New Security Challenges Facing Business In 2021
Businesses have been facing a lot of challenges resulting to their rise and fall. As you all know actions have been taken trying to stop the challenges to no avail. A good example is year 2020; Covid 19 terrorized each and everyone’s life globally. According to statistics, the pandemic led to a global loss of up to $ 8.8 trillion, a total of 9.7% global GDP.
People are in the run to try and catch up what was lost during the lockdown. Despite Covid 19 leading to a fall in many businesses, there are other challenges.
Here Are Some of The New Security Challenges Facing Business In 2021;
- Increased tax
- Material shortage
- Lack of latest technology
- Lack of enough funds
- Inadequate training
- Increase in business email compromise attacks
Lack of Enough Funds
This has been led by the pandemic, which led to lockdown in many countries leading to a stop in many businesses. Business owners were forced to close their businesses during the hard time hence no income was earned. Even Indiacasinos.com owners faced some issues, although this was the kind of business which never had any shortage of funds. Having no earnings and consumption being a no exception, automatically funds gets depleted.
Lack of enough funds leads to in access to the latest technology. This is because, the gadget used such as the computer, are very expensive.
This leads to inadequate fund or no funds at all hence business insecurity.
- Inadequate Training and Awareness
A lot of business owners have less or on knowledge on how to use latest technology to run their businesses. Examples of the latest technology used are;
- 5G Cellular Network
- Artificial Intelligence
- Wearable Technology
In 2020, if adequate training had been implemented on how use technology, a lot of businesses would still proceed successfully. This led to businesses insecurity and even the fall of businesses.
NB: Lack of enough funds leads to inadequate training. This is because for training a fee is charged to acquire the required information and skills.
This again has been led by the Covid 19 pandemic. In 2020 almost each and every country experienced a lockdown or a series of lockdowns. This led to great limitation of businesses activities a big threat in business security. It limited movement and also production internally and globally.
Here is how Covid 19 resulted to Material shortage according to (I Z A World of labor article);
- Number of working business owners plummeted from 15.0 million to 11.7 million
- Total hours worked by business owners dropped by 29%
- Immigrant business owners suffered a 36% drop
- The number of active business owners bounced back to 7%
The above impacts are still threatening business security today.
Increase in Tax
Tax has been increased in order to help the government fight Covid 19 outbreak. This has led to a rise in loans interest rates which affect businesses under loan funds. This has led to a fall of the business and lack of funds to refund the bank.
Increased taxation leads to an increase in cost prices of any resource or service been offered. In total tax increase oppresses each and everyone in the country hence low production.
Low production later leads to material shortage, which later leads to business insecurity.
Increase In Business Email Compromise Attacks
Technology does not always guarantee security to businesses but also venture them to more trouble. These attacks are also referred to as Cyber-attacks. They are attacks that are not permitted intended to access data and destroy information by interruption of digital systems.
Cyber-attacks do not at large affect small business owners companies and business lords. They are accompanied by huge losses.
- Korea lost 100 million credit cards
- Target targeted US discount retail chain was attacked and 110 million customers data hijacked
- Adobe lost 2.9 million accounts
NB: The worst part of it is despite much research on this area, attacks increase daily. A good example is the University of North Dakota’s Online Master of Science in Cyber Security
In comparison to the difficulty of trying to completely stop security challenges facing business, look at two parallel lines. It’s as difficult as bringing two parallel lines together. As discussed above you may have realized that it is very difficult to stop security challenges facing business.
Solutions that can be taken to minimize businesses insecurity are;
- Use of stronger passwords to avoid email attacks
- Installation of computer studies in schools
- Lowering of tax and loan interests
- Resources or Material provision by maximally using of natural resources such as soil