Protecting your Critical Business Information
If your company’s financial information ends up in the wrong hands, there could be serious consequences. Key details of your business could be exposed, your company could be blackmailed, your customers could have their identities stolen, and the reputation of your organization could be permanently damaged. Businesses can lose millions of dollars in a single hack if their financial records are compromised and their confidential data is stolen or leaked.
Here are some tips for protecting this critical information and keeping it out of the wrong hands.
Train All Staff
You can have the most sophisticated security set-up in the world, but if your staff isn’t careful, your business is vulnerable. It’s crucial that you go over all aspects of your digital security policy with all members of your team. Make sure everyone understands your digital security policy and that you stress the importance of using care online.
All staff should know how important it is to use secure passwords and understand what information should and shouldn’t be shared online. You’ll also want to make sure your team is familiar with common hacking techniques such as phishing scams. In these scams, a seemingly legitimate email is sent out and a person is asked to log into an account using a fraudulent website. Once they do, their security credentials are stolen by criminals. Teach your team to spot and report any suspicious emails they receive.
Secure Devices
Another huge security risk exists in the form of the personal devices your staff may use. Personal laptops, tablets, mobile phones, flash drives, and other such devices are commonly used by employees to access sensitive data or to copy data to unsecure computers (such as an employee bringing company financials home on a usb drive to work from home).
This practice can cause several security risks. First of all, these devices are likely not as secure as company computers, and thus they could be hacked more easily. Plus, it’s easy for someone to misplace a hard drive that contains sensitive data, leaving it vulnerable. In addition, personal devices could contain malware, viruses, spyware, etc. that can be transferred to company computers once they’re connected to your corporate network.
This is why it’s important to have a device usage policy and to clearly define which devices employees can use to access company data and how data is transferred to different devices. You’ll also need to make sure employees understand which data should never leave the office.
Encrypt your Data
Encryption can protect your critical data so that, even if it is accessed by criminals, it’s much more difficult to read. Encryption converts your data into code, keeping it safe when it is transmitted across the internet or moved to different computers. Take the time to set up secure encryption on sensitive files.
Have Back-ups
All financial data should be backed up, preferably multiple times and in multiple locations. If your company is the victim of a cyberattack, you may lose data or be unable to access your files. If you have a recent back-up, you’ll be able to recover information and keep working. Make sure you back up your data regularly and that you periodically check your back-ups to ensure they’re working properly. You’ll also want to check that your back-ups are accessible before you need them, so you can fix any issues before they cause trouble for your team.
Stay Up-to-Date
Make sure that all company computers, servers, and devices are up-to-date with modern antivirus software (e.g. bitdefender), as well as tools to fight spyware, ransomware, and other tools used in cyberattacks. Set up firewalls to protect your corporate networks and make sure they’re functioning as they should.
It’s also crucial to keep your business software up-to-date. If you’re using software that is no longer receiving security updates from its manufacturer, for instance, you’re putting yourself at risk.
Trust Professionals
Rather than struggle to keep your company financial information secure, trust professionals who know what they’re doing and who act professionally and responsibly with critical data. A Chartered Professional Accountant firm has the experience needed to make sure all of your financial data is safe and secure. Contact us for more information and to find out how we can help you.
