Business Security; More Important than Ever
Following the recent Target data breach that affected millions of consumers, many are wondering what transactions are safe. Scrutiny has increased along with the realization that no company is 100% safe.
As a business owner, how can you be sure your consumer information and transactions are secure? The hackers that stole information from Target accessed credit information through information stolen from vendors. This means that while a company may take proper measures, if those measures do not extend to vendors and other business relationships, even the most secure company could be at risk.
Consider the steps below; the time to increase or implement vendor security measures, especially online, is now.
1. Put a Priority on Security Right Away
As a business owner, especially one involved in retail or product fulfillment, there are times when sensitive information must be shared with supply chain partners and vendors; this means that if a breach happens within one of these companies, your customer information could be at risk.
Start researching your options today. Talk to a business law attorney who has your company’s best interests in mind, and create a plan. Look into the security measures your vendors currently have in place and try to find loopholes to address and remedy.
2. Perform Drills
One of the best places to start when addressing online security concerns is with employees. Options exist for business owners to have fake “phishing” emails sent to employees to test security habits. These training sessions offer valuable insight to business owners and provide lessons in proper online habits to employees.
Consider what would happen if a breach would happen. Is your company prepared? How would you respond? By having a plan in place should the worst case scenario arise, you’ll be better prepared regardless of the circumstance. Your response could determine whether your business would survive a potential online security attack.
3. Evaluate and Make Changes to Your Vendor Contracts
By taking the time to add cybersecurity requirements into your vendor contracts through a clause or a separate agreement, you’re better prepared for communicating expectations and preparation from the start, before anything is signed or official.
When requirements are contractual, you’re protecting your consumers and your business from potential risk. The importance of this cannot be overstated.
Is your business prepared to prevent and respond to potential security breaches and concerns? Set up a consultation with an experienced Attorney - Michael Hynum of Hynum Law - today to learn more and to be better prepared for the future. By protecting your customers, you’re protecting your business as well.