Why Your Business Should Have an Information Protection Policy

Information is the essence of all businesses, but many business vendors and senior managers often oversee the security of their business data to focus on what they contemplate more significant; “the generation of revenue.” Many even know the risk much in advance but take on the temperament, “It will never happen to us.” Then the foreseeable happens.

Experience has recognized that the disdain for the protection of business information is disastrous. The minutest vulnerability in a business’s Information Security System (ISS) can and does cause businesses thousands, even billions of dollars in financial loss each day. Experts have found that in the mainstream of the cases involving “loss” from the theft of data that the business stakeholders or managers were cognisant that potential breaches existed and did nothing to correct the issue. Specialists also point out that in 99% of the cases that the cost to fix the breach would have been thousands to millions of dollars cheaper than the harm the business sustained from the gap itself.

These are the top reasons businesses of all sizes should have adynamic and progressive Information Security System (ISS) and Information Security Management System (ISMS) in record.

• Loss of reputation/image/goodwill

Taking a hit in the pocket could be immoral but not as half as bad as taking a knock to your reputation. Business firms can recover from loss of revenue quickly but repairing your business repute can cost stellar time, effort and money. The implications are devastating in most cases.

• Loss of competitive benefit in one product/service

When you have been working enthusiastically to stay ahead of the game but your competitor beats you to the finish line consistently, “There’s a hole in your boat.” The leaking of trade strategies, product distribution timelines and other business processes can completely disrupt a business and destroy its competitive advantage.” A decade ago there was a renowned case of information theft concerning an employee from a major player. That employee stole trade data and conspired to sell it to another competitor for more than million dollars. The employee was detained after the competitor turned her in.

• Reduced of projected/anticipated returns or productivity

This can occur when your competitor knows your pricing approach. If they’re selling the same type of product or service as your commercial they can, and will easily out price you.

• Loss of core business technology or process

A quick Google search will give you some understanding on how businesses lose billions in the process when technology is leaked or stolen. The case of the drawn out and pricey battle of the “Cell Phone Giants” comes to mind. Do a Google search about it. There are some categorically insightful facts that you may not have known about the case.

• Loss of competitive advantage in multiple products/services

All of the above are comprehensive reasons while your business should have an active information security policy. I am of the opinion that any business that regularly loses money and fails to instrument processes to stop it, will soon be out of business. After all that is what you hired him/her for. Concentrate on making your security a”Necessary good” instead of a “Necessary evil” and dedicate a rational but flexible economical to immediately address new or unexpected security threats. It could really save you a life of annoyances, court battles and money in the end.

Below are a few recommendations that I believe will help any business to begin improving their information security process. It will also help to improve overall security in general.

General Information Security Practices

The preceding concerned security strategies for exceedingly sensitive information however, we must not oversee the need for the security of general business information. Information comes in many forms and businesses must protect them all. Here are a few more tips that I recommend to improve your current Information security policy:

• Confirm that all documents that contain personal, personnel and company data are always kept secure. This information should be left lying around on someone’s desk or in their inbox. Continually keep this type of info under lock and key and entitle a person to ensure strict liability.

• Confirm that you have an information security policy in place and share it with your entire staff. This policy should include how to file or discard company information.

• Confirm that your firm has a shredder and include shredding guidelines what should be shredded, when and by whom into your policy.

• Always make sure that someone in your organization stays abreast of current cyber threats. This person is normally the head of the IT department or your security manager. They should also certify that your anti-virus and firewall systems are regularly updated and tested. If your firm does not have a dedicated IT department of manager it wouldn’t hurt to consult with an IT Security firm to get a check-up.

• Ensure that your Information Protection policy comprises regulations pertaining to thumb drives and portable hard drives. The policy should evidently state what information can be saved or uploaded from and to the devices. Also consult with your IT department to disable the USB ports on your computers and networks if essential.

In conclusion, every business should have a Non-Disclosure Agreement which sets the prospects for your workforces as it affects to the privacy of your business affairs, procedures and materials. It also delivers the recourse for violating the policy.