How to Protect Your Business Data.
Use Strong Passwords and MFA Authentication
MFA, or Multi-Factor Authentication, is a multi-step login process that requires more than a password to verify a user’s identification. You could use authentication apps like Twilio Author or Microsoft Authenticator, or you can an email or text message with a code that you must provide. This might seem a little annoying but it’s a very strong asset.
You should implement strong passwords for all accounts, and use MFA for an additional layer of security, ensuring that users must verify their identity using a second factor, like a phone app or biometric data.
Data Encryption
Encrypt sensitive data both at rest (on servers on databases) and in transit (when being transmitted over the internet).
Ensure that encryption keys are managed securely and rotated regularly.
Backup Your Data Regularly
Set up automatic backups for important data, ensuring they stored in secure, off-site locations or cloud storage.
Make sure you test backups regularly to ensure they can be restored in case of an emergency. You want to store backups of your encryption keys and passwords somewhere secure and remote.
Use Firewalls and Antivirus Software
Protect your network with firewalls that will monitor and control your incoming and outgoing traffic. Make sure that you have someone on your team that knows how these systems work intimately and have a constant eye on your data.
Install up to date antivirus and anti-malware software to protect against cyber threats. Businesses and corporations are the second most attacked in cyberattacks that leave sensitive information up for the taking
Limit Access to Sensitive
Implement a role-based access control so employees can only access data that is necessary for their job roles. You don’t want just anyone having access to sensitive data that leaves you or other employees at risk.
Monitor access to sensitive files and use logging if necessary to detect any unauthorized access. Being proactive is much better than being caught unawares to a threat or leak in security.
Regularly Update Software
Keep operating systems, application, and security patches up to date to protect against vulnerabilities. If you don’t know how to do this yourself, you can always hire out or have a role specifically employed for this role
Make sure that you Automate updates where possible to ensure consistency. You or whoever manages your technology tasks cannot always handle all computers, so automation helps free up the time such a task could take.
Train Employees
Provide regular cybersecurity training, especially if you can afford to do so. Employees can learn to recognize phishing attempts, social engineering, and other cyber threats. Your employees are also a factor when it comes to data protection.
You should make sure to encourage your employees to report suspicious activity immediately. Even if the person on the other end has credible sounding information, if there is a single thread of doubt: they should report. Be open and willing to look at the report even if it takes a little time. Better safe than sorry.
Use Secure Cloud Services
Choose reputable cloud service providers with robust security measures such as encryption, access control, and data protection certifications (e.g., ISO 27001).
Implement Data Loss Prevention (DLP) Tools
Use DLP tools to monitor and secure sensitive information, preventing it from being shared or accessed improperly. These tools can detect unauthorized data transfers and block them in real-time.
Develop an Incident Response Plan
Create a plan amongst yourself and or your employees that outlines the steps to take in case of a data breach or cyberattack. A prompt and coordinated response can make or break how the attack can be dealt with.
Include clear guidelines for identifying, containing, and mitigating security incidents, along with notifying the affected parties.
Use Virtual Private Networks (VPNs)
With the rise of coordinated cybercrime, VPNS have become a popular commodity alongside anti-virus software. It ensures remote employees or anyone accessing business data off-site can do so in a safe and secure manner.
You should ensure that remote or off-site employees can access your data only through a VPN. VPNS encrypt the data that is transmitted over the internet, adding an additional layer of security
Audit Security Practices Regularly
Perform regular security audits with the person that manages your data. Regular vulnerability assessments to identify weak points in your data protections keeps you on top of fixing weaknesses or maintaining a strong security.
Adjust policies and technologies based on the results if necessary. It might seem like unnecessary measure, but the invisible benefits could safeguard you against predatory parties.
It seems like a lot, but this could really secure your data and the data of your loyal customers. In this age of seeing the news of data breaches every day, it’s not the matter of ‘if it might happen’ but ‘when it might happen’. It’s better to be on top of these things and prepare for them as much as possible in advance. A prompt and calm response to a data breach and lesson can help quickly resolve the situation. Strong security and its constant maintenance can make the severity of a breach less than what it could be without. If you feel this might be something a bit out of your scope, contact us! There’s probably a way that we can help you, from consulting on down.
How to Forecast Earnings.
Forecasting earnings involves estimating future revenue, expenses, and profits based on historical data, market trends, and other variables. Forecasting earnings is important because it helps businesses plan by estimating potential revenue, expenses, and profits. It guides decision-making, such as budgeting, investing, and managing resources efficiently. Accurate forecasts also help identify potential risks, prepare for financial challenges, and set realistic growth targets. Additionally, investors and stakeholders often rely on earnings forecasts to evaluate the company’s financial health and future potential. Overall, it supports strategic planning and long-term Sustainability. Be prepared to do our favorite thing: MATH. It’s very important to this process, but regardless here’s a step-by-step guide:
Gather Historical Data
Revenue: Collect data on past revenue (monthly, quarterly, or annually).
Costs: Track costs (fixed and variable) over the same periods.
Profit Margins: Review historical profit margins (net income/revenue)
Determine Key Factors
Sales Volume: Forecast the number of units sold based on trends, seasonality, or new product launches.
Pricing Strategy: Estimate how prices may change (e.g., inflation, competition)
Market Growth: Consider industry growth rates, economic conditions, and customer behavior.
Cost Structure: Include fixed costs (rent, salaries) and variable costs (materials, utilities).
Choose a Forecasting Method
Straight-Line Forecasting: Assume revenue will grow at a consistent rate. Use historical growth rates to project future earnings.
Formula:
Future Revenue = Current Revenue × ( 1 + Growth Rate )Two Moving Averages: Smooth out fluctuations by averaging past revenues over a specific period.
Regression Analysis: Use statistical techniques to identify the relationship between revenue and other variables (e.g., marketing spend, economic indicators).
Scenario Analysis: Create multiple forecasts based on different assumptions (best case, worst case, and most likely case).
Consider External Factors
Economic Indicators: Inflation, interest rates, and consumer spending can affect future earnings
Market Trends: competitive landscape, technological shifts, and regulatory changes.
Seasonality: Account for season fluctuations in sales or expenses.
Create Financial Projections
Income Statement: Project future revenue, Cost of Goods Sold (COGS), operating expenses, taxes, and net income.
Balance Sheet: Estimate future assets, liabilities, and equity
Cash Flow Statement: Forecast how much cash will come in and out over time.
Review and Adjust
Sensitivity Analysis: Test how changes in key assumptions (Sales growth, costs, etc.) affect earnings.
Update Regularly: Regularly revisit and adjust forecasts based on new data on changes in the business environment.
By applying this structured approach, you'll run your business more efficiently, stay ahead of potential challenges, and continuously improve performance.