To answer the question of the title simply, it should be stated that: yes, businesses are more at risk of being targeted by criminals than private citizens and public sector entities. This is simply because it’s assumed there is more of value to take from a business. As such, we’re going to look at the major criminal risks facing your business and how to make sure that you’re protected.
If you have any physical assets of worth, be they retail goods, business equipment, or digital hardware, then there is a real risk of theft. Investing in the physical protection that you need is crucial. Smart CCTV systems linked up to digital alarm systems can help you spot and act on signs of theft as early as possible. Ensure that you’re protecting against internal loss caused by theft from employees, as well. Use an inventory management system to ensure you track every asset and know where it is located at all times and who has access to it. For higher value assets, consider using GPS trackers so that, even if stolen, you can track them down and get them returned in more cases.
For businesses that conduct any kind of high-value transactions, there is always the risk of fraud. Thankfully, there are a lot of ways to protect yourself from it, as well. Ensure you safeguard access to any financial accounts, by making sure that they require multiple layers of authentication to access and by doing employee background checks to make sure you’re not being targeted by career criminals. Investigation software can help you make better use of the reams of data that modern businesses tend to have to deal with, making it easier to find the facts behind a case of fraud. Lastly, make sure that you invest in fraud protection insurance so that any costs you do accrue can at least be recouped.
More and more businesses are relying on increasing levels of digital technology, meaning that we tend to store more valuable data on digital systems and also need them to carry out core business functions. As such, preventing hacking attempts is crucial. Make sure you work with a digital security expert to find and close vulnerabilities in all your hardware, software, and networks. Teach your employees the importance of good cybersecurity practices such as password security and never leaving their terminals open and accessible to anyone who might find it. One of the latest threats, ransomware, also shows the importance of investing in enterprise-strength anti-malware software. There is a digital threat race ongoing, and you need to be continually improving your defenses to make sure you don’t get left behind.
Assume that your business is at risk of being targeted by criminals, then figure out what those risks are and make sure that you’re doing what you can to protect against them. Whether it’s theft, cybercrime, fraud, or otherwise, you can’t let your business stay vulnerable. Complete your risk assessment and find what kind of protections you must invest in.