If you’re looking for an MSP for a small business in Central Florida, contact the Millennium Technology Group today. We can provide effective and affordable security solutions that can help prevent fraud loss in your business.The risk of fraud probably isn’t something you’re thinking about much when building up your small business. However, if you don’t take active steps to prevent it from happening, you could end up losing hundreds of thousands of dollars to fraud. According to a 2016 report from the Association of Certified Fraud Examiners, the median fraud loss for a business with fewer than 100 employees was $150,000—the same as the median fraud loss for companies with over 10,000 employees. However, for a small business, that loss would have a much more significant impact on the bottom line, and it could be crippling to their future. If you’re looking to prevent such a loss in your own company, keep reading to get tips on fraud prevention, and contact us if you’re looking for an MSP in Central Florida.
Do Background Checks
You should always thoroughly vet your applicants before hiring them. Take the time to contact their references. Look at any public social media accounts they might have. And, yes, order a formal background check. While this might seem like an unnecessary expense, it could potentially save you a great deal down the line if it keeps you from hiring a person with a history of fraud.
Encourage Open Communication
Your employees are much more likely to notice something amiss among their coworkers than a manager who works in a separate office. Make sure that all managing personnel keeps open channels of communication with those below them. They should feel comfortable coming to their managers about their concerns. You should also strive for an open-door policy so that employees can come to you with their problems if they’re not comfortable speaking to their direct manager—or if their manager is the one they have concerns about.
Check Your Suppliers Too
It’s not just your employees that need to be vetted before you work with them; you should be doing a checkup on your suppliers’ backgrounds too. These people frequently have access to your business, and you need to know that you can trust them with that access. Look for pending lawsuits against them. Speak to other companies who work with them. Make sure you are entirely confident in their trustworthiness before you contract with them.
Protect Intellectual Property
It may surprise you that intellectual property is just as likely to be stolen as any physical asset to your business. Ensure you’re protecting intellectual property such as copyrights, patents, trademarks, and even contact lists. These should only be accessible to essential personnel who have signed non-disclosure agreements, and you trust implicitly. Your intellectual property is the backbone of your business in many ways; losing it could make your entire company fall apart. Make sure that this information is kept secure with the most recent advancements in network security.
If you’re looking for an MSP for a small business in Central Florida, contact the Millennium Technology Group today. We can provide useful and affordable security solutions that can help prevent fraud loss in your industry.