Although absolutely critical for all organizations, corporate security is, unfortunately, often misunderstood. Although the perception around it is slowly but surely changing, many businesses still see it as a redundant expense.
So, what is corporate security management exactly? How does it work, how can you enhance it, and what are the main challenges that stand in the way?
In this in-depth piece, we’ll answer all these questions and cover everything you should know about corporate security.
What is Corporate Security?
Corporate security is a preventative mechanism that provides a plan on how an organization should act when faced with risks and security challenges.
It oversees the comprehensive security of a company, working closely with business management and various departments focused on security, safety, business continuity, and compliance.
This approach is designed to protect the company from risks, safeguard its invaluable human resources, preserve profits, and uphold its reputation.
What is the Role of Corporate Security?
The main role of corporate security is to proactively assess, analyze, and deal with any potential risks a particular organization might face. Corporate security encompasses many aspects, with the most significant one being:
- Risk and crisis management
- Nonfinancial risk management
- Information and personnel security
- Crime detection and prevention
- Physical and technical security
- Protecting the company’s reputation
Without corporate security, an organization would be vulnerable to all of these threats and could suffer revenue loss or even endure a substantial revenue hit. With that in mind, while the extent and specific security needs will vary from organization to organization, all companies should have a security plan.
Types of Corporate Security
While technology constantly changes, the core principles of security have remained the same for thousands of years. Ensuring security is one of the most vital objectives in life, not just in the corporate world. With that in mind, the seven core aspects of (corporate) security are:
As the first pillar, physical security deflects the incoming threat, using the applicable tool or feature as the technical security aspect. The informational pillar pertains to collecting the data that would enable assessing the danger.
Following that, the human element and communication between the participating members ensure the establishment of roles, routines, and procedures. Lastly, the management pillar is exemplified through the necessary guidance and oversight required for everything to work properly.
Through these seven pillars, we can see how security works through any observable example in our surroundings. Equally as important to remember, none of these aspects is expendable. If any of these pillars are missing, the entire security structure is at risk of crumbling.
Corporate Security Challenges
Understanding what corporate security is, its role, and the core pillars it relies on, it’s also important to contemplate its challenges. Maintaining corporate security, especially across a larger team, comes with several significant hurdles that can impede the effectiveness of the implemented corporate security services and policies.
Data Privacy Regulations
Data leaks have become a common occurrence nowadays, costing many businesses their reputation and a lot of money. To mitigate these leaks and prevent them from happening, lawmakers have been updating data protection regulations almost regularly in the past years.
While this is undoubtedly a positive, it also presents a challenge for corporate security teams trying to keep up with the latest regulations. Still, this is one aspect businesses can’t afford to fall back on, especially as laws and regulations are getting more stringent as they evolve.
In industries like healthcare, construction, and others, the mobile workforce presents a significant part of many organizations. Whether working on the field or in a work-from-home capacity, this mobile workforce presents a security challenge for the organization’s security team.
Security teams must ensure smooth, collaborative, and productive access for these workers, while also securing their devices and networks to prevent any hijacks or data privacy abuses. For example, instituting policies that prevent password breaches is one of the key components of protecting an organization from vulnerabilities.
Resource and Budget Constraints
Even though corporate computer and network security are paramount for every organization, security teams are often limited in terms of the resources they have at their disposal. Creating a strong corporate security system is an expensive task that corporations often don’t fully commit to.
Expenses like hiring expert security personnel, procuring or even creating corporate security software, and other necessary security investments can quickly add up and break through the organization’s allotted budget.
That said, this doesn’t only happen due to high costs or lack of finances. Oftentimes, the lack of security commitment by corporate executives is the root cause of these budget constraints. Executives are often looking only at the bottom line, and often see corporate security as not worth the extra investment.
Industry Specifics of Corporate Security
Corporate security is an umbrella term that applies to all organizations, protecting against both internal and external risks. With that in mind, the specifics of corporate security can significantly differ based on the industry it focuses on. For example, the security approach for a business in the production sector will vary from the one focusing on financial services.
To expand on this, in the production industry, corporate security, first and foremost, focuses on addressing three crucial factors — environment, health, and safety. In contrast, a banking institution will primarily focus on information security and communication technology security, corporate physical security, and fraud prevention.
In simpler terms, a business operating in the production industry will primarily have to guarantee compliance with laws and regulation that will help ensure fire protection, avoid costs like lost time injury, potentially deal with trade unions, and so on.
By comparison, an office workspace in the financial sector will have to address the issue of sufficient physical security to deter criminals from causing financial damage. Moreover, it must focus on potential employee-related crimes and protect against modern-day corporate computer security threats like hacking and online fraud.
When creating the most effective corporate security solutions, it’s essential to consider these industry-specific components in order to establish the best possible protection mechanisms for the potential jeopardies that can arise.
Taking Steps to Enhance Your Corporate Security
Knowing the specifics of the particular industry, the next step is to create and implement a tailored plan that will protect the organization. Fortunately, this process can be divided into clear-cut steps that you can follow to enhance corporate security. Here are the three key steps to creating a corporate security plan:
Analyze and Understand Security Requirements
Naturally, the first step in enhancing your corporate security is identifying the security needs. Every organization will have different security requirements, so it’s crucial to develop a system that suits your business.
When analyzing the security requirements, you should study the past, the present, and the future. Note any past occurrences that can provide valuable data, assess your organization’s current security needs, and contemplate potential threats that could evolve in the future.
This proactive approach will put your organization in the best position to identify any incidents early on. When you have certain preventative measures in place, you can act promptly and mitigate the damage a security issue could cause.
Create A Security Plan
If you’ve determined your organization’s security requirements, the next move is to create a plan and set everything in action. Primarily, this includes documenting your security plan in detail and clearly outlining the guidelines that will be shared with all employees.
If you have a larger organization, make sure to draft a plan that covers all departments and protects the entire corporation. The plan has to be comprehensive but concise so that every employee can understand and follow it.
Involve The Entire Organization
The third step you should take is to spread the news in your organization about the newly established corporate security system. To ensure maximum protection, every employee has to be involved and incentivized to follow the guidelines.
The best way to do so is to conduct an all-team training and loop everyone in. All members need to recognize the importance of the security plan and how it protects both them and the organization.
Moreover, this training can also be an excellent opportunity for getting input from the team and perhaps improving certain policies based on the information they provide.
Corporate Security Solutions
Regardless of its size or the industry it operates in, every organization should create a security policy that will help it prevent and combat threats. Having a proactive mindset is the only way to stay ahead of the curve and attend to the constantly evolving security challenges.
If you are looking for an affordable solution for the physical and virtual security of your employees, consider the Hideez Authentication Service. We offer a universal IAM system to help you keep valuable corporate information safe by ensuring centralized user management and access control.
The best part is, it eliminates the use of passwords across your company. This means your employees can choose between various passwordless authentication tools and use them to access web services and personal or shared workstations in seconds. Such a system ensures both ease of use and enhanced security.
You can use our solution with any endpoint devices, ranging from smartphones and tablets to PCs. Moreover, you can tailor it to the specific needs of your organization and ensure you don’t have to make any compromises in your corporate security plan.
Request a free 30-day trial of our enterprise solution to try our comprehensive security solution in action.