Based on previous reports of incidents, it is quite clear that financial and retail companies have been haunted by highly publicized security incidents and data breaches. It is time to think about and act upon increasing risks that will continue to occur as businesses are closed or scaled down.

There has always been prevalence of certain information security exposure points which may now increase in trying economic times. Below are some of the steps that can help mitigate some of the risks posed by the common information security exposures.

For Businesses:

A very good first step to combat any security threat is a risk assessment, which ensures that all the security risks are identified when the company is on the path to closing down entirely or shutting down stores or specific operations. Risk assessment is the ideal way to start but for a failing business, this leads to additional cost when funds are scarce and is difficult to gain management support amongst all the other distractions surrounding times of tough changes.

Another important step in helping safeguard information is effective asset management. Stores that are going out of business are selling practically everything in their store--their entire asset inventory--including the kitchen sink. All the servers, desktops, financial reporting systems would most likely be on the market as well; a nightmare for data protection and privacy. Will these employees who currently work for the business that is soon closing down take the measures to ensure data security? Does the business have a plan to direct the employees on how to ensure data security? Are these businesses dealing with regulations addressing privacy, data security, and confidentiality even when they are shutting down?