This paper aims to elaborate on how strong the protection of investors may influence small businesses' performance (Paulsen, Feldman, & Witte, 2017). Various organizations have commented on the nature of security across different organizations. Surprisingly, more emphasis get directed to technical issues rather than people undergoing the process of fostering security and facilitating the prosperity of business. Despite being exposed to some security threats, various organizations exhibit different measures of safety. This paper highlights the factors that influence the behavior of people and compliance with security measures. The role of individual efforts is considered paramount in this case as they help develop a blueprint for effective mitigation of security risks.
Business Security and Risk Management
Security Concepts of Governments and Private Sectors
Security investment is crucial for any business organization to safeguard both people and assets from various kinds of damages such as loss or theft. Small businesses and large corporations alike should stop the misconception that their information is completely secure from threats such as cyber-attacks ( Mayadunne, & Park, 2016). Owing to the advancement in technology, cyber-attacks are rapidly on the rise and therefore, business organizations should take as many steps as possible tom protect their intellectual property. Today, cybercriminals are not interested in a large corporation. They want access to vital information such as credit card detils, customer data, and other valuable and sensitive assets.
Delegate your assignment to our experts and they will do the rest.
Information Security
Information security refers to all processes involved in protecting the confidentiality of the organization, restricting unauthorized access, resolving threats, and modification of business information. Business information usually gets protected from individuals or groups of individuals with malicious intentions (Paulsen & Witte, 2017). In business, for instance, data could take many forms. It could either be digital or non-digital. It could be anything from personal information, business data, or any other confidential information stored on your computer.
Importance of Security for Small Businesses
Failure to protect vital business information could create a domino effect, which yields to several problems such as exposure of confidential business information and distorting the general image of the business (Paulsen & Witte, 2017) . Disregarding the importance of business security would imply that both the company's and customer information are in grave danger. Security breaches for a large business corporation could result in significant losses. For small businesses, the damages could go beyond a few failures to even the closure of the whole business operation.
The concept of business security is an essential practice for both small and large corporations. Business corporations should adopt both the private sector and government policies for practical evaluation of threats and vulnerabilities. Taking into consideration the security concepts from all sections, business is crucial because both parties have essential responsibilities to play in fostering trade and job security ( Hassard, & Morris, 2018). Investors should, therefore, recognize the indispensable efforts of government and other public sectors in ensuring the safety of business information. These concepts include physical surveillance and physical access.
Physical Surveillance and Physical Access
Physical surveillance is a powerful strategy for introducing a high level of security in workplaces. It is used as a preventive security measure as it provides critical monitoring of events in real-time. It is an essential and much effective security measure widely used across the globe. The mechanism for this measure is that physical restriction is ID based. Thus there is no unauthorized access to the premises and other assets in the organization.
Comparison Between Security in Small Businesses and Giant Corporations
Creating a prosperous business operation is harder when competing against well-established businesses. Although both small and large corporations operate freely within the same market environment, the two have massive differences that affect companies' performance on significant margins (Hassard, & Morris, 2018) . Apart from the difference in size, the two kinds of businesses have different legal arrangements, financial options, and market niches.
However, when it comes to keeping close eyes to security matters, large might not always mean better. Smaller businesses have better security than large corporations . No matter how paradoxical it may seem, it is true because they usually have more significant security budgets and are more likely to lose. The security investment should include efforts from both the government and private sectors. It is because, no matter how people think, security challenges are experienced between the two businesses even though the intensity varies. However, small businesses still are deemed to be more secure because, with a smaller workforce, it can be easier to identify what people want.
Involvment of Stakeholders in Risk Management
External stakeholders should count in the decision-making process of the quality risk management process (Abubakar et al. 2019). It is because they provide a detailed view of the risk and how it affects the organization's overall performance. A clear standpoint of the organization's risk problem does not get achieved until both internal and external stakeholders collaborate to provide an accurate view of the risk. Unlike internal stakeholders, external stakeholders do not feel reluctant to air out their views concerning the organization's problem. They are creative and equally innovative, and they give sensitive points that might spark up constructive conversations about the assessment of the real risk (Bazzanella et al., 2019) . Often, conflicting ideas concerning a risk problem help identify and mitigate more significant risks that are likely to be faced if the organization fails to align with stakeholders' views. However, it is essential to consider various factors such as the people who the risks concern and the people responsible for mitigating the risks before optimizing external stakeholder expertise.
Identifying the Risk
Before settling with the last option of inviting external stakeholders' ideas into the assessment of risks, it is essential to identify the intensity of the risk. Familiarizing with the problem at hand will help establish the firm ground of the problem and possible ways to mitigate the issue before involving external expertise (Craig, 2018). Just as it is with the first approach of managing risks in any organization, many firms can only lead to work efficiently with the stakeholders that are known to them. Therefore, choosing external stakeholders suitable for offering solutions to business problems requires creativity in navigating through the available options. During managing risks, it is advisable to identify opportunities and possible threats that might occur in case external stakeholders get involved.
Analyzing the Nature and the Intensity of the Risk
The process of risk management calls for prioritization of risks by evaluating risks according to the intensity of the impact it has on the organization (Craig, 2018) . Stakeholders get grouped by focusing on the authority and influence they have in mitigating risks. Authority refers to the ability to impact the outcome of the risk evaluation process.
Develop an Extended-lasting Response to the Risk
After analyzing the risk's nature, a business firm needs to determine the perfect response to the threat. Understanding the risk will help determine the kind of stakeholders who can provide ideal leverage to the risk problem (Craig, 2018). Proper communication is essential at this stage. Ignoring any efforts from external stakeholders can inflame their opposition and cause them to withdraw their support. A proactive measure of managing risks means identifying risks before they happen. It is because; the process of managing risks needs to be disciplined rather than sophisticated. The same applies to stakeholders. It is crucial to understand them and what they want to avoid cases of them needing to influence the decisions of the business.
The decision-making process is useful for small businesses and large corporations alike ( De Gooyert et al. 2017) . However, the process of arriving at decisions need to be precise and direct to the point so that it yields better results. It is crucial to understand that even though the executive team is responsible for making significant decisions on the problem, there are much smaller decisions that the staff and managers can execute without needing to involve third parties; in this case, external stakeholders. Thus, the business needs to lay precise approaches to mitigating risks to ensure uniformity in the process.
Roles of Various Sectors in Managing Critical Infrastructure Risks
Roles of Academia and Industries
Academia is used to refer to the world of academics and deep thinking. It comprises all institutions that are primarily concerned with the pursuit of knowledge through education, research, and scholarship programs. The concept of risks in academia is not much different from other risks (Jackson, 2020). This is because risks form a vital part of every human activity. Academic risks closely relate to the specific events of the institution. Risks faced by educational institutions include teaching risk, research risks, and quality risks, ethical and political risks. Among the risks faced in teaching, institutions include learning outdated concepts to students, insufficient teaching instructors, and inadequate supply of teaching essentials such as library and textbooks (Jackson, 2020) . Like many institutions, ethical risks are common in higher academic institutions. They include cases such as unethical exploitation of students, unfavorable grading criteria, and misappropriation of research funds.
In recent years, academia has revolutionized new methods of dealing with risks in different fields of academics. It has promoted extensive research that establishes regulatory measures that prioritize the analysis of critical issues facing the academic world. Partnerships between academia and both local and international firms provide a platform for evaluating risks and prioritizing the essential problems, thus giving tremendous benefits and support channels meant to offer solutions to uncertainties in the academic environment.
Role of Non-Governmental Organizations
Non-governmental organizations non-profit entities and are independent of influences from the government. They are international bodies that cannot be limited by boundaries or works of human rights (Entao, & Xin 2018). Their actions can influence both the political and social environment on a large scale. They develop social and improve local communities by supporting their participation in community programs. Many of the risks faced by organizations do not come entirely from the communities they are sponsoring. Instead, they come from groups or a few individuals motivated by the need to jeopardize the organizations' efforts. Risks faced by non-governmental organizations can either affect directly or indirectly depending on circumstance and proximity.
References
Abubakar, A. M., Elrehail, H., Alatailat, M. A., & Elçi, A. (2019). Knowledge management, decision-making style, and organizational performance. Journal of Innovation & Knowledge , 4 (2), 104-114.
Bazzanella, F., Peters, M., & Schnitzer, M. (2019, August). The perceptions of stakeholders in small-scale sporting events. In Journal of Convention & Event Tourism (Vol. 20, No. 4, pp. 261-286). Routledge.
Craig, C. (2018). Risk management in a policy environment: The particular challenges associated with extreme risks. Futures , 102 , 146-152.
De Gooyert, V., Rouwette, E., Van Kranenburg, H., & Freeman, E. (2017). Reviewing the role of stakeholders in operational research: A stakeholder theory perspective. European Journal of Operational Research , 262 (2), 402-410.
Entao, M., & Xin, L. (2018). Government Liability Management Risks in PPP: International Experience and Enlightenment. Public Finance Research , (5), 4.
Hassard, J., & Morris, J. (2018). Contrived competition and manufactured uncertainty: understanding managerial job insecurity narratives in large corporations. Work, Employment and Society , 32 (3), 564-580.
Jackson, D. (2020). Applying academic selection criterion to work-integrated learning programs: risk management or perpetuating inequality?. Teaching in Higher Education , 25 (1), 98-115.
Mayadunne, S., & Park, S. (2016). An economic model to evaluate information security investment of risk-taking small and medium enterprises. International Journal of Production Economics , 182 , 519-530.
Paulsen, C., Feldman, L., & Witte, G. (2017). Fundamentals of Small Business Information Security (No. ITL Bulletin, March 2017). National Institute of Standards and Technology.
