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Security and Risk Management: Protecting Your Assets

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From small mom-and-pop shops to large, multinational corporations, all businesses must manage risk and protect company assets to stay in business. As a business owner or manager, are you doing enough in today’s changing security environment?

Feeling secure that your business is protected? As a business owner, you’ve installed locks, put in alarm systems for fire and theft, and insured your tangible property from natural disasters and other physical perils. You’ve also put in firewalls, passwords and other data security systems to protect your digitized accounting data, customer records and employee information. And you’ve stayed on top of changing regulatory and compliance requirements.

But is it enough? And what are you sacrificing in terms of convenience and quick, easy and safe access to critical information by your employees and customers to stay competitive?

Experts agree that security and risk management for businesses today generally lags behind the increasing sophistication of thieves – physical and electronic – as well as the growing complexity of human error in today’s challenging business environment. From lost security codes and unmaintained alarm systems to lost laptops, credit card data loss and sensitive information inadvertently sent by email, business owners face internal threats as well.

The financial consequences are significant. Nationwide, property crimes (excluding arson) resulted in $15.7 billion loss to businesses and residents in 2010, according to the FBI. Hawaii’s property crime rate of 33.14 per 1,000 residents is higher than the national median of 29.4, and even higher than New York City’s 19.69 and Los Angeles’ 24.2.

With so much business now transacted on company computer networks and online, the increasingly sophisticated high-tech needed and the massive accumulation of “big data” by businesses also means amazingly clever hackers and spiraling cyber security issues. The financial loss from all cases of Internet fraud referred to law enforcement doubled from $264.6 million to$559.7 million in just one year, from 2008 to 2009, according to the National Center for Victims of Crime.

What are the trends and new developments in the security and risk management industry in Hawaii today? How can businesses step up the protection of their assets without breaking the bank? Here’s what some of Hawaii’s leading experts say about making your business safe and competitive in 2012.

Hawaii Business magazine invites you to comment on our articles and the issues they raise. Comments are moderated for offensive language, commercial messages and off-topic posts and may be deleted. Some comments may be chosen for inclusion in the magazine on the Feedback page.

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