In 2018, cybercrime cost businesses more than $45 billion in losses and there’s no sign that the costs were any lower for 2019. Who knows what 2020 will bring. What’s certain is that organizations will need to give cyber security even more focus as they seek to secure their profitability.
It all starts with knowing important strategies for protecting your financial data. Here are a few strategies that you might want to consider:
1. Conduct a security audit
What security measures are in place? When was the last time you updated your anti-virus systems and firewalls? Is there a need to upgrade to advanced software? These and other questions are best answered through a security audit. What you should do is assess your organization’s preparedness in facing potential security threats that might compromise your financial security. You will need to focus more on what security assets you currently have and see if upgrades are in order. The main purpose here is to uncover your organization’s vulnerabilities and ensure that it’s protected from the most urgent threats.
2. Use the right financial management software
Keeping all your financial records organized is tedious enough, but how about keeping them protected from a potential data breach? Hackers are becoming even smarter and are looking for ways to compromise your organization’s security. In this sense, it helps if you use software and platforms that come with added security features. When shopping for payables automation platforms or invoice tracking software, make sure to look for those that allow cloud integration so much of your financial data gets processed offsite.
3. Revise your data policies
At best, your financial data is best secured through the conscious effort of everyone who directly uses it. In other words, you will have to continuously train your employees to handle financial data more securely. This should come with a clear set of guidelines or policies that should help everyone understand their roles in terms of keeping all records, login credentials, and other critical information from falling into the wrong hands.
4. Be wary of using payment portals
If you haven’t set up your own payment portal yet, chances are you are using third-party platforms for billing and receiving payments from customers. While these platforms can assure you that your transactions remain discreet, it shouldn’t give you a good reason to use all your financial data carelessly. So, before sending out invoices, make sure to use strong passwords and be careful with sending invoices to the wrong addresses.
Financial security is a serious part of running a successful business. Make sure to keep your financial records protected at all costs so you won’t have to pay dearly for the consequences later on.
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