Many threats can attack a business from all angles. The most common are cyber-attacks, damaging a business’s computer systems, or stealing confidential data. Other common hazards include online fraud, which can trick customers into paying for fake products or services, and phishing scams, which can steal employees’ login credentials or financial information.
In addition, businesses risk physical attacks by criminals or terrorists and natural disasters that can damage or destroy their property or equipment. Companies must implement strong security measures, and disaster recovery plans to protect themselves from these threats. However, there is one angle you might not fully prepare for because of how surprising the source could be in your life.
Personal issues can sometimes lead to security breaches in a business. You might not think that your personal life could have anything to do with your company’s safety, but in some cases, it can be a significant security risk. Here are a few examples.
Poor Credit Score
An entrepreneur’s poor credit score can threaten a business in several ways. For one, if the entrepreneur cannot get a loan or line of credit to help finance the company, it could limit its growth or even cause it to fail.
Additionally, if the entrepreneur owns the business and has a low credit score, getting approved for a lease or mortgage could be more challenging. It could lead to the company operating out of a home or garage, making it less visible and more vulnerable to theft or other crimes. Finally, a low credit score could lead to higher interest rates and fees when the entrepreneur does finally get approved for a loan, which would further burden the business.
It will be necessary to prevent your poor credit score from becoming a business liability. You can do this by monitoring your credit report for errors, paying your bills on time, and using credit cards responsibly.
If you are going through a divorce, keeping the proceedings as amicable as possible is essential. If not, your ex-spouse could use information about your company to sabotage it. For example, if they know you are trying to get a loan, they could call the bank and tell them false information about your business to get the loan denied.
Or, if they are angry with you, they could delete essential files from your computer systems or steal customer data. They could also damage your physical property or equipment. To protect your business from this attack, keep communication with your ex-spouse to a minimum, and if possible, have a third party handle any business dealings you have with them.
To be safe, you should also update your passwords and login information for all your business accounts.
A divorce can also cause you to lose your business. If you are going through a divorce and your spouse is awarded the company in the settlement, you could have nothing left. It is essential to consult with a divorce lawyer before agreeing to any terms. The attorney can ensure you do not lose everything you worked hard for, even if the other party is trying to make their claim.
If you or someone in your company is struggling with substance abuse, it could lead to security breaches and other problems. For example, if an employee uses drugs or alcohol on the job, they could make mistakes that put the company at risk. They could also steal company property or confidential data to sell for drug money.
Additionally, if you are the one struggling with substance abuse, it could adversely affect your judgment and decision-making skills. It could lead you to make poor business decisions that put the company in financial jeopardy.
If you or someone you know is struggling with substance abuse, it is crucial to get help. Many resources are available, including counseling, therapy, and support groups.
Betrayed Loved One
If you have a friend or family member who is disgruntled with you, they could try to sabotage your business. For example, they could spread false rumors about your company to damage its reputation. They could also steal customer data or confidential information and give it to competitors.
To protect your business from this attack, try to keep communication open with the person. If they feel like they can talk to you about their grievances, they may be less likely to act out against you. Additionally, you should monitor their behavior and be aware of any warning signs that they may be planning something against you.
As an entrepreneur, you are responsible for protecting your business from all threats. While you might be unable to prevent all attacks, being aware of the risks and taking steps to protect your company will help keep it safe. It might come from an unexpected source, but it is essential to remember that it gets personal too.