The last three years have been particularly volatile in the business space and many businesses have struggled to adapt and react.
As a result, Greater Manchester has become one of the most susceptible areas of cybercrime, with even the Greater Manchester Police getting hit by cybercriminals.
However, volatility is not a new concept, and companies have adapted and reacted successfully to significant events before, including the 2008 financial crisis, by implementing new systems and changing their business models.
Today’s article will explore a few ways to protect your business from various macro and micro-economic factors in the new year.
1) Use technology to protect the supply chain
According to reports, the Greater Manchester Police were affected by cybercriminals in September 2023 due to the volatility of their third-party supplier of ID badges, which became a victim of a ransomware attack. Volatility in supply chains has become a topical subject, starting in 2020 when companies faced too much demand and insufficient supply.
Since then, businesses have begun to look holistically at their supply chain to see what can be improved and how there can be more end-to-end communication.
In particular, technology plays an even more prevalent role in enhancing and protecting supply chains, with many businesses using artificial intelligence to secure endpoints and identify malicious activity. Artificial intelligence also plays different roles in protecting the supply chain, such as systems that identify reckless driving by truck drivers in the last-mile stage.
2) Work with a cybersecurity firm
Government bodies and organisations are increasingly working to ensure that B2C businesses protect their customers. One example is how the United Kingdom Gambling Commission requires that all UK casinos have a gambling licence. Online gambling has become extremely popular in the UK, with some platforms offering more than 1,000 slot games.
Still, to operate, they need to obtain a licence, and this license allows online casinos to protect players who are vulnerable, regardless of whether they are playing slots online UK or classic table games.
However, it becomes more complicated when a business tries to protect itself internally, so many are turning to cybersecurity firms to give them an extra safeguard.
Fortunately, Manchester businesses have many options, such as Eden Data, which is based in the city and helps companies protect their digital assets. Most importantly, Eden Data specialises in providing cybersecurity services to startups who might not have the funding to hire a Big Four firm.
3) Create an inviting work culture
While this may sound less important than the first two pieces of advice, having an inviting and encouraging internal work culture is extremely important for the health of a business. Happy employees tend to work harder and embrace the brand as part of their identity, which will help increase sales and financial success.
However, unhappy employees will often resort to negative word-of-mouth, which can impact a brand’s corporate reputation.
Manchester businesses will need to look holistically to improve in the new year, considering everything from the internal culture to external macroeconomic factors you can’t control but can be proactive about. That includes adopting technologies to protect your supply chain, customers, and internal digital assets.
