Worcester Business Journal

wbjournal.com | June 24, 2024 | Worcester Business Journal 23 By Janelle Drolet Janelle Drolet is vice president of operations and sales for Towerwall, a cybersecurity consulting firm in Framingham. 10) No place to hide: The regulations, laws, and frameworks an organization needs to comply with will depend on its industry, location, and the type of data it processes. IBM cites the average cost of a data breach at $4.45 million. 9. Definition: A compliance risk assess - ment is a full review of all the requirements, control frameworks, and regulations for an industry from a cybersecurity standpoint. 8. A scheduled process: Companies should strive to make compliance risk assessments a regular process, to identify unforeseen gaps. 7. Regulatory risk: Broader than a com - pliance risk assessment, a regulatory and compliance risk plan includes building remediation plans and monitoring and mitigating risks. 6. Know your gaps: Evaluate your se - curity controls and processes. Take time to discover any potential gaps. Come to an agreement on your company's risk tolerance. Because no two cybersecurity risks are equal, it's important to evaluate its likelihood, its potential impact, what programs are in place and tools are being used to monitor, mitigate, or block it. 5. Have a remediation plan: Organizations need to have a playbook ready to mitigate any potential data compromise. Define remediation steps, assign roles and re - sponsibilities, lay out timelines, costs, and resource needs. Test, test, and re-test. 4. Remediation strategies: Consider building a cybersecurity strategy for your organization including the 4 P's: people, process, partners, and products. Train employees in security awareness. Offer phishing simulation exercises. 3. Review and iterate: Test your plan to measure its effectiveness. Update the plan based on the risk assessment, remediation, and any changes in regulations, business operations, or risk tolerance. 2. Seek expertise: To avoid mismanage - ment, document your security program and processes thoroughly. Remain objec- tive, which is difficult when it's your own company. Many companies opt to involve security experts and automation tools. 1. Foster a compliance culture: Invest - ing in employee training, creating clear policies, and promoting good compliance behavior among employees will help im - prove overall security. Strategies for small businesses to navigate the current economy BY SLOANE M. PERRON Special to WBJ C ompanies are seeing a transfor- mation in their workforces as Gen Z and Millennials join the ranks Baby Boomers once held. Since each generation has different character- istics, managers are using a myriad of tactics to attract younger professionals. Understand the generational dif- ferences. Knowing your audience and prospective employees is essential for human resource departments looking to entice young employees to apply for roles and stay in them. Engagement trend data in a Gallup report by Jim Harter shows Millennials and Gen Z employees priori- tize having a company they can resonate with, want flexibility in the workplace, desire to feel connected to the mission of the organization, and are constantly on the watch for new job opportunities. Researching what drives Millennial and Gen Z applicants can help formulate recruitment strategies and work benefits that interest the younger generations. Cultivate purpose in the workplace. Millennials and Gen Z seek to connect with a company reflecting their own interest. ey want their work to serve a greater meaning. "Clearly communicate your organization's mission and values, emphasizing how each team member plays a role in achieving these goals. is sense of purpose fosters engagement," advises Luciana Paulise of Forbes. Create opportunities for growth. Hiring a younger person is one obstacle, but retaining them is another struggle since they are constantly on the look- out for personal growth opportunities. To capture their long-term interest, companies should capitalize on each em- ployees' strengths, says Brian O'Connell from the Society of Human Resource Management. Presenting younger employees with challenges and learning opportunities will keep them engaged while prepping them for long-term career progression within your orga- nization. Whether mentoring, offering them classes, or giving them experience in another department, the feeling of forward momentum and growth will inspire young employees to step up to the challenge. HOW TO ENGAGE YOUNGER EMPLOYEES BY STEPHANIE MARTIN & CHRIS HUDACH Special to WBJ A s the second half of 2024 comes into focus for small business owners, Greater Worcester entrepreneurs like those in the rest of the country are confident in their businesses. According to new Bank of America research, business owners anticipate revenue growth for the year ahead and are feeling confident in the overall economy, despite economic concerns. Entrepreneurs' concerns around several key economic factors remain elevated nationwide but are down from last year. While concerns around supply chain issues and a recession are down significantly, concerns around inflation and interest rates only slightly dropped, as the Federal Reserve holds interest rates at a 23-year high until inflation be- comes more manageable. Additionally, the political environment and healthcare costs are top of mind for small business owners. Despite these concerns, the majority (65%) expect their revenue to increase in the next 12 months. So, how can business owners meet their revenue expectations as we head into the second half of 2024? Conduct a SWOT analysis It's always smart to conduct routine evaluations of your business, especially ahead of any upcoming shis in the economy or impacts from the political environment. Consider finding time to analyze your business' strengths, weaknesses, opportunities, and threats. A SWOT analysis not only helps evaluate the state of your business but will help identify what changes and tradeoffs are needed. In fact, 70% of small business owners say they have made tradeoffs to maintain profitability, including personal sacrifices, such as working more hours or reducing their own salary, and operational changes, such as increasing prices or reducing marketing costs. Before implementing any similar adjustments, make sure your decisions are informed by your SWOT results. Monitor your cash flow By tracking current and anticipated revenue and comparing it with your business' expenses, you can anticipate when to adjust your business model to avoid unnecessary costs. Digital tools can be helpful to future-proof your business. According to our research, 71% of small business owners have digitally optimized their business and operations in the past 12 months, and over half of those small business owners are using mobile apps or business banking online. ese digital tools enable easier financial tracking. When faced with economic uncertainty, this can be particularly useful, allowing for faster and more informed decision- making. Reconnect with customers A worrisome economy impacts your customers as well. Take time to connect with your customers and build brand recognition so they continue to show loyalty even when times are tough; 82% of small business owners have implemented tactics to engage with their clientele, whether personalizing interactions with customers, taking steps to implement customer feedback, or hosting community events. You can look to social media platforms to help humanize your business; 65% of small business owners use social media to interact with customers and promote their business through responding to comments, posting about themselves and their employees, and promoting upcoming sales. 10 Things I know about … ... Compliance risk Stephanie Martin is preferred business banking manager, and Chris Hudach is small business banking manager at Bank of America in Worcester. W W W

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