Businesses that don’t consider the cost of poor security are behind the times. The losses for a small business recovering from a breach in a cyber security alone total $36,000 on average. There are a variety of reasons to invest in strong security, but if nothing else convinces you, consider the financial risks involved.
Here are key ways security measures can improve your financial outlook:
1.An Extra Level of Insurance on Valuables
By implementing a security system at your business, you have an additional safeguard to protect valuable items from theft and damage. Alarm systems and video monitoring mean less chance of loss, which equals savings.
Some insurance providers will even offer discounts on their coverage based on the security measures your business has in place.
2.Securing Data Means Savings in the Long Run
Businesses were expected to lose $445 billion to cybercrime in 2016. Consider the losses of being hacked. Not only must you pay to recoup lost data, you also lose customer trust, resulting in innumerable lost revenue over time.
3. Less Need to Hire More Employees
Choose a security provider that connects you to a monitoring center, and you’re guaranteed professional dispatchers to assess your situation in an emergency. With a monitoring center, you eliminate the need for a part-time security guard.
4. Reduced Financial Losses from Human Error
Employees sometimes make costly mistakes. Consider how a security system can prevent these losses. For example, if an employee forgets to close a door to a restricted area, an alarm will sound, reducing the chances that intruders will gain access to your valuable items.
5.Less Chance for Mother Nature to Claim Losses
When you choose a security system with environmental monitoring capabilities, you will be notified if a natural disaster threatens your business. Fire, flood and severe weather can cripple a business’s bottom line, but security can prevent devastating losses.
Your company’s financial outlook depends on good general business practices. To improve financial standings, lean on security for unexpected savings.
What are some more ways security improves a business’s finances? Share your thoughts in the comments below!