How to assess security risks in your business (and what to do about them)

Businesses come in all shapes and sizes – and so do security threats. 

From cyberattacks and data breaches to physical theft and compliance risks, every business faces vulnerabilities. 

To stay protected, you must assess risks, prioritise critical threats, and implement strong security measures. It all starts with asking key security questions to identify gaps and strengthen your defences.

Questions to ask as a business owner to understand security risks

1. Is my business susceptible to theft of physical assets? 
   Consider what valuable physical assets your business holds – this could include inventory, equipment, documents. Evaluate how these items are secured. Are they locked up when not in use? Do you have surveillance cameras and security alarms? Are key cabinets used to store and control access to important keys, such as for restricted areas or company vehicles?
   
   
2. How easily can unauthorised individuals access our physical premises or sensitive areas? 
   Think about the security measures in place to prevent unauthorised access to your business’s premises and sensitive areas.
   Are entry points controlled with locks, security personnel, or access systems? How quickly could someone without proper clearance get into areas where valuable assets or confidential information are kept?
   Traka’s smart key and asset management systems provide controlled access to restricted areas, ensuring that only authorised individuals can enter. Our systems also track who accessed what, when, and why, offering an added layer of security and accountability.
   
   
3. Are our security systems (e.g. alarms, cameras, firewalls) up to date and working well?
   Make sure your cameras, alarms, and firewalls are running smoothly and updated regularly. Check that they cover all the right spots and are ready to respond if something goes wrong. Keeping these systems in check ensures you're protected when you need it most.
   
   
4. Do we have strong passwords and multi-factor authentication in place for all accounts?
   It's important to use strong, unique passwords for every account to keep hackers out. And multi-factor authentication (MFA) adds an extra layer of security by requiring something more than just a password, like a code sent to your phone. Check that all accounts – especially those with sensitive info – are using these protections.
   
   
5. How would we respond to a data breach or cyberattack? 
   It’s crucial to have a clear, detailed response plan in place for when things go wrong. If a data breach or cyberattack were to happen, how quickly could your team detect it?
   Do you know who’s responsible for what — whether it's notifying affected customers, working with IT to contain the attack, or coordinating with legal and regulatory bodies? Having a response strategy ensures you act quickly and effectively to minimise damage.
   
   
6. Are our employees trained to recognise and prevent security threats?
   Your employees are your first line of defence against security threats, so it’s key that they know what to look out for. Are they familiar with common risks like phishing emails, suspicious links, or social engineering scams? Regular training can help them spot red flags before they become bigger problems.
   
   
7. How often do we review and update our security policies and procedures?
   Security threats are always changing, so it’s important to regularly review and update your policies and procedures to stay ahead.
   How often do you check if your current security measures are still effective?
   Making sure everything’s up to date means you’re prepared for any new challenges. Whether it’s a yearly check-up or a quarterly review, keeping your policies fresh ensures your business stays secure and ready for anything that comes your way.
   

10 business security risks and why you need to be aware of them 

1. Physical theft
   Physical theft can happen in many ways — whether it’s criminals breaking in, employees stealing, or even customers taking advantage. It could involve valuable equipment, sensitive documents, or company secrets. Beyond the financial loss, it can damage your reputation and expose you to legal risks. Strong security measures, like cameras, secure storage, and clear access control, are key to keeping your business safe.
   
   
2. Weak access control
   Weak access control means poorly managed entry to critical systems or sensitive areas, making it easier for unauthorised people to get in.
   Whether it’s digital systems or physical spaces, not properly controlling access puts your business at risk. To stay safe, you need clear protocols, strong passwords, and restricted access to only those who need it. Regularly review who has access to what to prevent potential breaches.
   
   
3. Cyberattacks
   Data breaches, ransomware, and phishing, can expose sensitive information and disrupt operations. These attacks can lead to financial losses, reputational damage, and system downtime.
   
   
4. Weak passwords
   Weak passwords are a major security risk because they’re easy for hackers to guess or crack. If employees use simple, repetitive passwords, it opens the door for unauthorised access to sensitive systems, putting your business data and operations at risk.
   
   
5. Human errors
   Human errors happen when employees accidentally share sensitive information, leave things unsecured, or make simple mistakes. This could include sending emails to the wrong person or forgetting to lock a computer. Though unintentional, these errors can lead to data breaches or security issues. 
   
   
6. Insider threats
   Insider threats happen when employees or trusted partners intentionally misuse their access to sensitive information or systems. This could involve stealing data, sabotaging systems, or sharing confidential details with outsiders.
   
   
7. Supply chain vulnerabilities
   If your suppliers, vendors, or contractors have security weaknesses, it can lead to problems for your business. These issues might cause data breaches, delays, or disruptions in your operations because they affect the flow of goods or services you rely on.
   
   
8. Natural disasters
   Floods, earthquakes, and hurricanes can severely damage facilities, disrupt operations, and halt production. These events also impact supply chains and employee safety. Having a disaster recovery plan and backup systems in place is crucial to minimizing downtime and ensuring a quicker recovery.
   
   
9. Compliance violations
   Failing to follow laws and regulations, such as those protecting customer data, can lead to legal issues, fines, and damage to your reputation. This can result in a loss of customer trust and create long-term problems for your business. Staying compliant is key to avoiding these risks.
   
   
10. Lack of security training
    Without proper security training, employees may not spot threats like phishing or malware, making it easier for attackers to gain access. Regular training helps them recognize risks, follow safe practices, and prevent costly mistakes that could compromise your business. A well-informed team is your first line of defence against cyber threats.
    
    

Our team can help

With so many security risks out there, one of the first questions a lot of business owners ask is, "Where do I even start?" 

Whether you’re a small business like a small hotel or a large organisation like a sprawling college campus, the security challenges you face can be complex. 

That’s where we come in. We can help you assess your risks, identify gaps, and implement tailored solutions that protect your assets, data, and reputation, no matter your size or industry.