Cybersecurity threats have been on the rise in recent years and should be among the top priorities in any business continuity plan. With so many businesses suddenly exploring the option of giving up the traditional office and having employees work from home as a result of COVID 19, it has become an even bigger concern. While it’s important that employees working remotely still have access to programs, information, and other online systems necessary to remain productive, working remotely can result in an increase of vulnerable devices accessing your business network. This has the potential to put the security of your company’s data and intellectual property at risk.
A recent study conducted by OpenVPN has found that more than one in three organizations has dealt with a security incident that was the result of the unsecured remote workers. For those looking to make this transition to remote work permanent, increased cybersecurity measures are absolutely crucial. However, cybersecurity measures should be a key component of any business continuity plan. Here are some security measures that should be included when establishing or updating your cybersecurity.
Educate your employees on the constantly evolving cybersecurity threats such as phishing. According to Retruster’s 2019 phishing and email fraud statistics, 90% of all data breaches are the result of phishing scams. Cybercriminals have become highly sophisticated. They create phishing scams that can be effective in encouraging employees to click on email links that end up providing cybercriminals with access to your company’s network. Employees should hover over links and examine the URL’s. If a link is from an unknown source, they must not click on it.
When working remotely, employees will be using the wireless network in their home or possibly even public WiFi. Accessing work emails and other work-related tools and information on these networks will make it easier for cybercriminals to steal your company’s data and proprietary information. Require employees working from home to use a virtual private network (VPN) connection. A VPN allows you to create a secure connection to another network by encrypting internet traffic. This is especially important when using public or unfamiliar networks.
Home networks often lack sufficient security, making them vulnerable. Employees rarely change their router passwords or install program and firmware updates. Software and firmware updates often include patches to address security vulnerabilities. When allowing them to work from home, employees can reduce vulnerabilities by installing updates, regularly changing passwords or disconnecting old, vulnerable devices from their home network.
It’s vital that your employees understand that physical security is also extremely important to your company’s cybersecurity and business continuity. Remind them to follow these basic physical security measures. Keep doors locked when no one is home. Computers are often stolen in home invasions and leaving the door unlocked is like an open invitation. Don’t leave laptops or any other work-related devices in the car. When traveling, employees should keep these devices with them. Also, never use a random USB device. Hackers use malware-infected flash drives laying around, hoping someone will pick one up and plug it into their computer. This can provide them access to your entire network.
When an employee suspects they have experienced a cyberattack, time is of the essence. Establish a cyberattack reporting policy and make sure your employees understand that any attacks must be reported immediately. The longer they go unchecked, the more extensive the damage to your company’s financial health and reputation will be.
In today’s high-tech world, cybersecurity is vital to business continuity. Whether your employees are working remotely or returning to the office, it’s crucial you have the proper firewalls, malware protection, VPN’s and more in place. However, it can also be overwhelming and require the expertise of an IT team, an expense many small businesses may struggle with even though they know it is a necessary investment.
Whether you’re looking to create your own IT dept or just outsource your IT issues, CapFlow Funding Group may be able to help make that happen. We offer working capital solutions to quickly provide the funding you need to protect and grow your business. We work with business owners across various industries to find the best working capital solutions to their businesses on track. Capflow specializes in invoice factoring. We also offer merchant cash advances and work with trusted partners to make additional funding opportunities available. Our team will work tirelessly to see you through to success. Contact us today!
It’s what every small business owner dreams of – taking their business to the next level. The biggest challenge most owners face when trying to achieve this is having enough funding. Whether the growth is planned or an unexpected opportunity presents itself, it often takes much more cash than most small businesses have on hand, leaving owners in search of growth capital solutions.
Growth capital is sometimes confused with working capital or venture capital. Let’s start by explaining how they differ. Working capital is used to cover normal day-to-day business operations and venture capital is used to start a business. Growth capital is funding used to expand an existing business and increase profitability. Small business loans resulting in long term debt have traditionally been one of the most common growth capital solutions. Today’s business owners have more funding options than they did in the past. Invoice factoring can be a great option for business owners looking to fuel business growth without the hassle of a traditional loan or acquiring long-term debt.
For businesses that normally have to wait for 30, 60 or even 90 days for accounts receivable to be paid, invoice factoring can allow them to leverage the value of outstanding invoices and turn them into cash. Instead of waiting for clients to pay when their invoices come due, a business owner can sell them to an invoice factoring company, commonly known as a factor. Once approved by the factor, the owner will receive an immediate payment of those invoices, minus a small factoring fee. Those invoices are now owed to and collected by the factor. Invoice factoring can only be used for invoices to customers with good payment history. Overdue invoices can not be factored. When searching for growth capital solutions, invoice factoring can be beneficial in a number of ways.
Every business experiences fluctuations in cash flow, whether it’s waiting on invoices, a seasonal slump or a downturn in the economy. Consistently sustaining normal day-to-day operations is the first step to successful business growth. Invoice factoring can bridge any gaps experienced in cash flow, keeping your business on track and moving forward despite any minor setbacks.
Opportunities for growth often appear when least expected and business owners often lack the cash to take advantage of them. For example, let’s say a small business finally gets that big order they’ve been hoping for – unfortunately, it will take much more capital than they currently have access too. Invoice factoring provides the necessary capital to take on that order without impacting the ability to cover daily operations or taking on long term debt.
Investing in business growth can be a tall order for a small business. Growth involves more inventory, more employees, more equipment and of course, more cash. Freeing up the revenue a business has in outstanding invoices can allow owners to get all the essentials for successful business growth.
Invoice factoring is just one of the growth capital solutions available in the alternative finance industry. CapFlow Funding Group offers invoice factoring and merchant cash advances and is dedicated to providing the short-term working capital you need to keep your business growing. We will work with you to find the best funding solution for your business.
While CapFlow Funding Group specializes in factoring and merchant cash advances, we can also connect our clients with other alternative financing options that may be better suited to their business needs. We service many different industries with a variety of funding needs. Contact us today and find out how invoice factoring can help grow your small business.
