The growing trend of online businesses and e-commerce are all welcome signs of the global economy’s ongoing digital transformation, and given the fact that most people now prefer the convenience it offers, it won’t be long until everyone considers it as the universal norm. Plus, even beyond convenience’s sake, we can’t begin to list all the benefits this digital transformation of business has provided both entrepreneurs and the public in terms of accessibility all the way to the creation of new digital products.
However, one major concern we have with the entry of new online businesses left and right is their oversight of online digital protection, with most thinking that the internet is completely safe so as long as they avoid doing anything fishy. In reality, online operations also carry inherent risks that could prove detrimental, meaning that investing in online digital protection is just as important as any other online business process.
#1 Breach Of Online Security And Sensitive Data
Firstly, one example of the dangers that your business is at risk of suffering from is a breach of online security and sensitive data, and for any business that utilizes sensitive information like your customer’s name and address, the dangers become twofold. As a result, anything catastrophic will result in major legal consequences, compensation benefits to those affected, and irreversible damage to the company’s credibility and trustworthiness of operations.
- Ransomware And Phishing Attacks: The most common way to how these occur is when hackers proceed with ransomware attacks wherein they get access and encrypt all the data on your company’s computer and demand ransom to restore that important access. Furthermore, small-scale hackers also employ phishing attacks wherein they present emails to look official and authentic, only to be redirected to a fake website that will steal people’s information.
- Growing Need For Sophisticated VPNs: Given the situation mentioned above, one of the most effective ways to deal with these issues is through sophisticated virtual private networks. These web-based services take away all the guesswork needed in building and encrypting your data, providing you with an easy and accessible form of cybersecurity. Plus, most VPNs nowadays also offer business plans that will cover every customer you receive at an affordable and scalable price point.
#2 Data Loss And Malicious Software
Secondly, another common risk online businesses find themselves facing is the dangers of data loss and malicious software tampering with their sensitive data. And whether caused by honest human error or a virus that has managed to implant itself in the mainframe legacy system of the business, data loss can set your online business back by a considerable margin, with data recovery costing you more than you’d expect.
- Traditional Hard Drives Not As Effective: While saving your information onto hard drives can work and is the traditional way of saving your information, these methods are not as effective nowadays and are prone to the hard drive crashing and losing that information forever. In some instances, data becomes unrecoverable and is lost forever, forcing you to start from scratch with whatever remnants you can get.
- Cloud Storage Backup: Since terabytes of space are required to run an online business that manages countless amounts of digital information, we recommend utilizing a corporate cloud storage backup as your fail-safe option. Unlike hard drives that are at the risk of viruses encrypting themselves into your computer systems, your information will be safe in the cloud and far from the clutches of illicit activity. Plus, maintenance costs will be included in your subscription packages and are scalable as well to your needs.
#3 Trouble With Copyright And Trademarks
Last but not least, copyright infringement and trouble with trademarks are among the most infamous challenges online businesses face, especially those concerned with content creation and digital marketing. And while some cases are left with a warning, more serious dilemmas include lawsuits and fines that carry too much headache and legal processing to resolve.
- Always Review Licensing Agreements: Unlike the previously-mentioned resolutions, there’s no easy way out in avoiding trouble with copyright and trademarks apart from due diligence in reviewing licensing agreements for any media you use for your content. And while we would recommend hiring a lawyer specializing in intellectual property and copyright, smaller businesses and enterprises might not have the extra resources to enjoy such a luxury. So, always double-check before publishing anything that includes copyrighted content.
Treat Online Business Like Any Other Business Venture
Overall, we want to remind all aspiring entrepreneurs to treat online business like any other business venture, with professionalism and establishing a solid foundation before anything else. And since operating on the online platform comes with new risks, you must account for the potential threats and weaknesses your online business might be exposed to.