Protecting your financial information is an obligation for every business, whether big or small. It is the duty of the stakeholders in a business to understand the security procedures that are necessary for financial protection, especially when identity theft and hacking have increased ten-fold over the last decade. Hackers have been able to obtain key information like personal data, contact information, and financial information largely without victims realizing the theft occurred.
Use Strong Passwords and Keep them Private
A weak password offers a hacker easy access to your accounts. Ensure that you use strong passwords that involve numbers, symbols, and other variable patterns to make your accounts impenetrable. Avoid using standard names of things and places. Do not write down your passwords on digital platforms; instead, write them down and store them in a secure place. Alter passwords regularly if you are securing critical financial information or other data of importance. By no means should you share your passwords with anyone; always keep them private and secure.
Secure your Devices
Firewall and security software is essential if you engage in frequent financial transactions. It must be your utmost priority to install the latest security features as a business because your security and reputation depend on protecting your financial information. Update software regularly by using the auto-update feature, if available. Many hardware devices are available on the market for additional security; however, their use is recommended for highly classified information. It is harder to secure a mobile device than a Personal Computer (PC). Therefore, avoid using it for financial matters unless there is no other option.
Establish Two-Factor Authentication
Most cloud storage services ask their customers to create a two-factor authentication to access their accounts. This provides an added layer of security to your account. Whenever an unknown device attempts to access your account, you will have to approve it via another secured access point, which has been determined beforehand. Two-factor authentication is helpful when protecting your financial information because you will receive an immediate notification on your cell phone or another registered device of any suspicious activity.
Be Prudent when using Unknown Wi-Fi Connections
Unsecured Wi-Fi connections are highly vulnerable to malicious attacks. Public Wi-Fi connections are the most susceptible as their security settings are at a minimum level to allow everyone to access the internet. This makes these networks a lucrative target for hackers. Generally, individuals tend to use airport or hotel Wi-Fi services while traveling. They should be careful not to send or receive any financial information when using this unsecured network. Update your local network security settings for maximum protection when managing your financial information.
Take the Utmost Care when Downloading
The device that is assigned to secure your financial information should be used carefully when downloading programs or documents. Often, viruses and malware come in small patches that are downloaded along with the requested file without the user even noticing. Before clicking any download link, ensure that the website runs on a secured (HTTPS) platform. Most hacks and data losses take place because people are careless or uninformed regarding downloading. To protect your financial information, it should be company policy that employees should take extreme care when downloading online material.
Never Respond to Emails Seeking Personal Information
Emails are an area of vulnerability as they have forged the way for scams, fraud, and hacks. Any email that seeks personal information should never be responded to. Call the requesting company using authentic numbers from their website if you receive something suspicious to confirm if the email is legitimate or to alert them there is a potential scam circulating in their name. It is recommended to avoid opening emails that look suspicious from unknown senders.
Protecting your financial information is a priority for many organizations. With uncertainty circulating regarding data protection and safety, you must take timely, proactive steps to secure your data and financial information.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.