With today’s advanced technology, business owners have countless options to improve their company by leveraging their use of the internet, software, computers, and more. Software programs make everything much easier. Once you use them to your advantage, you’ll be able to automate transactions or organize information related to your company’s management.
Although technology has brought many benefits to businesses, there are also some potential risks you should be aware of as a business owner. At present, many hackers and scammers are looking for ways to exploit financial information that can be accessed online. For this reason, it’s crucial to be proactive in securing your company’s financial information.
Securing Financial Information
Luckily, there are ways to keep your business financial information safe. These are the following:
1. Digitize Paper Records
One of the ways to protect your business's financial information is to digitize your office documents. This is especially true if you’re still running a paper document storage system. However, if you’re used to the traditional way of storing, this is easier said than done. Hence, hiring professionals or service providers to assist you with digitizing your files may come in handy.
2. Use The Best Password Manager
Storing passwords on notepads in your desk drawer is probably one of the mistakes that might cost your business money. Even if you assume you can trust everybody in your office, there’s a possibility somebody might make a bad decision once they find an opportunity.
If you want to keep your business financial information safe, you shouldn’t keep your password in a written or printed form without putting them under lock and key. If you have a hard copy of this information, it must be stored in a safe filing cabinet.
Better yet, select a password management system so you can keep your codes safe in a digital location. Such managers have a good reputation, providing security and encryption that’s necessary to keep your financial information protected.
3. Be Aware Of Phishing Schemes
A phishing email is a fake email message, which can be used by hackers and criminals to target your identity and credit, gain control of your network and computer, or steal your passwords and access your company’s financial information.
Phishing emails often appear as if they come from a reliable source like a vendor and may include attachments or links asking you to download. If you encounter such emails, make sure to delete them immediately without clicking the links. In this way, fraudsters or hackers won’t be able to get any information from you.
4. Check Your Banking Accounts Regularly
Regular monitoring of your banking accounts can help keep your company’s financial information safe, so you can easily catch any problems if something goes wrong. Try considering the services of outsourced accounting professionals so you can have a regular audit of your accounts. Such services are vital to detect potential scams and frauds.
5. Have Two-Factor Authentication
When an unauthorized individual accessed your password for email or bank accounts, they can do damage in just a short time. To avoid this, make it challenging for fraudsters to access such accounts by using two-factor authentication on your accounts.
It means you have to enter a password to access the account and receive an email or text message with an access code. Often, this access code is good for a few minutes, which locks down the time you can access the accounts.
6. Utilize Cloud-Based Solutions
If something happens to your computer or office, it can be a big problem if you lose all the information you’ve stored on your hard drive. The best solution for this is to use a cloud-based accounting tool so you can still access relevant details in case your computer is stolen or your hard drive fails.
Such cloud-based tools are encrypted to secure your business's financial information. Plus, you’ll be able to get secure access and allow your team on certain information only, keeping other data confidential.
7. Encrypt Your Data
Another way to protect your business's financial information is to encrypt your data. Encryption for business is very useful as it secures your data and it’s your first step to level up your company’s cybersecurity. Just make sure to use the best service provider to make the most out of encrypting your data. Regular backups may also come in handy.
Keeping your financial information secure is a challenging task, but you don’t need to do everything on your own. Aside from implementing the above tips, there are also other strategies you can consider. With the available companies providing services with high-end security solutions, you can be assured all your financial information will be safe from hackers and other threats.