Here are three changes that small businesses can make if they want to continue trading safely and in compliance with this distributed land.
Use Tools That Can Navigate Complex Laws
The beauty of a distributed job is that it is not limited to the location or size of the company.
Businesses, large and small, can acquire, rent, buy, and sell to anyone anywhere and anytime. And there are other benefits to this. Businesses can save on overheads such as rent and utilities.
However, small businesses need to be careful when they start hiring internationally, as this can open up new employment rules for them. In the same way, what constitutes a legally binding contract can be interpreted differently from one place to another.
For example, while eSignatures are regulated in both the organization and the state under the ESIGN Act of 2000; in Europe, it follows Electronic Identification, Authentication, and Trust Services (eIDAS).
Protect Your Activity Or Remote
Switching to distributed work has seen cybersecurity risks increase.
As everyone’s home Wi-Fi replaces one-stop Wi-Fi hotspot, more and more attacks have exploded in businesses of all sizes as many work remotely. The FBI has reported that cybercrime has increased by 300% since the epidemic began.
Not surprisingly, of all the credit card violations reported, the top 95% came from small businesses.
With 20% of small businesses becoming victims of cyberbullying and, 60% leaving the business within six months, it is wise to have cybersecurity in place. Ironically, however, 62% of firms say they do not have the latest cybersecurity strategy — any strategy at all.
All in all, an inexpensive way to keep business secure in this distributed world is to review your online strategy; often and do regular check-ups so you can see and deal with confusion quickly. Educating employees on the best online safety techniques; how to monitor and report any suspicious transactions is a good place to start.
The silver is, that small businesses these days have access to many SaaS tools; designed to protect small businesses from cyber threats. For example, an inexpensive risk scanner can help detect vulnerabilities; in your online systems before cybercriminals can perform system updates to help prevent attacks, or better control if they occur.
Proof of Fraud Your Business and Protect Your Customers
It is becoming increasingly common for data breaches and ransomware attacks to occur within an organization these days. In a particularly labour-intensive environment, where you do not pay close attention to the work of employees, fraud is a growing threat.
The Association of Certified Fraud Examiners states that 71% of organizations expect fraud to increase; with 51% receiving more fraud since the outbreak began.
The U.S. Department of Commerce notes that businesses lose $ 50 billion as a result of team member theft; while internal fraud accounts for about 70% of annual financial fraud cases. In addition, with companies at risk of losing $ 1.5 million on average at one time; it is bad for small businesses to have a system where sensitive documents fall into the wrong hands.
Whether it is fraudulent activities, fraudulent bank statements and invoices with editing software; or fraudulent ownership, digital tools like eSignatures can help prevent fraudulent conduct.
Many of them came up with built-in research methods to validate the documents and the transaction was not interrupted. Sophisticated solutions like HelloSign even come with hashing technology; making a copy of all versions of text if you need to compare with a questionable version.