4 Ways to Protect Your Business from Spying Competitors

If your business holds highly valuable and sensitive information that gives you a competitive advantage , it’s imperative to protect it from...

If your business holds highly valuable and sensitive information that gives you a competitive advantage, it’s imperative to protect it from ending up in the hands of spying competitors. In this exceedingly competitive corporate world, industrial espionage has become quite prevalent. Whether it’s through the use of innovative spy equipment or by an insider, competitors try their level best to get ahead of the competition by getting access to your current or future business plans.

Losing a competitive advantage equates to potentially losing millions of dollars. Especially, if there’s something valuable in your brand which makes you stand out among your competitors, it’s better to protect your business from them because of the competitors use the most advanced spy equipment and tactics. Keep reading this article to learn about different tips to help you stay safe from prying eyes!

Top 4 Ways to Protect Your Business from Spying Competitors

1. Physically Secure Your Business Premises

If literally “anyone” in your company can access your company’s important documents, you’re simply playing with fire, and it’s just a matter of time before your competitor gets ahead of you.

Hence, you should state clear policies and procedures in your company’s manual so all the employees know how to handle, process, and store confidential information without posing any threat to your business.

You should only allow access to authorized individuals to vulnerable areas in your company and encrypt essential files with passwords. Using fingerprints to enter rooms that contain confidential info and security cameras to monitor the activity in these areas can further keep you protected from spying competitors.

2. Use Non-Disclosure Agreements (NDAs)

No threat can be bigger than a skilled or an old employee of your company getting hired or approached by your competitor right after dismissal. Of course, this can be a great opportunity for them to uncover and leverage your company’s secrets.

Therefore, it’s vital that you mention these clauses in your NDA when you recruit an employee for your company. You should mention that they must not share any kind of confidential business info with competitors and work for them for a certain period of time after leaving the company.  

The same goes for your vendors or contractors, as they can also share the quotations for the materials with your competitors to produce cost-effective products.

3. Invest in Robust Data Security Solutions

Most of your company’s data can be vulnerable in the digital world, as cyber perpetrators are always looking for a “weak” link to steal your business’s crucial information.

That’s why you should invest in appropriate and efficient data security solutions. You should look for different options and then opt for one that best suits your business needs.

It can include anything from premium-class antivirus software to secure file transfer software to prevent any kind of malware from entering your system and destroying or stealing critical information.

4. Conduct Audit Annually

Having a yearly audit with the help of a qualified auditors’ team will analyze your internal control procedures and policies which help you in keeping your sensitive data protected from spying competitors.

They will point out your weaknesses in the system and provide you with advice on improving them. This way, you won’t have to fret about any gaps in your policies and procedures, which can otherwise allow the spying eyes to misuse them.