Insureon Blog

Mobile Innovation & the Competitive Advantage: Small Business Trends of 2014

28. February 2014 08:47

Businesswoman using a tablet

In an interview with Crain's Chicago Business, entrepreneur and current Groupon Board Chairman Ted Leonsis explains how small businesses are in a prime position to innovate and grow with mobile platforms and other digital marketing opportunities.

Unlike big businesses and Fortune 500 companies, which Leonsis describes as “frozen,” small businesses are not beholden to quarterly earnings, which means they can more easily use their cash flow in creative ways. 

Here are some of the ways Leonsis believes small businesses can gain the competitive advantage in 2014:

One of the biggest bonuses of social media and mobile technology is that it tends to be cost-effective – if you know how to use it.

Cyber Liability Risk, Mobile Technology, and Social Media Marketing.

Cyber Liability risk might not be the first thing you think of when designing a mobile marketing campaign, but it's something that must be considered. When you use web technologies, you open yourself up to a host of threats, including data breaches.

A data breach occurs any time an unauthorized individual gains access to sensitive information, such as your client's names and financial numbers. For some industries – including the restaurant and retail industries – many data breaches occur through unsecure point-of-sale systems. But as more and more people are honing their online presences, cyber criminals are taking advantage of the system. Take a look at some of the exposures associated with mobile technology and social media to get an idea of how you're exposed.

A data breach does not come cheap. Besides your tarnished reputation, experts estimate that the per-record (per person) cost of a data breach is around $188. Multiply that by all your social media fans and followers, and you can see how it adds up. For more information on cyber threats, read the rest of the FBI webpage and check out our blog post “Using Facebook to Grow Your Business? Know the Risks & Exposures.”

And also know that Cyber Liability Insurance (sometimes called Cyber Risk or Data Breach Insurance) can protect your business from the high costs associated with data leaks and breaches. Read “4 Reasons Your Business Should Have Cyber Liability Insurance” on our blog to learn more.

protect your assets

Tags:

Data Breach | Risk Management | Small Business | Small Business Risk Management | Small Business Trends | Tips for All Small Businesses

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