Steps every business can take to guard its financial future

Here, Massive Alliance, elite cyber security experts, look at the steps businesses should take to guard their financial futures.

There isn’t a business or government on earth that is not vulnerable, in some way or another, to future cyber threats. Some are based on the volatility of financial markets and other threats come from particular people or organisations purposely intent on doing harm. Yet other threats to a company’s very existence are the result of unforeseen accidents and catastrophes which are not only hard to predict but sometimes even harder yet to guard against.

Understanding what poses a risk

Anyone who has been in business for any length of time has probably been approached by no less than a dozen insurance companies looking to sell insurance policies aimed at guarding against the potential for future loss. Risk is the motivating factor behind buying any kind of insurance, but when you are in business, there is no getting away from taking risks. If you didn’t, you wouldn’t grow. You would literally stagnate while the competition passed you by. So what are the risks that every business faces? In December 2014, Andrew Blackman, copy editor for Envato Tuts+, defined business risks as falling into five main categories which are:

  • Strategic
  • Compliance
  • Operational
  • Financial
  • Reputational

However, if a business were to succumb to any one of those risks it could be a devastating financial loss and pose a very real threat to the future of that business. Therefore, it is vital to guard against risk of any kind and oddly, there is one risk that isn’t listed here but could encompass any and all of those in Blackman’s list: cyber security.

How cyber security threatens every aspect of a business

If you have been following the news of late, it is becoming increasingly evident that every business, regardless of size, can be the object of cybercrime. Unlike days gone by when viruses plagued the Internet, today’s threats are more focused and tend to be directed at bringing an organisation down. There isn’t a day that goes by without news of some corporation being attacked by cyber criminals and some have been brought to the point of potential bankruptcy. These cyber criminals pose threats against each and every level of a company’s organisation so the threat can be aimed at any one of the above categories. Cyber threats can be aimed at a company’s strategy, legal and organisational compliance, their operations, their finances and even their reputation. While you can buy an insurance policy that can compensate to some degree for losses sustained when a business is interrupted, there is a better kind of insurance to guard your business’ financial future, and that is cyber security.

Why allow your business to be interrupted?

No matter how great your insurance coverage is, there isn’t a policy on earth that can cover all losses sustained when a business is interrupted, temporarily or permanently. This is why Massive Alliance focuses on stopping cyber threats long before they penetrate a business’ computer mainframes. With a unique and revolutionary combination of data mining, machine learning, artificial intelligence and human interpretation, digital (cyber) attacks can be blocked before they can do any harm. The best insurance is one that can provide the assurance that no threat exists that can bring your company down with the right cyber security platform.
This is the best insurance to buy and is one thing you can do to safeguard your business against financial loss. Protect your company’s intellectual and financial information and you can almost be assured your business will be operational throughout the remainder of this year and for as many years as you choose to stay in business. The steps you take to safeguard your financial future begin and end with providing the best cyber security money can buy.

Ben Lobel

Ben Lobel

Ben Lobel was the editor of SmallBusiness.co.uk from 2010 to 2018. He specialises in writing for start-up and scale-up companies in the areas of finance, marketing and HR.

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