From shoplifting, supplier fraud, employee collusion, organised crime, cyber crime; businesses are losing upwards of £ 4 bilion per year.
2014 recorded a particularly large number of cyber attacks. From Ebay to Sony to Domino’s Pizza, hackers had a field day with poor security platforms and procedures. Identity fraud costs businesses over £2 billion per year and affects almost 2 million people.
Loss of money, even false arrests have ensued due to identity thefts.
The latest in the string of hacks involved Moonpig, a popular UK greeting card supplier. A flaw in their security left up to 3 million customer names, date of birth, addresses and credit card details available for an enterprising hacker to harvest. A shocking, but common thread with cyber security breaches is that many of them have been detected, (in Moonpig’s case, 17 months before) but they were not addressed.
Businesses need to take cyber security more seriously. It isn’t only the burglar who smashes your shop window that you need to be mindful of. Online crime doesn’t involve only hacking, other types include:
- Phishing: Having money stolen after being redirected to spoof versions of the website.
- Website Vandalism: Defacing or damage that can occur to your business website
- Infection: Computers being infected with files designed to cause harm.
Theft doesn’t only occur online via business websites. In businesses across the UK, theft is a daily occurrence. From employees colluding with customers, to juveniles, drug addicts and other opportunistic thieves, business profits are constantly threatened.
The threat of prosecution, jail time and fines rarely deter the hardened thief.
In fact, over half of the crimes experienced by retailers were by customers. Being an opportunistic crime, it is much harder to anticipate and plan to mitigate shoplifting, but the following can help curb potential loss:
- Train your staff to constantly be on the alert. Carry out weekly refresher training if necessary
- Deter offenders by declining entry to known offenders.
- Establish and constantly remind staff of your business policy on customer theft.
In addition to the policies and culture, the right physical deterrents can help protect your business. Remember that the best protection comes from a combination of strategies:
- Make use of CCTV, but in conjunction with security mirrors and good lighting.
- Rethink your business layout. If you have blind spots, you may need to redesign your premises.
- Engage the services of trained crime prevention officers.
- Security cabinets and display alarms can help protect high value goods.
As a business owner, you need to constantly reassess your business policies, in the light of new information.
One way to avoid bad hiring is to be more mindful of how you hire staff. Agencies can easily provide temp staff, but are those the best options for you? Developing an in-house hiring department is one way to choose staff that align with your company goals. Another recent trend is the mining of big data to help prevent employee theft and aid in hiring ideal employees.
SRL Limited, a supplier of high speedand security grilles implores you to check your current security measures and reassess where you can make improvements. Your bottom line will thank you for it.