correlation"]}," between increased crime rate and small business growth. How then does a business deal with the problem of crime while at the same time remaining profitable? The key to this discussion lies in how the business approaches its security."]},{"component":"p","children":[{"component":"QtWidget","props":{"bdcQtWidget":"","qtPubId":"1000","qtOfferGroupId":"152"}},{"component":"script","children":["window.bdcQtWidget.init();"]}]},{"component":"p","children":["Why Business Security Is Important for Growth"]},{"component":"div","props":{"id":"ad_leaderboard"},"children":[" "]},{"component":"h2","props":{"id":"physical-business-security-measures"},"children":["Physical business security measures"]},{"component":"p","children":["The first thing a small business must secure is its operating location. The real-world situation of a company is of extreme importance to its growth. Securing that property should be the business's first step. There are several ways companies can go about securing their premises, including the following:"]},{"component":"h3","children":["Industrial-strength locks"]},{"component":"p","children":["The standard locks that a commercial building comes with are usually not made to deal with dedicated criminals. Most commercial rental properties will allow tenants to change locks, once the owner also gets a key. Replacing the standard bolts that a location has with more sophisticated locks should be among the first changes a business makes to ensure its continued security."]},{"component":"h3","children":["Security cameras"]},{"component":"p","children":["Surveillance of a commercial property can add to the safety of the premises as well as serve as a deterrent to criminals. It is important to note, according to ",{"component":"a","props":{"href":"https://www.securityinstrument.com/consumer-grade-camera-systems-not-meant-commercial-security-camera-applications/","target":"_blank","rel":"noopener external nofollow"},"children":["Security Instrument"]},", that a commercial-grade security camera is different from a consumer-grade camera, and one should not be used to replace the other. Security cameras offer peace of mind, and many systems come with an option for the user to log in to the system remotely and view cameras from anywhere with an internet connection."]},{"component":"h3","children":["Alarm systems"]},{"component":"p","children":["The age of klaxon alarms to alert the surrounding regions of a break-in seems to be coming to an end. However, that doesn't mean the need for security alarms has waned. Instead, companies have started investing in alarms that send notifications directly to security firms, which can then delegate an armed response if necessary. Some businesses may not require that level of security, but having an alarm that alerts local law enforcement should be high on the list of improvements to any commercial property location."]},{"component":"h3","children":["Security checks on external personnel"]},{"component":"p","children":["Dealing with vendors is part and parcel of being in business, but being aware of the risks that come with letting a vendor's registered personnel onto the premises should be considered beforehand. In a 2018 survey, SHRM found that as many as ",{"component":"a","props":{"href":"https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/conductingbackgroundinvestigations.aspx","target":"_blank","rel":"noopener external nofollow"},"children":["95% of respondents"]}," indicated that they did at least one form of screening on employees to determine whether their background was suitable for the job. Understanding the hiring process for vendors can alleviate the risk the company may find itself in. Ideally, businesses should try to avoid interacting with vendors that don't have transparent hiring practices."]},{"component":"div","props":{"id":"in-article-vca-2"},"children":[" "]},{"component":"h2","props":{"id":"online-business-security-measures"},"children":["Online business security measures"]},{"component":"p","children":["While physical security is a significant factor, a company would do well not to overlook the safety of its data. Even physical locations require proper data security, or else they risk falling prey to malicious users that can potentially steal customer data. Data breaches could lead to a loss of business, and potential legal action by affected users, which would negatively impact the growth of the company. These are some of the steps enterprises can take regarding their online security:"]},{"component":"h3","children":["Training employees in data security"]},{"component":"p","children":["CNBC mentions that the ",{"component":"a","props":{"href":"https://www.cnbc.com/2018/06/21/the-biggest-cybersecurity-risk-to-us-businesses-is-employee-negligence-study-says.html","target":"_blank","rel":"noopener external nofollow"},"children":["most substantial cybersecurity risk"]}," facing U.S. businesses stems from employee negligence. While proper training might lower this risk factor, employee screening that deals with potential employees who fail to follow security protocols exactly can also minimize the exposure to risk from this direction. Businesses should deal with training employees in the underlying security measures necessary to protect company data."]},{"component":"h3","children":["Cybersecurity infrastructure"]},{"component":"p","children":["Installing a cybersecurity system does have a significant impact on whether hackers consider the business worth breaking into. Small businesses tend to be the easiest targets for malicious users because they offer a similar prize to large corporate structures, but without the level of security that corporations invest in. The more complicated a system is to crack, the less attractive it is for a hacker to spend time and effort on it. By having a basic cybersecurity system, a business is already working to deter hackers from trying to gain access to its data."]},{"component":"h3","children":["Virtual private networks (VPNs)"]},{"component":"p","children":["If there are remote workers associated with the business or sensitive data that needs to be sent to anywhere online, there will be a risk of a data breach by interception. VPNs have long been a bastion for those users who seek ",{"component":"a","props":{"href":"https://cindysnewmexicollcs.com/Private-and-Anonymous-LLC","target":"_blank","rel":"noopener nofollow"},"children":["anonymity"]}," online but more than that, it can be used to protect a business from falling prey to interception attacks. VPN's create a direct tunnel between the source location and target location so that data is sent directly from sender to recipient without any third party having access to that data while it is in transit. For businesses, this adds a layer of impenetrable security to their data transmission."]},{"component":"h2","props":{"id":"why-invest-in-security"},"children":["Why invest in security?"]},{"component":"p","children":["Business prosperity is directly proportional to the company's profitability. The more security breaches it has, both offline and online, the less profitable the business stands to be since it will be losing money dealing with restoring systems and appeasing customers. Security is a preventative measure to ensure that the company can withstand attempts to get access to its data or premises. It's an investment that sees a return by allowing the business to be profitable instead of having to reinvest profits into mitigation and settlements. It might not be such a prominent contributor to the growth of an enterprise, but without security, the business would likely fail because of an inability to deal with the constant threats on its location or customer information."]}]},"resource":null,"sponsorship":{"sponsorType":"no-sponsor","name":null,"thumbnail":null,"bio":null,"slug":null,"status":null,"social":{"website":null,"linkedin":null,"twitter":null,"facebook":null}},"thumbnail":{"path":"https://staging.business.com/images/content/5d2/e00df7b43744a538b4582/1500-0-","caption":"Mr. Suchat / Shutterstock","isBlurred":true},"bestPicks":null},"related":{"relatedArticles":[{"title":"Cloud Encryption: Using Data Encryption in The Cloud","canonical":"https://www.business.com/articles/cloud-data-encryption/","slug":"cloud-data-encryption","thumbnail":"https://www.business.com/images/content/5d0/8eac17b437482458b4578/1500-0-","dek":"Data security remains a top concern in cloud adoption.","lastModified":"2018-07-03T12:10:00Z","published":"2018-07-03T12:10:00Z","sponsored":false},{"title":"PowerShell: Everything You Need to Know","canonical":"https://www.business.com/articles/powershell-everything-you-need-to-know/","slug":"powershell-everything-you-need-to-know","thumbnail":"https://www.business.com/images/content/5b8/998581039eb8f738b457b/1500-0-","dek":"What you need to know to unlock Microsoft PowerShell's full capabilities.","lastModified":"2018-09-05T17:00:00Z","published":"2018-09-05T17:00:00Z","sponsored":false},{"title":"Biometrics and the Future: What It Means for Small Businesses","canonical":"https://www.business.com/articles/biometrics-facial-recognition-small-business/","slug":"biometrics-facial-recognition-small-business","thumbnail":"https://www.business.com/images/content/5ad/744c11039eb027a8b4599/1500-0-","dek":"Biometrics are popping up everywhere. Find out why it's good for business.","lastModified":"2018-04-19T12:40:00Z","published":"2018-04-19T12:40:00Z","sponsored":false},{"title":"Decoding the Hierarchy of Data Protection","canonical":"https://www.business.com/articles/data-protection-hierarchy/","slug":"data-protection-hierarchy","thumbnail":"https://www.business.com/images/content/5ad/e2b331039eba5148b456a/1500-0-","dek":"What are your options for protecting your data and how do you decide on a strategy?","lastModified":"2018-04-23T19:00:00Z","published":"2018-04-23T19:00:00Z","sponsored":false},{"title":"5 Tips for Developing a More Secure IoT Policy for Your Organization","canonical":"https://www.business.com/articles/developing-a-more-secure-iot-policy/","slug":"developing-a-more-secure-iot-policy","thumbnail":"https://www.business.com/images/content/5a8/320ed51ee478b128b4568/1500-0-","dek":"Eliminate vulnerabilities, strengthen your data and protect your business.","lastModified":"2018-02-13T08:00:00Z","published":"2018-02-13T08:00:00Z","sponsored":false},{"title":"8 Important Cybersecurity Measures for Small Businesses","canonical":"https://www.business.com/articles/cybersecurity-measures-for-small-businesses/","slug":"cybersecurity-measures-for-small-businesses","thumbnail":"https://www.business.com/images/content/5dc/867c77b43740d048b4567/1500-0-","dek":"Data theft is still a major headache though massive strides are being made to curb this menace. Security starts with you.","lastModified":"2019-11-11T14:00:00Z","published":"2019-11-11T14:00:00Z","sponsored":false},{"title":"Bolster Your Data Security Strategy with Intelligent Data Loss Prevention Software","canonical":"https://www.business.com/articles/dlp-software-data-security/","slug":"dlp-software-data-security","thumbnail":"https://www.business.com/images/content/5b8/035861039eba87e8b4569/1500-0-","dek":"Data is your business's most valuable asset.","lastModified":"2018-08-24T07:00:00Z","published":"2018-08-24T07:00:00Z","sponsored":false},{"title":"How to Select the Right Encryption Key Management Solution","canonical":"https://www.business.com/articles/encryption-key-management-considerations/","slug":"encryption-key-management-considerations","thumbnail":"https://www.business.com/images/content/5b3/b6aae92a3a480118b457d/1500-0-","dek":"Encryption key management is a necessary component of effective data protection.","lastModified":"2018-07-03T12:06:00Z","published":"2018-07-03T12:06:00Z","sponsored":false},{"title":"Endpoint Protection vs. Anti-Malware: What You Need to Know","canonical":"https://www.business.com/articles/endpoint-protection-vs-anti-malware-business/","slug":"endpoint-protection-vs-anti-malware-business","thumbnail":"https://www.business.com/images/content/5ad/527d892a3a45a3e8b4592/1500-0-","dek":"Learn which cybersecurity solution is best for your business.","lastModified":"2017-04-17T12:00:00Z","published":"2017-04-17T12:00:00Z","sponsored":false},{"title":"Considering Automation for Your SMB? 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