Save Your Company from These Top Three Devastating Money-Losing Scenarios

Businesses are built from the ground up. They take years of planning, resources, hard work, and talent in order to succeed. They are complicated structures that rely on data and relationships in order to operate, and strategic planning, operating, and marketing in order to succeed. It is a rarity to create a company that becomes a success, which is why if you don’t know how to best protect your website, you could experience a loss of revenue, or even the entire loss of your company. Protect yourself from these top three devastating money-losing scenarios today:

A Cyberattack

If there is one scenario that far too many companies underestimate, it is that of a cyber attack. There are two main branches to a cyberattack; one, that they steal and sell your customer’s private information, two, they hold your data hostage. This second is known as ransomware, where if you don’t pay the hacker, they can and will delete your data, costing your money or even putting you out of business in the process.

How Do You Protect Yourself?

To protect yourself from a cyberattack you need to ensure your business has all the latest in cybersecurity. This will mean one of three things:

    1. That your anti-virus and firewall software is top-notch and updated regularly.
    2. That your website has industry standard encryption.
    3. That you know how to better protect your cloud data. If you use Amazon Web Services, for example, you will need to implement AWS Cloud Security measures Amazon might be responsible for the security, but it cannot protect you from misusing its security options. Know how to protect your data, and how to plan for the worst-case scenario, and you can avoid the worst brunt of a cyberattack.

A PR Scandal

All news is good news, except when it turns public opinion against you and your customers start to boycott your brand. Though in reality if you offer a good product at a good price, the chances of you losing all of your customers due to a boycott is slim, but it could happen. The worst part is that damages occur over time, so just as you think you are in the clear, your revenue starts dropping.

How Do You Protect Yourself?

PR scandals are usually avoided by implementing the right policies from the start, that way if an employee acts out of line that gains attention, you can refer to your already established guidelines to assure customers that this is not normal. Otherwise, make changes immediately to rectify the situation.

An Expensive Lawsuit

The worst-case scenario to a PR scandal is a lawsuit. With enough traction and enough plaintiffs, this could result in millions of dollars of loss. Changing your guidelines after the fact can help stop more lawsuits from coming in, but it won’t change the ones already presented.

How Do You Protect Yourself?

To avoid being in a lawsuit, check your guidelines, policies and actions for any areas where negligence or criminal misconduct could develop.

Don’t risk your company, and protect yourself. It is always cheaper to make the necessary changes before any of these scenarios occur, so start today.