How To Protect Your Online Business

Posted on Dec 12 2017 - 5:17pm by Editorial Staff

Every business needs to protect itself from threats such as theft, fraud, supplier failure, or problems occurring due to damage through wear and tear or even natural disasters.  Risk is everywhere, and the true spirit of an entrepreneur is one of a risk taker, so it is assumed you are reasonably comfortable with an element of risk; but successful entrepreneurs are always looking for ways to protect the downside.  As an example, when Richard Branson set up Virgin Airlines he made a deal with Boeing, that if things didn’t “take off”, so to speak, he could sell the aircraft back to Boeing.

When it comes to an online business things are not quite as physical, in the sense that it’s not as simple as setting up an alarm to protect from intruders, or fit loading dock safety gates to protect staff or visitors from being hurt.  Protecting your online business might be a less physical experience, yet it is just as important – as an example, think of the effect a data breach would have on your reputation as an online retailer if credit card information were to be hacked.  This article, therefore, provides 5 ways you can protect your online business.

KEEP EVERYTHING UNDER LOCK AND KEY

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You wouldn’t protect your front door with a flimsy lock and key; so why do so many business owners protect their online business with such a basic password?  Make sure you don’t use the same password for each account and use a mixture of letters, numbers and symbols.

HAVE A BACK UP

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If you’ve ever been in the position where you’ve lost important data due to hardware failure, accidental damage, or theft… then you’ll have most likely learned the hard way the value of backing up your data to the cloud.  If we compare this to an offline business, you wouldn’t keep just one copy of essential documents, you would have a number of copies, some of which would be kept in secure storage – as you would appreciate the tangible value of that asset, and be more connected with the fact such a document is perishable and vulnerable to being lost.  Keep a copy of all your work, and in particular crucial documents, in the cloud, to give you the peace of mind that all your precious data will still be there should the worst happen.

HAVE SURVEILLANCE IN PLACE

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Nobody likes the thought of their home or business being burgled, which is why many stores have security cameras in place.  You need the same for an online business.  Make sure that you have adequate protection against hackers that try to violate your online business premises.

COLLECT CASH SECURELY

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Just like how a high street store has a secure till and a safe, rather than having money laid out on the table, you need a secure way of taking payment.  PayPal and Stripe have both stood the test of time as reliable payment systems.

BE CAREFUL WHO YOU GIVE THE SAFE KEYS TO

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Imagine if KFC gave each of their staff a way to open the safe door that contains the secret 11 herbs and spices that KFC are known for!  There’s a logical need to limit what your employees have access to.  You can set permissions on most documents to those in more trusted or responsible positions… and particularly when it comes to freelancers, don’t be tempted to give your credit card details to them in order to purchase items on your behalf – and be sure to trade with trusted suppliers that are reputable and stable.

So, there we have some food for thought.  We live in a world where unfortunately security does need to be at the forefront of our mind; our instinct to trust and see the good in people is a good quality to have as a human being, but in business, it is better to be safe than sorry.  You are creating something of tremendous value, with your business, so get started today and protect it, the same way Colonel Sanders protects his world famous chicken recipe.

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Editorial Staff

Editorial Staff at I2Mag is a team of subject experts.