All businesses have sensitive data related to their sales, technological patents or marketing strategies. It can also be a software, the details of your clients or the list of ingredients of the famous dish of your restaurant. The National Retail Federation of USA estimates that shoplifting and theft by workers cost retailers over $32 billion in 2014.
In the current scenario where, cyber-crimes and data breach have become so common, such thefts, in the worst case, may lead to bankruptcy. Here are the 5 reasons businesses should invest in a security system.
1- Maintain a Professional Image
The image you portray signals an important note to your clients. It is quite likely that people form an impression about your competence from just a glance of your business place. A case of harassment or a court trial can be bad for your business. In order avoid this, you should not just focus the safety of your inventory and infrastructure, but also of your employees.
Employees are often prone to workplace harassments and sexual assaults. Taking stringent security measures at the workplace can amplify employee morale and loyalty. Installing 360 degrees camera and other latest technologies like a wireless panic button are likely to gain the confidence of customers. The panic button activates emergency services and notifies others when pressed. Further, limiting access to the cash drawers and giving customers the necessary privacy during payments build the trust in your brand.
2- Prevent Embezzlement
Surveillance cameras prevent business owners from more than just robbery. The US Chamber of Commerce speculates that a staff is 15 times more likely than a non-staff to steal from the owner of the business. Adding to your woes, a majority of the employee theft goes undetected by management. So, strengthening your security starts with efficient hiring. One should be meticulous enough to hire workers with no criminal records. As an employer, you should carefully monitor the behavior of your staffs. You may consider training them to deal with emergencies and effectively use gadgets like the wireless panic button.
In a recent study involving more than 4000 IT managers in 27 countries, it was observed that at least one in five companies reported a loss of intellectual property in a cyber-attack every year. In a response to these criminal offenses, businesses should invest in latest software updates and look out for unusual cyber activities.
3- Save On Insurance
Investment in security systems pays off in the long run. Some insurance companies offer rebates if the workplace is equipped with burglar alarms, fire alarms, and 360-degree cameras. Moreover, these security measures can prevent fraudulent insurance audits.
4- Protect your Business Against Lawsuits.
A security system can guard your business against false claims and lawsuits. Consider a scenario where you are the owner of a restaurant chain. A customer lodges a case of assault against an employee of your restaurant. In this scenario, having a surveillance camera installed in your restaurant can save you in the legal battle. Retrieving the video footage would be a great evidence.
Apart from harassment and assaults, intellectual property (IP) thefts have histories of long legal battles. For example, one of the key players in the self-driving automobile sector, Uber, was sued by Waymo over the pretense of IP theft. In order to deal with IP claims one should be meticulous enough in hiring employees. Further, IT sector businesses should backup data at every step. Laws and regulations are mercurial and one needs to acquire proper security certifications and install security systems to avoid nightmares.
5- Customer Satisfaction
A business place, say a restaurant or a shopping mall with stringent security measures engenders trust in the customers. Implementing cloud access security broker (CASB), biometric identity access or stronger authentication requirements during payments can instill confidence among customers regarding the security of the transactions. Satisfied customers are likely to recommend others to buy from your place.
Perception of your business determines your success. Remember that your business is gauged by your infrastructure and it creates a lasting impression on your clients. Security systems are an integral part of that infrastructure. A fake accusation of sexual assault can bring down your sales. Surely, you wouldn’t want any of these. So, it’s time to invest in your security systems.