Corporate security is the sum total of strategies that are put in place to identify and effectively mitigate or manage any occurrence or development that may threaten the survival of a company. Corporate security involves planning for and finding the best strategies to avoid situations that may threaten the security of a company. It is a corporate function that oversees and manages the close coordination of all functions within the company that are concerned with security, continuity and safety.
A couple of years ago, the issue of security for a corporation didn’t exceed having a guard at the gate that monitors who or what goes in or comes out of the company. Due to globalization that has occurred in the world today, especially in the business setting. It has modified the structure and pace of company life.
The saturation of traditional markets is exposing corporations toward more and more risk. The shift towards a modern economy is eating away the importance of ‘place’ within the business world. Of course, these business practices increase the chances for more profit. However, they also increase the security risk a company is exposed to. Certain new business practices such as offshoring come with the need to challenge corporations to manage at a distance and enforce more stringent security measures.
The principle of company social responsibility and corporate governance also pressures companies to match their words with their deeds in their operations. All these factors make it important for there to be corporate security in the works.
Security risks have equally become more complicated too. Many of the threats, such as acts of terrorism, organized crimes and information security, are asymmetric and networked, making it more difficult to manage.
There are certain corporate practices that can enhance or undermine an organization’s ‘licence to operate’, and in some cases, this can generate risk that would not otherwise exist.
Due to all of these reasons, security is a bigger need within the corporate world today than it was five years ago. Companies have to search for new methods to manage these risks and therefore the portfolio of the security department has widened to incorporate shared responsibility for things like corporate governance and regulation, reputation, company social responsibility and information assurance.
In this article, we will try to show you what corporate security it. We will explain why corporations like yours need corporate security in Toronto and the important roles that corporate security services have to play.
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Why there is a need for corporate security?
Making sure your business has corporate security in place is necessary for the success of your company. Protecting customer data and your business premises should be a priority for any organization.
Just as we pointed out earlier, globalization comes with a rise in the number of security risks. This is driving the demand for data security professionals and services. It’s estimated that over 4,000 ransomware attacks, 33,000 phishing attacks and 300,000 new malware cases are detected daily in Northern American alone. Furthermore, approximately 780,000 data records are lost to hacking. In this digital era, cybercriminals are getting better and better at stealing information and evading network defences.
Identity theft is also on the rise. When successful, cybercriminals often use stolen data to purchase goods, obtain credit, engage in drug trafficking or enter a country illegally.
Whether you own an online store, a dining venue or a law firm, you must take the steps needed to protect customer data, safeguard your financial records and prevent cyber attacks. Having a security system in place does this for you. Failure to have one or do so can cause your corporation revenue loss and even damage reputation. Even worse, you could end up in jail or lose your business.
Without corporate security in place, your organization is vulnerable to these threats. Therefore, why not avoid all of this and put a security system in place. Aside from hiring corporate security services, your organization should follow the latest security practices too.
The Role of Corporate Security
The role of security in a corporate setting is to mitigate all of these risks we have mentioned and reduce their impact. This security industry has several branches which include :
- Risk management
- Compliance and Ethics Programs
- Crisis Management
- Corporate Governance
- Information security
- Personnel security
- Crime Detection
- Crime Prevention
- Fraud Deterrence
- Physical Security
- Business Continuity Planning and
- Environment, safety and health.
Each of these niches has different sub-categories. For example, information security consists of cloud security, customer security software, data security, identify access management and many more.
Depending on how much your company allocates for security, you can focus on one or more of these areas, choosing the ones that threaten the smooth running of your company. Most companies use multiple data security tools such as encryption software and data backup.
It is important that you choose a plan that suits your business or organization. For instance, if you are running a small retail store, the security threats you will face will most likely revolve around employee theft and fraud. You may also face cash register tampering, refund fraud, burglary, false price adjustments and other crimes related to small businesses.
Therefore, you need to have a security policy that will deter these types of crimes. You can install surveillance cameras and implement eligibility verification and these will ensure security for your store. Your security needs will revolve around physical security.
If you are a big company, you definitely have more security needs than a small retail store. You will have to employ a security manager, hire a security team, implement awareness programs and invest in the latest technology. The security manager often called the Chief Security Officer (CSO) is the company’s top executive who is responsible for security. To curb identity theft, you could also provide your employees with an identity monitoring tools which would lower the risk of identity theft and increase security awareness.
One important part of corporate security is also training your staff on the nuances of business security so they can identify and prevent any issues that may arise. Your staff should be instructed and prepared in order to safeguard information going in and out of your company.
You may also need to take action to secure your businesses both online and offline.
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Advantages of having Corporate Security
Below are the many advantages that your business will enjoy with corporate security in place.
Everyone feels safe when they know that there are systems in place to ensure no harm comes to them. Employees and clients will feel safe with the knowledge that there are surveillance cameras around that will prevent robberies and alert the proper authorities.
Security systems when put in place also give the employees, investors, and customers alike the impression that you are a responsible business person who cares about their safety. It also helps you build a good image. These individuals will see how serious and responsible you are as an owner and employer and would want to do business with your company.
Increase in productivity
Knowing fully well that there are cameras installed, your employees will be aware that they can be seen. They will sit up and not slack or sleep on duty. This knowledge alone can be combined with excellent man-management skills to make sure they are giving their best at all times. If your employees are working well, their productivity levels will be increased. This, in turn, means that the company’s productivity will also increase.
It will prevent employee theft
Your business can suffer a lot if your employees are stealing from you. When you put a security system in place, it will help you catch employees that could be stealing from you. Also, knowing that there is a security system in place will deter your employees from stealing from you.
It will protect you from unauthorized entry. There are important documents that you keep and would not want any unauthorized person to get a hold of. It could be contract notes, sensitive information, etc. Corporate security can ensure the privacy of sensitive information.
Attracts more customers to your company
Having a security system will make your investors and customers feel at ease knowing that you are monitoring the activities in your establishment. They feel safer because surveillance cameras prevent robberies. It’s basic human psychology. You also appear responsible for taking these measures. Therefore, they will trust you with their business.
Helps you avoid unwanted emergency costs
When you have a proper security plan that is well implemented, it will decrease the number of incidents or threats that could happen. This is the major reason why you should have a security system in place in the first place. There will be fewer disturbances to your daily operations. With the use of smart systems and technology, insights will be provided for your security personnel. They will in turn easily predict possible threats and work against them.
Situational awareness is almost a sixth sense. When there are security policies in place and they have been taught to employees, they will be able to quickly detect when something is wrong. A heightened sense of security means that your employees will always be aware when something doesn’t add up security-wise
This reduces the possibility of them falling victim to any of the hacking mechanisms used by cybercriminals.
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On a final note, it is important for you to know that the security of your company is your personal responsibility and duty. You shouldn’t reserve it for the government security agencies alone. Truth be told, they can not protect your company successfully from the outside like you would from the inside.
If you neglect corporate security for your company, your organization may suffer breaches, you may lose your trustworthiness and your reputation may become tarnished by incidents and breaches that you could have prevented. It is better to be safe than to be sorry. Get your business corporate security today!