Despite increasing regulations and coverages, the security risks for those in the business of cannabis are higher than ever. As the industry continues to evolve, it’s crucial that its protections do the same in order to avoid failures that can drain a successful business dry.
1. Cyber Vulnerability
Like many businesses, companies that deal with cannabis often rely on advanced software to keep business running smoothly. Cyber management systems, which organize and track products throughout each stage of development, are common in the industry. These systems are, however, vulnerable to data breaches and other cyber attacks — a huge risk in an industry that requires enhanced privacy.
2. Absent or Inefficient Security Systems
Though security issues have largely shifted to the cyber front, some businesses still require ample physical security. As a heavily controlled substance, cannabis is more vulnerable to physical attacks. It’s therefore essential that security systems, ideally equipped with full-coverage surveillance cameras, monitor the company’s premises at all times and angles.
3. Poor Employee Selection and Preparation
A business is only as good as its employees. Cannabis companies are no exception, even though they face the challenge of preparing employees for novel job positions. Failure to vet employees thoroughly prior to their hire, along with failure to train employees adequately, can lead to theft of products, property, or funds.
The cannabis industry may be booming, but so are cannabis industry security risks. Luckily, insurance availability has grown alongside the industry, so cannabis professionals can feel as safe as possible at every stage of development.