THE TWO MOST VALUABLE ASSETS FOR A BUSINESS & HOW TO PROTECT THEM

The two most valuable assets in your business are your people and your Intellectual Property or your data. Both can cost you significant expense, time and headache if they are to walk out the door. We value and spend time protecting our hard assets like buildings, plant, machinery and vehicles so it stands to reason that we protect our two most valuable assets – our people and our data. 

Do you recognise the value of each of them? What are you doing to protect them? 

No one likes to focus on the negative and think about the worse case scenario but if there is anything that Christchurch has taught us over the last 10 years is to expect the unexpected! How well is your business prepared? 

As a business leader, you will know first hand the stress of the unexpected: earthquakes or pandemic – the unexpected can have significant impact not only the business but also you as a person. Your employees are also experiencing their own stresses. Mental health was already on the rise and the pandemic has done little to reduce this. Supporting employees with flexible working can go a long way to alleviating stress of the unexpected. 

While the pandemic has forced many businesses to address remote working, it continues to astonish us at how many businesses still do not have appropriate security measures and back ups in place. Although of course, as a Computer Culture customer there should be no excuse! 

Cybersecurity has been front of mind across many industries over the past few years, but has become especially relevant in the past year with the challenges of the pandemic and the rise of remote work. In fact, data shows that cyberattacks have risen 600% (Source: Forbes: Cyber Security Stats, 2021) as a result of the pandemic! 

These figures are certainly striking, but there is a temptation to think that it’s just big corporations that need to worry about their cybersecurity. Think again. 

We are all vulnerable to cyberattacks. After all, our bank accounts may not resemble corporate holdings or a philanthropy’s endowment, but our financial information and data can still be very valuable. Even the most basic data such as birth dates, phone numbers, addresses and email addresses can be used to steal your identity. 

Proper storage and regular backups will help protect your important information from system failures or improper use. But an increasingly complex online world means you need to also protect your data from unauthorised access, whether it’s an accidental breach by someone in your business or by a hacker. 

Ignoring cyber security threats and data breaches puts your reputation — and bottom line — at risk. 

Recovering from a cyber attack or data breach could be an expensive undertaking. Take precautions so you don’t fall victim. 

Consider doing a cyber security risk assessment about your business. It will help you identify what you value, what your risks are and how to mitigate them. 

Should the worst happen what is your backup? 

1. Literally, do you have a back up? 

2. How quickly can you get up and running? 

3. Do you have a business continuity plan? 

4. Do you have the appropriate security measures in place? 

5. Do you have Cyber security insurance? 

6. How are you protecting your employees?