Fortunately, back office outsourcing provides companies with a strategic way of dealing with these non-core tasks without affecting the other aspects of the business. It is also a convenient way to cut costs and gain access to specialized skills and expertise the business needs as it grows. It can also allow for redundancy and coverage during off-hours and free up your core staff to complete higher level, core function, revenue generating tasks.

However, just like other outsourcing models, back office outsourcing needs to be grounded on a structured approach to ensure quality output and prevent errors along the way. Here are some key points every business owner should consider when planning to outsource back office tasks.

Plan Ahead

Outsourcing is considered the easy way out for business owners when the tasks pile up or when it’s hard to make ends meet due to limited resources. However, getting into outsourcing is easier said than done, especially if it is your first time to outsource. You need to determine whether it is the best solution and how it will work for you.

So before you jump on to the bandwagon, here are some steps you need to take:

• Discuss your outsourcing strategy with your partners and employees. Outsourcing is a crucial decision that requires collaboration from everyone. Involve your team during the planning process and gather insights from everyone.
• List down which tasks you want to outsource. Depending on your needs and your budget, you need to determine which tasks you need help with and which ones to stay in-house. You should also consider outsourcing tasks that require specialized skills.
• Consider the benefits and drawbacks of back office outsourcing. You need to be prepared, not only for the benefits this strategy will bring, but also the disadvantages. This will allow you to plan counter-measures to mitigate or avoid the negative effects.

Choose the Right Outsourcing Partner.

There are a lot of outsourcing agencies all over the world, but the Philippines is considered to be one of the top outsourcing destinations because of the English language proficiency and staff work ethic. To help you narrow down your search, here are some factors you need to consider when choosing an outsourcing agency:

• Quality output – What systems are in place to ensure quality of work?
• Data security – How does the company handle your data?
• Turn-around time – How long is the completion period for each task?
• Availability – What is the company’s working schedule? Are they flexible?
• Packages – Are the packages fixed or do they offer customized services?
• Cost – Are their services affordable?

The factors above will help you in finding the most suited outsourcing agency for your outsourcing needs. Outsourcing is a big decision and you should feel comfortable and at ease with the process and choosing the right partner can make or break the engagement.

Monitor Your Outsourcing Campaign.

Back office outsourcing is an ongoing process which needs to be monitored for results. Keep your communication lines open and maintain a positive working relationship with your outsourcing partner. By collaborating and communicating with your outsourcing partner, you ensure maximum efficiency, productivity, value for your dollar, and ultimately- your satisfaction. Want to learn more about how to effectively outsource your back office tasks? Contact Global Strategic to help make the process easier and get you started.

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The perks for you

Embracing the idea of remote/flexible staff is one of the best ways to have access to a much broader pool of talent. For example, you may need to employ a technology expert and, depending on where your business is located, these may be few and far between. Having someone who can log in from anywhere means that you are not confined to the available worker pool within a commute of your business. This and other digital business strategies means that you can grow with the times instead of letting the world outgrow you.

Something else to consider is that when you opt for virtual assistance, which is available via Global Strategic Business Process Solutions, you can easily install around-the-clock administrative and customer support. This is ideal for your customers, particularly if you cater to a global audience. It means that no one ever has to wait for an answer to important questions.

Forbes also notes that workers tend to be more productive than their in-office cohorts. Not only do they output more, but the work provided is also higher quality. Employees are more engaged and have fewer distractions keeping them from work. In fact, those employees who can work from anywhere are absent more than 40% less than those expected to punch a time clock in person.

If none of these are enough to convince you that allowing your employees to work from home exclusively is a smart choice, then the numbers should. On average, USA Today says that businesses save more than $4,000 per year per employee simply by forgoing a traditional brick-and-mortar environment.

Benefits for your employees

For many remote workers, one of the greatest perks is that they are no longer forced to fight traffic during their morning or evening commute. This can give them back one or more hours of their time every day, which will contribute significantly toward their efforts to achieve work/life balance. Further, remote employees feel more autonomous, and, because of this they may assert more ownership over their work.

Parents with young children particularly favor remote work opportunities because it allows them to continue to have a career without sacrificing their parental duties or family goals. Additionally, when their kids get sick, parents are not stressing as to who will stay home to provide care.

Where to find remote workers

Businesses who do not embrace a remote work culture may lose some of their best employees compared to those businesses that do. Aside from cost, your employees will enjoy a better quality of life, and if done correctly, that will only translate into profits for you. Whether you’ve gone remote as a knee-jerk reaction to the pandemic or are considering making this a long-term option, the benefits are the same, and the sooner you make the move, the better.

The first place you can look for workers who would like to complete their duties at home is within your current staff. Keep in mind, however, that some may not have the infrastructure in place to be able to perform off-site. They may lack, for example, a private office or live in an area where high-speed internet is not available. The nature of their role also may not lend to working from home.

You can also turn to business networking groups and online freelance job platforms. Using freelance/contract talent in the beginning is a great way to test the waters to see how well your business can adapt to a fully virtual environment. There are some downsides to this model, however, as you must worry about training, managing and retaining your employee- amongst other drawbacks.

Finally, businesses can consider hiring an outsource partner to staff the position for you. Many companies prefer this due to the training, escalation, infrastructure, and scalability. Global Strategic has been a trusted outsourcing partner for companies worldwide since 2006. We have handled all sizes and types of outsourcing tasks and can help get you started. For more information, contact us at Info@GlobalStrategic.com.

The post Now’s The Time To Rethink Your Remote Workforce appeared first on Global Strategic Business Process Solutions.

In Metro Manila alone, there are hundreds of businesses popping up like mushrooms every day, due to proximity to their target markets. Because of the high volume of businesses operating in the city, the demand for a cost-effective base of operations has increased. Buying a commercial property is almost always out of the question due to cost, especially for startups with limited capital- so the most logical option is to rent office space.

This is easier said than done as renting an office in the business districts of Metro Manila such as Eastwood Plaza, BGC, Ortigas or Makati, can cost your business an arm and a leg. For example, the average cost of office space for lease in Ortigas Center in 2016 was P632.2 per square meter per month. Further complicating things are the rising rental fees all over the region which has been driven by the strong occupier demand.

Because of soaring office space rental fees, seat leasing has now become the smartest way of starting a business for many companies. One of the major benefits of seat rental is that it can save you lots of up front and recurring rental money that you use can instead to grow your business. It has also been proven to improve productivity and efficiency among employees.

Other benefits include flexibility, scalability, no setup time, modern facilities, 24/7 security and immediate support.

Related articles: Factors in Sealing the Best Seat Leasing Deal

Seat Lease vs Renting Office Space: Which one Works for You?

While not all benefits can benefit from seat rental, here are some of the businesses that can maximize the advantages of a seat lease arrangement:

1. Offshore / Outsource Operations. The BPO industry is one of the most successful businesses in the country today—and this is partly due to the ease of setting up this type of business. For a call center or other BPO company, you only need a client, a dialer, a good internet connection and a couple of employees to start with. Many successful companies started out with these basics, and have grown to be giant players in the BPO industry today. For startups with limited funds, call center seat leasing is the most practical choice until you become stable enough to stand on your own.

2. Online shopping. This is a fast-growing industry as entrepreneurs try to mimic the success of Lazada and Shopee. One of the key factors in the success of any online selling platform is an organized and centralized team. This is possible with a seat lease as a company can rent a few seats and set up their team in an established office space for rent. With a central base of operations, it is easy for you to market your products, answer queries, place orders, track packages and coordinate with your suppliers.

3. Shipping / Courier companies. Another industry that would benefit from seat rental is the shipping and delivery business. Tracking and monitoring your packages is easier when you have a centralized system.

4. Real Estate. The real estate industry in the Philippines may not be as big as those in the US or other first-world countries, but it is still a thriving industry nonetheless. If you want to build a real estate business, you need to have someone complete the calls, process papers, and manage your listings. While finding an office space for lease may be suitable for larger organizations, for smaller or medium sized businesses, leasing seats is a good strategy because these seat rentals are already equipped with everything you need to start your operations day one.

5. Virtual Assistant Business. Virtual assistant clients now prefer VA businesses that have an office because they are more reliable and professional. Finding a seat rental option with backup internet and power can be the difference in keeping and losing a client- which is crucial for all businesses, especially start-ups.

If you’re looking for a reliable and fully-equipped office space in Metro Manila, check out Global Strategic’s seat rental services. Contact us at Info@GlobalStrategic.com or call us at (02) 638-3816.

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Most businesses think that accounting and bookkeeping should be done within the business. That’s not necessarily true. Firstly, you need to ask yourself whether your company has the required skills and experience to do these tasks. If you’re lucky enough to have these in-house, you also need to ensure that they have the capacity to handle the workload. In many cases, it is more practical to hire someone else to do the job at a more affordable rate.

Many small and medium businesses have started outsourcing these tasks to third-party providers, not just because it saves them more money, but because of all of the other benefits and advantages that accounting and bookkeeping outsourcing brings. Here are some of the reasons why you should consider working with a bookkeeping outsourcing company.

• High level of accuracy. Accuracy is crucial, particularly when handling financial Outsourcing your bookkeeping and accounting means that dedicated staff will be assigned to handle your needs. This team has been trained to handle accounting and payroll tasks smoothly and efficiently and can generate results accurately- often higher than an on-shore, in-house team. Plus, third-party service providers usually set up several layers of quality control to make sure that they deliver the best service.

• Cost savings. One of the major advantages of outsourcing is cost-effective services. You can save up a lot on operational costs, which you can allocate towards the funding of your core business processes or to reduce expenses.

• Fraud check. Outsourcing your bookkeeping and accounting tasks to professional third-party service providers minimizes the chances of fraud being committed by in-house staff. It also minimizes errors which can be costly and can affect your company’s bottom line. Outsourcing companies can be responsible for every transaction processed, as well as the necessary quality and accuracy control.

• Flexible employment arrangement. Do you need someone to handle your books just for the tax filing season? Or do you need regular accounting services every end of the month? With outsourcing, you can arrange with your service provider when you need to use their service as you need them. Outsourced accounting services is useful particularly for start ups and small businesses that don’t have enough bookkeeping tasks for a full time employee to handle. You can also use their service on a pay-as-you-go basis.

• Consulting services. Whether you need to expand or scale down your business, having an expert you can consult with is extremely important. Your outsourcing partner can provide you with financial information and expertise you will need as you make crucial business decisions.

These are just some of the advantages to outsourcing your accounting functions. Some of the tasks that you can outsource include bookkeeping, payroll processing, compliance requirements, tax filing, account payables and account receivables.

Global Strategic offers professional accounting and bookkeeping services for businesses and entrepreneurs all over the world. To learn more about our outsourced accounting services, contact us at Info@GlobalStrategic.com or call us at (02) 638-3816.

The post Why You Should Outsource Your Accounting and Bookkeeping Tasks appeared first on Global Strategic Business Process Solutions.

However, there are still businesses who are on the fence regarding outsourcing. Either they can’t decide whether this strategy is suitable for their business or they are afraid of the risks that outsourcing might bring in case it doesn’t work for them.

Here are some of the common fears that prevent business owners from taking that step towards outsourcing:

1. Communication barrier. One of the factors that prevent business owners from hiring virtual assistants from across the globe is the issue of communication. Most business owners from English-speaking countries are afraid that they won’t be able to communicate effectively with a VA from a non-English speaking country. However, that should not be the case with outsourcing to the Philippines because most Filipinos are fluent in English.

2. Output quality. Some business owners are worried that the work quality will be different from what they require. To avoid being disappointed, discuss your expectations with your outsourcing provider during the planning stage. Set down ground rules and agree on the standard of work quality to be delivered.

3. Online security. What if my business data gets leaked? Is outsourcing against the GDPR law? First of all, outsourcing does not violate EU’s General Data Protection Regulation as long as you protect confidential data of your EU costumers. To keep your data secure, make sure that you work with an ISO-certified outsourcing partner, such as Global Strategic. (link to ISO page)

4. Time zone difference. If you want your virtual assistant to work during your time zone, you can negotiate with your VA regarding your preferred schedule and they will understand. Most Virtual Assistants are flexible when it comes to work schedule because they understand the time zone difference and are more than happy to accommodate the client’s schedule.

5. Absenteeism and AWOL. You’ve probably heard VA horror stories where the virtual assistants just disappear one day and the client is left hanging in the middle of all these deadlines and deliverables. To avoid this, work with reputable virtual assistant companies that employ credible and reliable VAs instead of freelancers.

6. Power outages and loss of internet connection. This problem is common with freelance VAs who work at home. You can avoid these issues by hiring a virtual assistant from a reputable outsourcing service provider because their VAs work in an office setting where internet and power are stable.

7. Not familiar with what type of VA to hire. There are different kinds of virtual assistant and some business owners are not familiar with what these VAs do and the tasks they can perform. Here’s a tip: don’t bother with these VA categories. Just focus on what your business needs and list down the tasks you need help with. Then, find a VA who can handle these tasks. It will be easier if you work with an outsourcing service provider company because they will be the one to look for the perfect VA for you.

Outsourcing carries with it some risks, but if you plan ahead of time and partner with a reliable outsourcing company, you can avoid making mistakes and you’ll realize that your fears are all unfounded.

If you want to know more about Global Strategic’s outsourcing and virtual assistant services, contact us at Info@GlobalStrategic.com or call us at (02) 638-3816.

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Are you already leveraging outsourcing to boost your business or are you on the fence, waiting for opportunities to scale your business? If you are not already outsourcing, your competitors likely are- giving them a financial and strategic advantage with potential customers.

Some business owners – especially startups – hire a virtual assistant because it helps them cut down on costs. Others turn to virtual assistant companies to improve the productivity of their business. There are many tasks you can outsource to a virtual assistant, including data entry, administrative work, email management, customer service, bookkeeping, social media management, lead generation, content creation, marketing and more. Whatever your reason for hiring a virtual assistant is, outsourcing is definitely a win-win situation, as long as it’s done right.

To help you maximize your outsourcing solutions, here are some common outsourcing mistakes you have to watch out for. These problems may seem simple on the surface, but they can be very critical to your business growth, especially if they are not dealt with immediately.

1. Not being prepared. Don’t expect your virtual assistant to know what needs to be done on the onset. You have to make plans and prepare a list of your objectives and plan of action, and communicate it clearly with your outsourcing partner to avoid misunderstandings and disappointments. You should know what you want from your VA and how you want it

2. Not reviewing their work. This is important, especially when you a hire a freelancer. Working with virtual assistant companies means that their work undergoes quality control before submitting it to you. Freelancers usually work alone and you have to do the checking to make sure everything is done right. Give your feedback and encourage your virtual assistant to communicate with you when problems or questions arise.

3. Not allocating a training period. Yes, most virtual assistants are competent and skilled. However, they still need to learn everything about your business and the tasks assigned to them. Don’t expect your virtual assistant to know what should be done without briefing them. Formal training is necessary, not only to show your VA what needs to be done, but also to avoid errors and other costly mistakes in the future. Just remember: if you were to hire someone to physically work within your office you would need to train them and your virtual assistant working remotely is no different.

4. Not knowing when to step back. You hire a virtual assistant to help you with your tasks. If you don’t allow them to be independent, what’s the point of hiring extra hands? Micromanagement will only hinder your VA from doing the tasks. Once everything has been set up, proper training has been given and any loose ends are tied, it’s time to step back and let your VA do the rest. Your time is valuable and should be spent on more strategic tasks. Provide feedback and monitoring but the more you teach your virtual assistant and empower them, the more valuable they will be to you and your business in the long run.

5. Not appreciating the assistance. Your VA is just like your regular employee. They need encouragement and recognition just like your in-house staff. Talk to them about what they need and motivate them to do their best. Take a few minutes to talk to them and let them know how much you appreciate the help. It might seem inconsequential for you, but it means a lot for them.

It is easy to hire a virtual assistant. But the challenge lies in making the relationship work and getting the most out of it. By knowing these mistakes, you’ll be able to avoid these common pitfalls and create fostering relationships that will benefit your business.

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The question is not whether or not this industry will grow- it’s a matter of how property managers and owners will handle this rapid growth. Some property owners or managers hire their own staff to manage their facilities or properties, while others choose to outsource their property management services to third-party providers –with the latter becoming the most common trend.

However, before you decide if you want to keep your real estate property management in-house or you want to avail the services of a company that offers property management solutions, you should understand first what each option entails for your business.

Let’s look at these factors you have to consider when handling property management.

• Focus on core business

Property management outsourcing allows you to focus more on your core competencies and strategic objectives, compared to when doing it in-house.

• Cost Savings

Hiring a new staff member means paying for health care, insurance, and other expenses required for in-house employees. You also have to pay for training if the employee you hired doesn’t have enough skills to handle the job.

Property management outsourcing, on the other hand, can save you money because you don’t have to pay overhead costs associated with hiring and retaining an employee.

• Tools and Equipment

Third-party contractors who provide property management services invest in tools, software, and equipment to enable them to deliver quality services quickly and efficiently.

Outsourcing providers will also assign you staff that has the skills and experience in using these tools, eliminating the need for you to train an in-house staff or spend money on buying equipment

• Staffing Flexibility

If you have an urgent need for staff to handle your property management tasks, outsourcing providers can provide a well-trained, knowledgeable, experienced, and skillful staff member even on short notice. When you hire in-house staff, on the other hand, you’ll need to allot a training period to get your employee familiarized first with your processes.

• Access to Skills

The location of the property usually limits the quality of talent you can recruit. However, you can’t just do with what’s available when it comes to business- you need to hire the best talent with the right skills and experience. Utilizing a broader talent pool from all over the world, outsourcing addresses this human resources problem enabling you to find someone who is the perfect fit for what you need.

• Response Time

Problems can be easily handled by in-house staff because of proximity and parallel schedule. Outsourcing, on the other hand, provides support for emergencies outside office hours. You need to analyze the needs of the site against the decision to outsource property management tasks.

It may be practical for companies to employ a hybrid method of in-house and outsourced tasks- giving you the best of both worlds and providing a more comprehensive solution for your business needs.

Property management outsourcing has its own advantages and disadvantages. You have to weigh carefully the needs of your business versus cost-effectiveness, flexibility, scalability, and focus. It requires a detailed evaluation of all aspects of your property management business.

To know about Global Strategic’s property management services, contact us at Info@GlobalStrategic.com or (02) 638-3816.

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What is GDPR? It is a global law that manages how personal data of customers must be handled by businesses. However, the law does not only apply to EU businesses. It applies to any business entity, regardless of the location, that deals with EU customers. So even if your business is in the US, Africa or Asia, you are still covered by this legislation as long as you store or process the personal data of people who live in the European Union.

Businesses who do not comply with the GDPR requirements will face hefty fines of up to $24million or 4% of their annual global turnover, whichever is higher.

So what does GDPR mean for you? How can you make your business compliant to the new regulations?

1. Assess your organization and determine what needs to be done to improve your information security.

Review the requirements of GDPR and analyze the implications of this law relative to your business processes. Make sure that decision makers are aware of what the legislation entails for your business. For some businesses, the changes will impact several departments so the sooner you get everyone on board, the sooner you can sort out the changes that need to be done.

2. Conduct an Information Audit.

Analyze what personal data you collect, store and process from your customers. You also have to check where this data comes from and to whom you share it with. One of requirements for businesses is to keep a record of the processing activities, as well as the policies and procedures being implemented.

If you’re working with an outsourcing partner, you should also be aware of the risks that come with sharing information outside your organization. To make sure your customers’ data is protected, work only with ISO-certified offshoring companies because they have their own information security procedures that meet a defined international standard.

3. Update your privacy notices.

Your customers should be fully aware of what data you are collecting, how you are going to use that data and who will have access to their data. Your customers should also provide explicit consent – a very clear and specific statement of consent.

4. Protect the young.

GDPR has very strict guidelines when it comes to dealing with personal data of minors. Check if your system has a way of identifying the ages of your customers and make sure you get parental or guardian consent before processing children’s data.

5. How do you handle a data breach?

Do you have a detailed game plan in case a data leak happens? Is your plan consistent with the requirements of GDPR? It is time to analyze your contingency plan because it’s better to be prepared than be caught off guard when these things happen.

GDPR is not the enemy. It is simply a tool designed to help protect your customer’s data. The sooner you get your head around the specific details, the sooner you can implement changes within your organization.

If you want to learn how to engage in outsourcing while still being GDPR-compliant, contact Global Strategic at (02) 638-3816 or email us at info@GlobalStrategic.com.

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This means having a happy, satisfied and motivated workforce is one key to a successful business. A highly engaged workforce could spell the difference between a company that achieves its goals and one that fails to grow. The more engaged and happy an employee is, the more work he or she is willing to put forth for the company.

Unhappy and disengaged employees can cost billions of dollars. According to Gallup, companies with an engaged workforce outperform their competitors by 147% while disengaged employees cost organizations between $450 and $550 billion annually (The Engagement Institute). These numbers show how employee happiness in the workplace contributes to the growth or decline of an organization. As a business owner, investing in your employees’ happiness should be a crucial part of your business strategy

What makes people feel good? You might think that providing free perks such as free food and amenities in the office would ensure a happy workforce. However, the formula for happiness at work is not that simple. Although these perks might provide some benefits for your workers, however, they definitely need more than that. For example, employees become happy when they accomplish something that’s meaningful for them, especially if they receive appreciation for doing an excellent job.

How do you make your employees happy at work?

1. Hire happy people. The first step in achieving happiness at work is by working with people who have a positive outlook. You can teach skills and train them in what you want them to do, but you can’t teach attitude.
2. Do random acts of happiness in the workplace. When was the last time you treated your employees for a free coffee or a free meal? Simple acts like these matter a lot for your employees. The pleasure or reward center of your brain can be stimulated up to three times by unexpected acts of kindness.
3. Stop negative behavior. Negative behavior spreads faster than positive. In fact, negative emotions are three times more contagious than positive vibes. So keep rudeness, gossip and negative drama out of the office. Aside from not contributing to your productivity, these negative behaviors act like a cancer that eats up your organization from the inside out.
4. Celebrate successes, even the smallest ones. One of the factors that impact your employees’ happiness is recognition and appreciation for their accomplishments. Whether an employee achieved the quota ahead of time or the company was able to win a big contract, be thankful for all successes –big or small. This simple tactic can help transform the atmosphere in the workplace into a happy one.
5. Celebrate mistakes. Don’t treat mistakes as something dreadful, treat it as a learning experience instead. People will be more open to admitting their mistake and you’ll create a more innovative and creative atmosphere.
6. Don’t overwork your employees. When your employees are overwhelmed with work, they won’t be able to relax and enjoy what they do. Try outsourcing some of the non-core processes of your business, so you can free up some of your employees’ time. This will help them focus on the tasks that really matter to your business and not feel stressed out because of too much work.

Making your people happy is not all about salary increases or giving expensive perks. It’s about giving them meaningful work and appreciating what they have done for your company.

To understand more about outsourcing and how it can contribute to your employees’ happiness at work, contact Global Strategic at Info@GlobalStrategic.com or call (02) 638-3816.

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An investigation regarding the Facebook scandal is in full swing, with Mark Zuckerberg being questioned by the US Senate and lawmakers in early April of this year.

What exactly happened? Here’s a brief timeline to help you understand the sequence of events that lead this social media firestorm.

• 2010- Facebook allowed external developers to access a Facebook user’s personal data and their friends’ personal data.
• 2013 – Cambridge academic Aleksandr Kogan created the app called ‘thisisyourdigitallife’ which prompted users to answer questions for the purpose of creating a psychological profile. Only 300 respondents answered the survey but the app had access to the respondents’ Facebook friends so the number ballooned to millions of Facebook profiles.
• 2014 – Facebook retracted the access given to developers.
• 2016 – Donald Trump’s campaign team invested heavily in Facebook ad campaigns with the help of Cambridge Analytica.
• March 17, 2018 – The Guardian and The New York times reported that 50 million Facebook profiles were harvested by Cambridge Analytica in a major information security scandal. Investigations revealed the actual number to be 87 million. March 20,2018 – The Federal Trade Commission (FTC) launched an investigation regarding the data scandal.
• March 21, 2018 – Mark Zuckerberg responded to the issue by posting a lengthy update. Two weeks after, he also published full page ads as response to the issue.
• April 10, 2018 – Mark Zuckerberg appeared in front of the Senate Judiciary and Commerce committees in line with the investigation by the FTC.

In an age where information security is a hot topic, the recent Facebook scandal has re-affirmed the importance of securing your data, whether it’s personal or business-related data.

What does this mean for business owners and entrepreneurs? There are 4 major lessons every business owner should learn from this digital crisis.

Let’s look at them one by one.

1. First, data is important. It doesn’t matter what type of data you have, they all have their own value. Whether it’s personal information or financial information relating to your business, they are both important and need to be protected because other people can use them against you. In this case, the data breach might seem unimportant because people argue that Facebook profiles are public anyway. However, you have to consider how that data has been used. It might be harmless in the hands of some people, but it could be a gold mine in the hands of those who profit with this kind of data.

2. Second, anyone can be a victim. We are all affected, in some way or another, by this security leak. It doesn’t discriminate by age, sex, profession or location. Whether you run a small business or operate a multi-national corporation, information breaches can happen to you- and they are costly. Studies estimate the average cost of data breach to be around $3.62 million in 2017.

3. Third, a data breach has a lot of forms. Before, when you think of information leaks, the first thing that comes to mind is that of a hacker trying to get into your system or a malicious malware harvesting your information online. This case is different because the concerned party openly accessed other people’s information and used them without consent. The crucial part is that it was not only the 300 respondents, but the people associated with them as well. A modern data breach has long graduated from being something that only hackers can do and has evolved into something that every one of us can do.

4. Last and most important of all, having a solid information security strategy is crucial. As a business owner, you should have a firm grasp on what information goes in and out of your company. Having a comprehensive information security plan helps minimize data breaches, especially in an age when everyone is on social media.

At the end of the day, information is power and it is our responsibility to protect our information.

“As the world is increasingly interconnected, everyone shares the responsibility of securing cyberspace.”

– Newton Lee,

If you want to learn about how Global Strategic protects our clients’ data, check out our ISO certification page or call us at (02) 638-3816.

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