Crises were often the starting point for many successful companies. Starting companies during times of crisis often provides an essential lesson to entrepreneurs- Innovation cannot and should not be deterred by crises.
Established companies and other small-scale businesses have recovered—albeit slowly—from the pandemic-induced economic conditions. However, launching a business, an already cumbersome process, has become more tedious in the pandemic. Moreover, with the increasing incorporation of businesses with the digital operating environment, new businesses and entrepreneurs are vulnerable to the risks involved while working with a distributed workforce.
When companies start, security is accorded the highest importance. Security systems and locks have been crucial to the security infrastructure of any company. With the rise of the digital environment, the importance of security, more specifically cybersecurity, has become vital, provided that attackers can come from anywhere at any time. Reports show that more than half of small-scale businesses are forced to shut down due to dwindling profits after a cyber-attack due to the cost of recovery, damage to reputation, and revenue loss.
Therefore, cybersecurity is an area that businesses cannot compromise. Companies should divert a significant amount of resources towards dealing with prominent sources of cyberattack vulnerability- accidents and errors, negligence, malice, and ignorance. Reports have shown that a quarter of all data breaches can be attributed to human error. The IT infrastructure, company data, and accounts are at risk of cyber attacks as employees rarely change their passwords. Companies should remember that the threat of a cyber attack might be lurking around the corner-it could be a hacker from outside the country or even an employee. The digital environment is rife with phishing and other scams, and digitally ignorant employees can be the conduit for hackers to enter a company’s security system.
Talks about productivity are misunderstood to imply hard work or getting as much work as possible don. However, the highly demanding work environment of businesses may require tweaking from the company to enhance the productivity of its employees. A computer monitoring system is the most effective way to do so. It can monitor employee computer activity, providing insights into employee behavior and make changes accordingly.
The pandemic may have provided fertile ground for companies to venture into digital platforms. However, compliance with data privacy regulations is essential, lest the company faces the threat of data violation. The GDPR, the CCPA, and other privacy regulations have provided the bedrock from which data privacy regulations in the digital domain work.
Most importantly, companies should build their privacy regulations from scratch. Compliance is a core facet for any business and upholds the image of a responsible business.