How much does a security breach actually cost?

It is no longer a novelty that companies need to protect their information more and more. We live in a highly digital world and therefore the threats have proliferated at a very fast speed. Nowadays companies need to effectively use data security solutions, otherwise they will see their confidential information exposed. A security breach can be dramatic for a business, and can even dictate the end of it. In today’s article, we’ll realize how much does a security breach actually cost.

Notification costs

They are the costs related to the notification to customers and other stakeholders, not forgetting the authorities that by law should be advised in case of security breaches. These costs include monetary and human resource costs, which need to set a strategy and spend time sending notifications.

Productivity losses

Businesses suffering from a security breach face serious productivity problems, especially if they are not equipped with a disaster recovery strategy. When companies have their data exposed and threatened, they need to focus on activities that are outside the normal work routine, which will obviously have detrimental consequences on productive outcomes. For example, at the retail level, a manager will have to focus on retrieving data from his client portfolio instead of looking for new business.

Rebuild the image of the company

After a company has experienced a security breach, it is necessary to rebuild the entire brand image and ensure that the target audiences with whom it works continue to rely on its work. This is one of the higher costs, because it is necessary to invest in a good communication plan that can recover the value of the brand and bring back the trust of the customers.

Infrastructure costs

When there is a security breach, IT managers need to plan an investment in recovering the IT infrastructure and hardware and software affected by the security breach. At this stage, it is necessary to consider the possible costs of an audit required by business partners and investors to ensure that there are no risks associated with working with the company.

Repetition of work

When there are security holes, IT teams are very likely to be forced to do the same tasks over and over to recover data that has been lost. It is essential that the company has well-defined processes for managing and processing confidential data to minimize damage caused by security problems. The constant repetition of tasks can lead to the demotivation of employees and the consequent increase of the turnover rate in the company, which will translate into recruitment costs.

Threats to data security are getting bigger and more sophisticated, making it harder to ensure data security in the business. Protecting the information your company generates on a daily basis is essential for business success and at this stage when the new general data protection regulation has already come into force, it is even more important to work towards securing company and its stakeholders.

Crisis Management: Preventive Measures to Save Your Business

All companies fear going through periods of crisis. However, they do not always worry about having crisis management plans, because their thinking is “only happens to others.” In fact, all businesses are predisposed to to going through more troubled financial times and it is essential that they have a crisis management plan to eliminate the problem as quickly as possible or to minimize its effects. In today’s article, we introduce preventative actions to save your business!

Analyze data and identify problems

The first step is to recognize that there is a problem that needs to be spoken. It is essential to assess its severity since only this we can determine the urgency of corrective actions. Managers need to constantly analyze available data in order to detect management failures, need to change strategy, diversion of production, and other problems that can lead to a crisis. Identifying mistakes made in the past allows us to avoid the same mistakes in the future.

Have a crisis manual

When a company goes through a period of crisis, it needs to make quick decisions. It is very important that you have a written communication plan that is nothing more than the crisis manual. This document informs about the vulnerabilities of the company, explains how to act and who is the responsible person to communicate in this period. The crisis manual should include releases so that communication in times of trouble is faster.

Do not ignore the situation

If you detect any sign that something is wrong, you must act immediately. Ignoring the situation will only complicate it, which will have more serious consequences in the future. It is necessary to make an early diagnosis and investigate the origin of the problem, because the faster the measures are implemented, the more likely the company has to exit the crisis without great consequences.

Eliminate Unnecessary Spending

It is fundamental that companies are always attentive to all expenses, but at the moment of crisis this attention must be redoubled. Identify the highest and most unnecessary expenditures, the least productive employees, general expenses, travel expenses, among others. Eliminating these expenses in a healthy time of the company will allow crisis situations to be delayed or even eliminated. However, you should also be careful not to eliminate spending that are necessary for the proper functioning of the company, as this can pose an even bigger problem.

Get real-time information

Bad decisions can destroy a business, so it is vital that managers have reliable and up-to-date information. Real-time business monitoring software like Multipeers is increasingly a necessity in business. Only with updated information managers are able to make assertive and effective decisions for the proper functioning of the company. Lack of information is often the biggest responsible for less good times in companies, so it is essential to choose a good business monitoring system.

 

Analyzing data in real time is increasingly a reality in companies around the world. Business happens at a very fast pace and it is essential that you know what is happening in your company to make the most appropriate decisions for your business. Download our e-book and learn how a BAM tool can help you manage!

Find how to choose the best management system for your company

A management software is an important work tool and is a great ally of the productivity and competitiveness of any organization. Choosing the best software is not an easy task as it is not enough to go for the most popular choice on the market. It is essential that the software is the right for your business and it is not always easy to figure out which one will be the best choice. In today’s article, we leave you some important tips for choosing the best management system for your company.

Initial Evaluation

Before leaving for the market, it is advisable to do the homework. Determine the company’s software needs and take into account the opinions of many employees, especially those who will handle the software on a daily basis. Only after you are aware of what you really need you will be prepared to choose the best solution.

Prefer an easy implementation

Software that is very complicated to deploy and which takes a long time to install will not be intuitive and easy to use. Your main objective is to find a software that facilitates your daily work, so avoid the very complex software, because these require a lot of training time for the employees and this damages the collective income.

Be careful about safety

A management software will know everything about your business. The confidential information will be placed there, so it is mandatory to choose software that guarantees the protection and security of your information. If you choose Software as a Service (SaaS), you should carefully review the vendor’s backup policy and if you choose a product installed on a local server, you will need a team that will frequently monitor the security of the information.

Integration

It is fundamental that you choose a software that can be integrated with several applications because in this way you will get a global and integrated view of everything that goes on in the business. The software is transversal to the entire company, so it is fundamental that it can encompass all areas of the activity.

Choose a mobile version

The World is increasingly mobile and in companies this reality is no different. Everywhere, we can check emails and even attend meetings with people on the other side of the World. Before purchasing the software, check that there is a good mobile version.

It is essential to have a good software to ensure that your business will succeed. It is advisable to connect your software to a business monitoring system such as Multipeers, because in this way you will be able to analyze the business in real time and receive specific alerts whenever any situation requires your attention and intervention!

Find out how technology can boost business productivity

There is no doubt that technology has come to revolutionize the business world. In this article you will learn about the benefits of technology in the corporate environment.

Increasing productivity is one of the biggest goals of a company, regardless of its size. Today, entrepreneurs have been wary of using technological products to achieve this goal. Technological innovations have made corporate processes much more practical, dynamic and efficient. If you need to increase your team’s productivity, see how you can do it using technology can help you.

Improves connectivity and communication among team members

When technology is used properly, team communication becomes faster and more efficient. Your employees won’t have to cross sections to request documents and materials and for this reason the technological innovations can increase the productivity. A corporate email, for example, will keep your employees from getting up all the time.

Promotes time management on the job

One of the main difficulties people have in the modern world is managing their time. There are so many tasks that need to be done that we often can not handle everything. Nowadays we can already count on several softwares that have the ability to organize an agenda quickly. To use the right tools, in addition to increasing the productivity of the company, there is still time to invest in actions that improve the internal development of the company. There is nothing more practical and effective than having a fully organized online agenda.

Improves the information’s security

As a business grows, so does its data. This information is generated daily and if not managed properly may jeopardize the development of the enterprise. The good news is that among the technological inventions there are already many applications that can store all this information. All the storage is carried out very securely, organized and the access is very easy. One of the most crucial points for any type of business is the security of information. The loss of documents can cause irreversible problems, such as the loss of time to resolve them and a possible breach of privacy.

Reduces company costs

Many entrepreneurs have already proven that the use of technology, in addition to increasing productivity in companies still brings savings. With the use of some applications, tasks that previously could only be done manually are already performed by them. Technology reduces costs with energy, labor, maintenance, acquisition of hardware, security, etc.

Given the information presented in this article, there is no longer any doubt about the effectiveness of technological inventions in the corporate environment.

Even in times of crisis, your business may spend less on using some programs. Look for specialized companies in this type of services and define the best option for your company. Get started now to increase your business productivity using technology!

About the guest author:

GestãoClick is a company specialized in offering business management software to managers who wish to make their employees’ routine more efficient. Click here and learn more about what technology can do for your business.

Find what software can do for your business

Learn the advantages of business management software

The era of paper documents has come to an end and manual processes are less and less used in companies. Several software has become part of the day-to-day business of thousands of people in large, medium and small businesses. Business management and monitoring software allows you to automate processes and decrease the probability of mistakes. But do you really know what the right software can do for your company? In this article, we will introduce you to the main advantages that software has for your business.

Improve customer relationships

A CRM is a very important software for the management of the sales force. Through the adoption of software of this type, it is possible to measure results, evaluate actions and campaigns and have a closer and direct contact with the client.

Data integration

A correct integration of data between different departments is the basis of an organized and effective management. With financial software, the manager is able to gather all the company’s data in one place and control the access between employees. In this way, it is possible to make more conscious and effective decisions because there is a global and integrated view of all the data.

Real-time business indicators

Real-time business monitoring software, such as Multipeers, allows managers to have all company information available in real time on a single dashboard. They also allow the definition of business alerts that warn the user whenever a situation requires their attention. In this way, decision-making is always based on current and reliable information, which guarantees successful decisions!

Organization of financial information

With financial software it is possible to organize all the information related to the company accounts. Many companies end their activity shortly after opening and this is due to the difficulty in organizing the company accounts. Opting for a financial information management software from the beginning is the first step to a successful walk.

Constant Innovation

If the company opts for a SaaS system is guaranteed that it will have the software constantly updated. The company does not have to worry about these issues because it is the responsibility of the SaaS supplier. This type of solution also has the advantage of being completely adapted to the reality of the company, being able to respond in a timely manner to all your needs.

Reduction of costs

With the adoption of software, costs related to manual processes are reduced or even eliminated. In this way, productivity increases because accomplishing tasks and daily goals is easier.

The world is computerized and there is no escaping this new reality. Companies need to adapt to new management tools to become more competitive and win in today’s competitive marketplace!