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February 20, 2023

The Best Way to Protect Your Company from Corporate Espionage

Protecting your company from corporate espionage is a top priority for any business. However, knowing the best way to ensure your sensitive data and documents remain safe and secure can take time and effort. Shredding documents is one of the essential steps in protecting your company from corporate espionage.

In this blog post, we’ll discuss the best ways to protect your company from corporate espionage, with a focus on secure document shredding. PROSHRED® Baltimore is a locally owned leader in the onsite shredding of documents and hard drive destruction. We can help ensure that your confidential information stays out of the wrong hands.

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What is corporate espionage, and how is it done?

Corporate espionage, also known as economic espionage, is an illegal practice that involves obtaining confidential and proprietary information from businesses to gain an advantage in the marketplace. Corporate espionage typically involves computer hacking, bribery, infiltration, and theft to access a company’s confidential documents, trade secrets, and other sensitive information. It can even involve “dumpster diving”— rummaging through a company’s trash to find helpful information.

Individuals, groups, or governments can carry out espionage. It is often used to gain an advantage in business negotiations or to obtain secrets that could give one company a competitive edge over its rivals. While government-sponsored espionage is illegal in most countries, corporate espionage is not yet criminalized in many places.

Fortunately, there are steps you can take to protect your business from corporate espionage. Here are tips for safeguarding your company’s sensitive data:

• Have a policy in place to ensure employees are aware of the importance of protecting sensitive data.
• Invest in technology that can monitor and detect suspicious activity on your network.
• Ensure that all employees have received adequate training on how to keep company data secure.
• Secure physical access points with locks and security systems.
• Implement a policy to limit access to sensitive information only to those who need it.
• Invest in data encryption and digital security measures.
• Monitor the use of personal devices on the company’s network.
• Require multiple forms of authentication to access important information.

While not all theft can be planned for, the following of these tips decrease the likelihood of your company being the victim of such a crime.

Who wants to steal your company’s information?

Competitors are often the first suspects when it comes to corporate espionage. If a rival company can access private information about your business practices, products, financials, etc., they can use that knowledge to their advantage in the marketplace. For example, they may be able to underbid you on projects or adjust their products to compete more directly with yours.

Hackers and cybercriminals may also attempt to access your confidential data. This could include stealing trade secrets, client lists, pricing information, and more. They may also use the stolen information for their gain or to blackmail your company.

Another group that might attempt to access your company’s confidential information is foreign governments. These entities may be looking to gain an economic or military advantage over your country.

Regardless of who is attempting to spy on your company, it’s important to understand their motives so you can take the necessary steps to protect yourself. In addition, educating yourself on the different types of espionage and the risks associated with it is essential for protecting your business from harm.

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Take Measures to Protect Your Company’s Information

One of the most important steps to protect your company from corporate espionage is to take measures to protect your company’s sensitive data. This means implementing strong cybersecurity practices, creating and enforcing policies to prevent data loss, and controlling physical access to company information in addition to product destruction practices.

When it comes to cyber security, ensure all employees have secure passwords, have access only to the information they need, and use encryption and other security technologies when necessary. You should also audit user access regularly and conduct penetration tests to identify vulnerabilities in your system.

You should also create a policy to prevent data loss. This includes clearly outlining how to handle confidential information and how employees should store, transfer, and share data. Establish clear guidelines for using external storage devices and other resources that may be vulnerable to malicious actors. Additionally, ensure that your staff has the necessary technical skills to use your systems properly.

Finally, consider physical access control measures such as key cards, biometric authentication, or restricted-access areas. These will help you keep unauthorized individuals from gaining access to sensitive information.

Ready to Protect Your Company from Corporate Espionage?

Give the pros at PROSHRED® Baltimore a call to schedule and set up an appointment to help protect your company’s sensitive information. By protecting your company’s data, you can reduce the risk of corporate espionage and keep your business safe. Implementing these strategies is necessary to ensure the security of your company’s assets and protect its future.

Protect Your Company from Corporate Espionage
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