Small businesses have as much chance nowadays to enter the international market. With the use of outsourcing, various marketing strategies and the internet, globalization can be a reality rather than a far-fetched dream for entrepreneurs. But with the prevalence of cyber crimes, it can be a risky move especially for small business owners since they have more to lose compared to their larger counterparts.
Cyber crimes can be perpetuated by anyone, anywhere. The reasons may vary but it all boils down to one thing: loss of data and a probable cause for loss of business.
Cyber crimes are acts which are aided and abetted by the use of computers and the internet. Such criminal acts differ in range from the mundane (viruses which can be detected and quarantined by your trusty antivirus program) to the sinister (such as hacking into your system, identity theft, espionage among others).
A global business means that you operate your business in another country from your home country. More than anything, the global business owner maximizes virtual tools to ensure smooth business operations. Because of this dependence, there is a call for business leaders to address cybersecurity.
Risks to Businesses:
- Substantial damage to a company’s reputation
- Loss of customers
- Decrease in Market Value
- Financial Fraud
- Data Loss
Last month alone, the Australian Broadcasting Corporation reported that there had been a massive hack of 4000 Australian businesses. According to the same report, there were data that were unrecoverable. Large enterprises might be able to get out of that terrible jam but if that were to happen to small businesses, they would be more likely to fold.
As people embrace technology to find different ways to ensure success, there are those who use the same technology to bring about destruction and mayhem in an effort to make a quick buck. It is unfortunate that crimes could also be globalized. While lawmakers are trying their best to contain these crimes, those criminals are still on the prowl and ready to pounce on anybody. One of the ways to foil vulnerability is to recognize the threats and plan accordingly. Check out ways to protect your business from cybercriminals and don’t ever make the assumption that it can’t and won’t happen to you or to your business. After all, an ounce of prevention is worth a pound of cure.