October is all about security - 5 Reasons to Prioritize Security in Your Business

As a business owner, the safety and security of your company should be a top priority. With October being National Cybersecurity Awareness Month, it's a great opportunity to focus on the importance of security measures in your business. If you're wondering why security is vital to any business, let me share some insight. Protecting your company, employees, and customers from cyberattacks, data breaches, identity theft, and physical damage should be a significant concern for every business owner. In this blog post, we will dive into why you need to prioritize security in your organization and some steps you can take to make it happen.

1. Building Trust with Clients and Partners:

This is our #1 concern. Always. Security plays a vital role in building trust with your clientele and partners. In today's age of data breaches and cyberattacks, customers are more aware than ever of the potential risks and prioritize working with companies that take security seriously. A solid security program can help you demonstrate to your clients that you value their privacy and are committed to securing their data. Additionally, a reputation for having excellent security measures can help you attract new clients and build long-lasting business relationships based on trust.
Here are some of the protocols we put in place for our company:

• Clients' sensitive information (i.e., social security numbers, birthdays, and credit card information) is saved in 1Password and only available to the C-Suite. 1Password is an encrypted software secured with a password and a secret key (a 128-bit, machine-generated code that’s mathematically infeasible to crack).

• All passwords are saved in this software and shared only with the relevant individuals. We can organize the passwords by clients and security levels to limit access.

• All employees undergo a federal and state background check.

• Cybersecurity insurance coverage.

  2. Protection of Assets:
  

First and foremost, security is essential because it helps protect your assets. As a business owner, your company's assets - including intellectual property, confidential data, equipment, and inventory - must be shielded from theft and damage. A security breach can cost you dearly, not just financially but also regarding lost revenue, reputational damage, and legal penalties. By prioritizing security, you can prevent unauthorized access to your assets and ensure their safety, preserving your business's continuity and future success.
At Connected Accounting, we enforce:

• The use of company-owned laptops for all employees to run software updates,  antivirus, VPNs, and firewalls to protect against malware and unauthorized access.

• Complex password formats and required updates every 90 days on key software.

• 2-FA for any software allowing it.

• Accounting software is hosted on the Amazon servers.
  

  3. Compliance with Laws and Regulations:
  

Another significant reason to maintain robust security measures is to comply with laws, regulations, and industry standards. Many businesses are subject to federal, state, and local laws, such as HIPAA, PCI-DSS, and GDPR, that dictate how to use, collect, and store sensitive information. Failure to adhere to these regulations can result in fines, lawsuits, and even imprisonment. By investing in proper security measures, such as firewalls and encryption, you can minimize the risk of noncompliance and avoid legal troubles.

4. Employee Safety and Protection:

Your employees are the backbone of your business, and their safety should be a critical concern for you. If you have a physical workplace, you can reduce any risks to employee safety by implementing security cameras, securing doors and windows, and having emergency plans in place. By securing your company's sensitive information, you also protect your employees and their families from identity theft or fraud, further enhancing your workplace culture.

5. Improve Operational Efficiency:

Lastly, ensuring your business is secure can also lead to operational efficiency. By streamlining your security processes, securing your data, and safeguarding your assets, you can save time, reduce the risk of human error, and allocate resources more effectively. This improved efficiency not only creates a more positive work culture but can also contribute to the long-term success of your business, increasing productivity and driving growth.

Our COO, Nicole Meloni, implemented key security training and protocols:

• Security training and scenario exercises.

• Test emails are sent to employees as tests to see if they click on dangerous links or attachments.

• Emergency protocols if we get hacked.

Conclusion:
Prioritizing security in your business is not just about taking precautionary measures to secure your assets and data. It's also about building trust with your clients and partners and creating a culture that values employee safety and protection. The reasons outlined in this post are just a few of the crucial aspects of why security matters to businesses of all sizes. As a business owner, you must take a proactive approach to security. By doing so, you'll be taking the first step to safeguarding the future of your business.