Protecting Your Business in the Digital Age

Businesses today are heavily dependent on digital services and must maintain a bold online presence to succeed and remain competitive in their industries. However, this digital presence leaves you vulnerable to security and privacy threats. There are, however, some steps you can take to provide a high level of security for your business and customers. Check out these six ways to protect your business from common internet security issues.

Install Monitored Security Services

Anyone with an internet presence is a target for cybercriminals and hackers. Whether you have a small business or a large enterprise, you need a security system that monitors activities around the clock. Adequate security services can immediately detect and respond to illegal activities to preserve the integrity of secured information and prevent data breaches. 

When selecting security services, be certain the company has a solid reputation for customer service, security features, and reliability. Your company’s first line of defense is your security service provider. They should match your needs in terms of a hybrid environment, cloud environment, or on-site style security.

Always Use Contracts

Sound contracts are an essential asset for businesses operating an online business. This applies to all business transactions, of course, but it’s particularly important when conducting business online.

Always use contracts with third-party service providers, customers, and other entities involved in your business’s daily processes or financial interests. It helps to have a reliable attorney or firm working with your business to ensure you have rock-solid contracts that protect you from potential adverse impacts, while also protecting the other party’s interests. Plus, smooth transactions with clear expectations for all parties help maintain a stable reputation and ensure fewer issues. 

Anti-Money Laundering (AML) Compliance

Anti-money laundering or AML compliance is essential for protecting a business from liability. These laws and regulations help prevent criminals and hackers from producing income via their online activities. For example, the Bank Secrecy Act (BSA) states that any financial institution must comply to ensure the safety and security of customer information.

This information means software needs to be in place to detect suspicious activity and ensure it’s prevented in the future. Having the right service to monitor financial activities is essential for preventing crimes. Companies like Jumio provide these AML compliance services to businesses to increase their security and protect their online presence.

Take Advantage of Cloud Services

Using today’s cloud services is a safer and more reliable way to conduct business. Individuals who opt not to use cloud services risk losing critical business data due to hacking attempts or network outages. Cloud services offer a reliable way to securely transfer, access, and store data. It ensures only those with proper credentials can access sensitive or private information and data critical to the security of a company or institution. 

Using cloud services combined with specialized security can help protect all your business interests, including customer and supplier information. It provides a secure layer of protection that helps prevent data breaches that can cost significant amounts in fines, fees, and even lawsuits, not to mention lost time, energy, and business.

Secure Your Domain

One of the first steps to secure your company is to verify your domain name is protected. Be certain no one else has claimed your company’s name or entity information. Go online and claim your business with Google or other major search engines to place a layer of protection around your company’s online presence. You can even buy related domain names with various spellings, such as patscookingschool.com, patscookingschoolnewyork.com, patscookingschoolnyc.com, and so on.

If you’re just getting started, it’s also essential to create a legally valid business entity to go along with your domain and your online information.

Purchase Business Insurance

Business insurance is a powerful tool to help prevent financial losses due to online criminal activity or other catastrophic events that can seriously impact a company’s viability. There are many types of business insurance on the market today, and they’re not all alike. Be sure to choose insurance that covers any online business risks.

This insurance is especially important if your company stores personal identification information and are required to conform to compliance laws and regulations. This includes General Data Protection Regulation (GDPR) laws if your company serves customers in the European Union (EU) and the European Economic Area (EEA). Without adequate business insurance, a company may be liable for fines or fees incurred by data breaches that result from online hackers. Additionally, the company will be responsible for any expenses involved if there are financial losses related to an outage or other event.

Final Considerations

Any company with an online presence needs to consider all possibilities for data breaches, security issues, or losses resulting from errors or criminal activity. There are many ways an online business can protect itself, such as acquiring security services and business insurance, using sound business contracts, ensuring AML compliance, securing your domain name, and using cloud services. These practical measures are among the top methods for security and safety and apply to any company in any industry found online.