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Is technology the biggest threat to your business?

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software threat

When thinking about threats to their business, the first thing that would come into most people’s minds would be their competitors. What are they going to do next? How do we stay one step ahead?

These are perfectly valid threats that all businesses face but there’s another one that could cause your business to shut down quicker than any competitor ever could – and that’s your technology.

And we’re not just talking about a broken down laptop or a dropped iPad.

Software

Almost every part of every business runs on some kind of software. Each person within your business will have a computer, tablet or other device which allows them to access the various systems and databases your business works on.

What would happen if the main software that your business relies on, day in, day out, simply vanished? You switch on your computer and try to open the software – but it just won’t run. You ask your IT department, you try to call the company who owns the software, but there’s no response.

This can and does happen to businesses all over the world and can be caused for many reasons, including bankruptcy of your software provider.

Having a Software Escrow agreement, where you can access your key business software and data if your software provider did go bankrupt or fails to support your software for any other reason, is an essential part of any business. The same is true even if your software is cloud based.

 

Staff

It may surprise you to find out that your staff could also be one of the biggest threats to your business. And we don’t just mean staff retention levels.

Cyber security has made big headlines over the past few years and most businesses now understand the importance of making sure their data is secure and protected. But this is usually protection from the outside, whereas one of your biggest security threats could actually come from employees using your software from the inside of your business.

And it doesn’t have to be an employee with malicious intent – if you don’t educate your employees about things such as phishing scams or using the web safely, your biggest threat to your business could come from the staff inside it putting your software and data at risk by clicking on unknown links or downloading suspect email attachments.

 

What else?

And it doesn’t end there. What about if a storm turned off all of your technology? Or even just a simple interruption of electricity?

It is essential that every business spends time and money investing in plans for situations where, through hacking, power outages or even your software provider’s bankruptcy, your business could continue relatively unscathed.

Whilst threats such as competitors should play a large part of your business planning, all aspects of technology based threats should not be overlooked.

As a business owner, protecting your business will always be at the forefront of your mind. Having a Software Escrow agreement can help to provide peace of mind that should the software you use on a daily basis go down because of bankruptcy of the provider, or indeed many other reasons, you can be rest assured that you can still gain access to your key business software.

Planning for the worst means you can help to protect your business from technology related issues and make sure it isn’t your technology that lets your business down.

 

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