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Credit Card Fraud - Complete Controller

Over the past decade, debit and credit card use has been the number one way consumers make purchases, pay bills, and make security deposits. Due to plastic being the primary form of payment, credit card fraud is at an all-time high. This high amount of fraud means you have to protect yourself against it. Here are nine ways to protect yourself against credit card fraud.

Protect Your Credit Card

Protecting your credit card may seem obvious, but surprisingly most credit cardholders fail to do so. Make sure you place it in a wallet, purse, or bag that is held close to your body and not easily grabbed. If possible, put it in a small purse or wallet that can be concealed. Don’t carry all your cards with you simultaneously. Only take one or two debit or credit cards with you and leave others behind. This will ensure that if a thief does manage to snatch your purse or wallet, they won’t have all your debit or credit cards. Check out America's Best Bookkeepers

When you use your card, make sure you conceal it as much as possible and pay attention to your surroundings. Some thieves will take a photo of your card and use the number for online purchases. Once you make a purchase, conceal your card as soon as possible.

Shred Credit Card Documents

Whether it is a billing statement or credit card receipt, once you no longer need the document, it is essential to shred it rather than throwing it away. Also, make sure you shred old cards when they expire. Often a new credit or debit card will have the same number with a new expiration date. The key is to ensure anything you are disposing of that has your credit card number on it must be destroyed before throwing away.

Never Sign Blank Credit Card Receipts

Not signing a blank credit card receipt may sound like an obvious no, no, but again, sometimes we are busy or distracted and will mindlessly sign anything put in front of us. Make sure you read anything you sign that is related to your debit or credit card. If you are at a restaurant and tip cash, make sure you write a zero or put a line in the blank and write the total yourself or write “No Tip” or “Cash” in the blank. Even if you do write in a tip, make sure you provide the total and write the amounts so that they cannot be doctored into another amount. Check out America's Best Bookkeepers

Don’t Give Out Credit Card Information

It is sometimes necessary to provide your credit or debit card number over the phone. First, never do so in public. If you have no choice, make sure you go to a private area and ensure no one is listening. Second, if you didn’t initiate the call, never give your card information to the caller, even if they claim to be a bill collector. If you think it is a legitimate entity, ask for their website and how you can make a payment online.

Be Safe Online

Never click on links in emails claiming to be your credit card company, bank, or another payment platform. If you receive an email that looks like it is from one of your banking or payment institutions claiming there is an issue with your card or account, go to their site or app and check your account after your secure login. This type of fraud is called phishing. It is used to capture your debit or credit card information or get your login and password. Also, when using your card online, ensure the site is secure. You can see if it is a secure site by looking at the URL or address bar on the site. If you see a padlock in the status or address bar, the site is secure.

Report Lost or Stolen Credit Cards

If your credit or debit card is stolen, immediately call the card holding company and cancel the card. If you think you merely misplaced the card and don’t want to have to deal with replacing the card or cards, many credit card companies and banks have an option to freeze the account. This freezing of the account will also allow the company to recognize fraudulent use and contact you if an attempt to use your card is made. Check out America's Best Bookkeepers

Check Your Statement Regularly

Unauthorized charges on your credit card are the first sign of credit card fraud. Some banking institutions or credit card holding companies will alert the cardholder to unusual activity. However, this cannot be counted on to catch fraud early. It is suggested that you check your banking or credit card statements daily. Though this may not avoid fraud, it will allow the fraud to be caught early and minimize any damage before it becomes overwhelming.

Create Diverse Passwords

Most people use the same passwords for all of their online activities. You must create complicated and unpredictable passwords for any site where your credit card is stored and make it different for every site. Also, never keep your passwords in an easy to locate or access place. Password diversity and security is vital to avoiding credit card fraud.

Watch for Credit Card Skimmers

A more recent and popular debit or credit card fraud is thieves employing the use of skimmers. A skimmer overlays the card reader of gas pumps and ATMs. It will not affect your ability to complete a transaction or purchase; however, the skimmer retains your credit card information and pin. To avoid this credit or debit card fraud, use bank ATMs, and be wary if the reader slot looks unusual. To prevent the possibility of a skimmer used on a gas pump, pay inside if you must use the reader on the pump, look at it closely and be wary if it seems out of place or unusual.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers
Cyber-Attacks - Complete Controller

2020 has been a year, which has seen an increase in the number of cyber-attacks worldwide. These cyber-attacks were not simply corporate breaches, which still occurred. Still, instead, they targeted global targets as well as US election affiliates and other significant targets meant to affect government agencies and to collect a ransom. Here are five significant cyber-attacks of 2020. Check out America's Best Bookkeepers

Ransomware Attacks

Throughout 2020 ransomware has swamped thousands of targets worldwide, including public utilities and corporations. These attacks have affected the National Health Services and other global targets. There was an increase in attacks from international hackers in September of 2020 in several key world government and commerce areas.

Most ransomware malware has flaws making it easier for cybersecurity to identify and stop the attack. In some cases, the attacked corporations and agencies paid the ransom. In other cases, the attacks were stopped; however, the hackers have learned from past mistakes. They are becoming more sophisticated, cybersecurity agencies and government sectors are continuously evolving to match this sophistication to keep companies and government agencies safe from ransomware attacks.

Shadow Brokers

Shadow brokers is a hacking group, which initially came to limelight in 2016. They claim to have penetrated the spy tool of NSA linked operation called the Equation group. They initially provided a sample of NSA data and then tried to auction a more significant trove. The most impactful release by shadow brokers came in April of 2016 when they brought out a Windows exploit known as EternalBlue acquired from the NSA. They planned two high profile cyber-attacks using ransomware as a tool. Check out America's Best Bookkeepers

The identity of this group still seems to be unknown. Still, they intend to gather intelligence data by using bugs in commercial products. Agencies usually keep the flaws to themselves, instead of telling the vendors so they can fix it. This silence can lead to a dangerous situation as all the customers using the software can be affected. Though they have not made any direct claims, some 2020 cyber-attacks resemble previous attacks by the group who may be operating today.

Us Healthcare Cyber-Attack

American healthcare firm Universal Health Systems sustained a ransomware attack that caused affected hospitals to revert to manual backups, divert ambulances, and reschedule surgeries. There was no indication of the origins of the hackers. The quick action of reverting to manual backups avoided catastrophe; however, there was a significant financial hit in the Universal Health Systems.

NATO and NATO Involved Countries

Russian hackers targeted government agencies in NATO member countries and nations who cooperate with NATO. The campaign uses NATO training material as bait for a phishing scheme that infects target computers with malware that creates a persistent backdoor. The Russian hackers successfully disrupted NATO during the COVID-19 pandemic and exposed vulnerabilities NATO thought they had defenses against. There is no report on the full damage of the Russian hacker attacks on NATO, but NATO cybersecurity changes are expected following this attack. Check out America's Best Bookkeepers

2020 Election Cyber Attacks Through Microsoft

Microsoft detected cyber-attacks targeting people and organizations involved in the presidential election. These attacks included unsuccessful attacks on people associated with both the Trump and Biden campaigns. These unsuccessful but pointed attacks included people connected to both the Biden and Trump campaigns. Microsoft immediately reacted, stating the following, “We have and will continue to defend our democracy against these attacks through notifications of such activity to impacted customers, security features in our products and services, and legal and technical disruptions. The activity we are announcing today makes clear that foreign activity groups have stepped up their efforts targeting the 2020 election as had been anticipated and is consistent with what the US government and others have reported. We also report here on attacks against other institutions and enterprises worldwide that reflect similar adversary activity.”

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers
cyber fraud - Complete Controller

Cyber fraud is among the top crimes in the U.S., with 10% of victims according to the latest figures. Around 5.5 million cyber-related crimes are committed throughout the country every year, almost half of the total crimes. Most cases are not reported because victims believe that nothing can be done to catch the criminals or are too mortified to talk about what happened. This perception makes cyber-related crimes the most common offense in the country, which needs to be controlled immediately.

The figures are reported by the Crime Survey of England and Wales and estimate that 11.8 million offenses took place in a 12 month period. Among all the attacks, 3.2 million are related to cyber fraud, while another 2 million were reported to unauthorized computer use, 3.5 million cases of theft, and 1.2 million cases of personal violence. Check out America's Best Bookkeepers

Why a common offense

The number one reason for cybercrime to be so common is its ability to penetrate the target from far off locations. Most of the cyber fraud that happens in the U.S. originates from other countries, making it quite challenging to track the offenders, and catching them is a different matter. The criminals use many sophisticated techniques to gain access to a victim’s bank account and other vital information. Most of the people who fall prey to such scams are elderly persons who are lured into giving out their account details or passwords. Email phishing scams are the most common way to approach these individuals. However, criminals keep on coming up with innovative methods to access what they desire. The scale and extent of cyber fraud have increased so much that nobody should consider themselves safe and must take precautionary measures. Check out America's Best Bookkeepers

Effect on victims

The affected cyber fraud victims often feel devastated and embarrassed, which hampers their life at all levels. In some cases, they become emotionally unstable due to constant harassment or a huge loss. They even start blaming themselves and don’t come out openly to talk about what happened. Many charities encourage people to seek help if they have suffered to get the justice they deserve.

Stats

About 10% of the overall population has reported being a victim of any cyber fraud. According to the Office for National Statistics (ONS), crime figures have almost doubled. Burglary and car theft were frequent attacks in recent times, but cyber fraud is overtaking every other form of the crime. With the advent of online data storage, the number has significantly risen over the past years. Check out America's Best Bookkeepers

About 80% of cyber offenses are not reported, which means that criminals work without the fear of ever getting caught. Only 622,000 cases out of 3.6 million were reported to the police in the last year. Even higher police officials acknowledged underreporting to be a significant problem when it comes to cyber fraud. The overall increase in web-related crimes has risen by a whopping 39% while the cases reported to the police only saw an increase of 3%, which is alarmingly low. After harassment and online trolling have been included in the online offenses, the ONS reported that reporting has increased by 22%. A common trend is that victims take up the issue with their bank to gain re-access to their funds instead of going to the police.

The bottom line

Whether old or young, every individual must take precautionary measures to secure their available information digitally. Use strong passwords, firewalls, and antiviruses to save yourself from cyber fraud. With the increasing statistics in cybercrimes, everyone needs to learn about the vulnerabilities and secure them.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers
Customize cloud computing - Complete Controller

Many of the cloud computing users believe that different companies have very different needs for cloud computing. Customized cloud infrastructures and services are the only way to make the most of their cloud investments.

Gartner predicted that in 2017, half of the cloud companies would implement hybrid implementations. Cloud technologies are infiltrating organizations at all levels. It also means that cloud computing is nothing in black and white. Companies are implementing various forms of cloud solutions to meet their business needs best, organizational infrastructure, and ensuring safe bookkeeping of their organizations. Check out America's Best Bookkeepers

According to Steiner “There’s no magic solution that delivers the best cloud computing outcomes for your business: every organization needs to determine which data and departments can maximize the benefits of cloud solutions and have a positive impact on profits,”

Steiner further explained that while the customization and optimization of cloud deployment require several reasons, security issues are among the most critical factors. He also noted that different countries have different security rules. Companies that work in different geographical areas must recognize and respect all these rules.

There is no magic solution that delivers the best cloud computing results for your business. Each organization must determine which data and departments can take full advantage of the cloud solution and positively impact profitability. As companies create the cloud infrastructure and solutions that are best suited to them, a user must believe in the trend toward more significant growth in cloud computing is personalization. Check out America's Best Bookkeepers

One of the main reasons for creating the cloud is the different safety rules for companies operating in many international markets. Companies worldwide are monitoring the cloud market and including more content in customized cloud networks where they can establish security and supervisory environment.

For highly regulated industries, such as financial services, government, or administrative services, solutions often get configured according to national and industry compliance standards, such as portability and liability in the Health Insurance Act (HIPAA), Frame Safe Harbor or Sarbanes-Oxley. (SOX).

Customized Clouds

Customized clouds also provide companies with complete control over their data, rather than giving third-party energy providers and potential access. With the growing concern about the impact of the cyber-car, companies are reluctant to provide commercial materials reserved for external parties. By offering data not saved to the public cloud, companies can create a hybrid cloud that best fits their data security

Mobile Clouds Check out America's Best Bookkeepers

The mobile domain is the third aspect that is in cloud computing. The use of mobile-based cloud computing among the higher number of users, including employees, the more significant security risks are due to the greater access to the data. However, cloud computing integrates mobile-based cloud computing as simple and easily manageable. Every person can interact and operate with mobile clouds. The individuals’ productivity and performance get enhanced using mobile domains incorporated into cloud networks.

It is evident from the case of many famous cloud computing companies, such as Google and Microsoft. These companies have implemented innovative features and free storage on their cloud networking platforms. This implementation keeps its customers independent and safe, rather than providing the ability to configure the cloud infrastructure with multiple users and service providers.

This trend in user cloud computing continues to grow. Vendors that do not offer customized options for customers will begin to see revenue decline. By moving to cloud computing, an organization can benefit from the latest IT resources and many redundant servers without having to worry about a large amount of initial investment or technical knowledge. Because all data is stored in the cloud, it is much easier to back up and restore than store it on a physical device with all customized options.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers
cyber fraud trust - Complete Controller

In today’s world, almost everyone has received an e-mail from somewhere with a suggestion on how to win a million dollars or a proposal to help begin a business. These kinds of doubtful opinions should be immediately thrown into the trash. But from time to time, e-mails can come from a serious sender whose intents and purposes, you will believe. For example, they can notify you that your cell phone operator has introduced a new tariff plan of which you are promptly made aware. You will probably open such an e-mail with an attachment, without thinking about a dirty trick – and you will infect your workstation with a virus that can steal your private information and financial data. Check out America's Best Bookkeepers

In the financial market, cyber fraud has received a “new life” with digital technologies’ progress. We are living in a digital society with a digital economy that simultaneously provides us with new opportunities in our professional activities and everyday lives and are significant causes of risks. These risks are often cybercrime, even though 7 out of 10 workers claim to understand the risk of cyber threats and how to protect themselves from cyber-attacks. In addition to this, two-thirds of workers at least became the victims of cybercrime once in their lives. On any day, there are 1.5 million cyber-attacks, which concludes about 18 victims per second with increasing yearly damage from cyber-crime of $110 billion.

 

There are two essential aspects of Cyber-Attack

  • The ones against whom cyber-crime is planned such as, citizens, communal and private firms that can include financial institutes (banks, insurance corporations, several funds, exchanges, etc.)
  • What are cyber-criminals stealing or destroying – money, other property, private data, etc. Check out America's Best Bookkeepers

 

The methods of committing cyber-crime are of two kinds:

  • Social engineering
  • Virus program

Cyber-crime through social engineering methods comes from the refusal to fulfill the routine requirements of the security of your system and the need to earn money without inconveniences. Bookkeeping software and processes can keep all the confidential information saved. Methods to commit fraud within the social engineering framework fall into two groups:

  • Information-stealing from bank cards
  • Data seizure from system carriers, also through the Internet

 

For example, you might get a text that your card is blocked, and for unblocking it, you have to call a given number. The attacker will convince you somehow and will force you to provide the passwords and PINs of the card, or maybe to even go to the ATM allegedly for unlocking it. As a result, the victim himself will transfer the money to the fraud scammers. Check out America's Best Bookkeepers

What to do?

It is never wise to call the phone number specified in the text message. Instead, one should only use the information written on the back of the card.

 

With the help of social engineering, cyber-criminals usually try finding out the details that are sufficient for transferring money from the victim’s card to the scammer’s card, such as card digits, validity period, CVV code (three numbers on the back of the card). It is essential to keep in mind that the bank representatives will never (either by telephone or through the mail) ask for full card information, the card’s passwords, or PIN-codes. Your full name and the last four digits of the card will be enough for them to consult.

 

Professionals specializing in the investigation and prevention of cyber-crime offer the following classification of cyber-crime:

 

  • Internet banking systems frauds
  • Fraudsters cheat by using confidential data such as login, bank card number, CVV- value, i.e., three digits on the back of the card and PIN code.
  • Fraud in electronic money (through ATM or online transactions)
  •  A piece of code or a sequence of commands that use software vulnerabilities and are used to attack a computer system.
  • Anonymization (the procedure of deleting information from the database to conceal the source of data)
Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers
Cloud-Based Services - Complete Controller

The number of cloud migrations is growing every year, and the security issues remain a serious topic. The first step to minimize the risks in the cloud is the timely identification of key security concerns. These issues also disturb the bookkeeping of the company. At a conference, CSA (Cloud Security Alliance) presented a list of 10 threats to cloud security that organizations face, which are as follows.

 

1    Data leakage Check out America's Best Bookkeepers

The cloud is subject to the same concerns as traditional infrastructures. Because of a large amount of data that is now often transferred to the clouds, the cloud hosting provider sites become an attractive target for intruders. Simultaneously, the severity of potential threats directly depends on the importance of the stored data. Disclosure of personal user information, as a rule, receives less publicity than disclosure of medical reports, commercial secrets, intellectual property, which causes significant damage to the reputation of a company.

 

2    Compromising Accounts and Bypassing Authentication

Data leakage is often the result of a negligent attitude to authentication mechanisms when weak passwords are used. The management of encryption keys and certificates is inadequate. Also, organizations face the problems of managing rights and permissions, when end users are assigned much higher power than needed. The issue also occurs when the user is transferred to another position or gets fired. As a result, the account contains many more features than required, which is a bottleneck in the issue of security.

 

3    Hacking interfaces and API

Today, cloud-based services and applications are inconceivable without a user-friendly interface. The security and availability of cloud services depend on how well the mechanisms of access control, encryption in the API are developed. When interacting with a third party using their APIs, the risks increase because companies need to provide additional information, up to the user’s login and password. Weak security interfaces are becoming a bottleneck in issues of accessibility, confidentiality, integrity, and security.


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4    The vulnerability of the systems used

The vulnerability of the systems used is a problem that occurs in multi-tenant cloud environments. According to CSA reports, the costs spent on reducing system vulnerabilities are lower than other IT costs. A common mistake when using cloud solutions in the IaaS model, companies pay insufficient attention to the security of their applications, which are located in the security infrastructure of the cloud provider.

 

5    Account theft

Phishing and other fraud are often present in the cloud environment. This fraud adds concerns in the form of attempts to manipulate transactions and modify data. Attackers consider cloud platforms as a field for committing attacks. And even compliance with the strategy of “protection in depth” may not be sufficient. It is necessary to prohibit the “sharing” of user accounts and services among themselves and pay attention to the mechanisms of multifactor authentication.

 

6    Insiders-intruders

Insider threats can come from current or former employees, system administrators, contractors, or business partners. Insiders-attackers pursue different goals, ranging from data theft to the desire to revenge. In the case of a cloud, the goal may be to wholly or partially destroy the infrastructure, gain access to data, and so on.

 

7    Target cyberattacks

A developed sustainable threat, or targeted cyber attack, is, at this time, not uncommon. Having sufficient knowledge and a set of relevant tools, an individual can achieve results. The malefactor, who set out to establish and consolidate his presence in the target infrastructure, is not easy to detect.
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8    Permanent data loss

Since the clouds have matured enough, cases with loss of data without the possibility of recovery due to the service provider are sporadic. At the same time, intruders, knowing about the consequences of permanent data deletion, aim to commit such destructive actions. Cloud hosting providers to comply with security measures recommend separating user data from these applications, saving them in different locations.

 

9    Insufficient awareness

Organizations that move into the cloud without understanding cloud capabilities face risks. If, for example, the client-side development team is not familiar with the cloud technology features and the principles of deploying cloud applications, operational and architectural problems arise.

 

10    Abuse of cloud services

Legitimate and illegitimate organizations can use clouds. The latter’s goal is to use cloud resources to commit malicious acts: launching DDoS attacks, sending spam, distributing malicious content, etc. Service providers need to be able to recognize such participants. Study traffic in detail and use cloud monitoring tools.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers
Security Risks - Complete Controller

The popularity of cloud storage has increased rapidly over the last few years. Almost every business large or small uses cloud storage to meet document storage needs. Cloud storage streamlines the storage of documents and saves money in the process.  But with the upcoming technology trends, experts have said that cloud storage has some significant security risks attached to it. Many companies face these security issues because they have to entrust their business’s security to third parties that may or may not be in their best interests. The following are six of the primary risks associated with the use of cloud storage.

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1- None or limited control over data

When a business uses cloud storage services, it has to deal with security issues such as loss of control over some sensitive data. When using third-party file sharing, the business’s data is being taken away from the business, causing the company to lose control over the security of that data. Also, if the information is back up in cloud storage in real-time, there is a high possibility that unauthorized access can occur. The best way to avoid this would be to get relevant files/data encrypted before using cloud storage.

 

2- Leakage of data

Many businesses do not use cloud storage because they fear that it would risk losing their data or having it leaked.  This fear is because cloud storage is a multi-user platform, and most of the resources are shared. Also, it is a third-party service, leaving the data at a significant threat of being used by others or misused by the provider. Cloud storage also faces external threats because the cloud storage accounts can be compromised and fall prey to hackers or malicious attacks on the internet. The best strategy to tackle this would be too use stronger passwords and encryption methods.


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3- Bring your device

A significant security threat that has been increasing in cloud storage as companies have given employees the option to work on a BYOD (Bring your own device). This trend increases security concerns even more because the devices can be unsecure. Although they provide a win-win situation for both the employer and the employee, using cloud storage on various devices can result in the loss of data if the devices get lost, stolen, or misused by a third party. This misuse will result in a loss of essential data of the company to third parties who may have the ability to breach the company’s security and steal information valuable to the company.

 

4- Snooping

Without proper security measures in place, online data stored and maintained on cloud storage is highly vulnerable to being hacked or attacked by malicious viruses or online threats. The transmission of data itself on the internet is a significant threat. Information is not safe from vicious online security threats until encryption for authorized access only occurs. The best way to deal with this is high-security encryption. Third parties or foreign bodies cannot access or view the data of the company or organization.


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5- Key Management

Managing cryptographic keys have been a high-security risk for many businesses. Since the introduction of cloud storage, it has become necessary to perform improvised management processes. These processes can be done by securing the management process from the start and be automated, inconspicuous, and continuously active.

 

6- Cloud Credentials

The main attraction and benefit of using the cloud are that it allows and offers almost unlimited amounts of storage. This limitless storage means that all the business information and the customer’s data storing could lead to a potential breach of data by third parties. Even though the credentials protect the data stored on the cloud storage, they are at a high risk of getting compromised. Encryption of data is a safe way to protect all data stored on the cloud storage to avoid losing important information like the bookkeeping records of a company.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers
Document Storage Company - Complete Controller

Even in small companies, a significant number of security measures should get put in place. These measures are necessary to monitor commercial activity, personnel work, bank statements, and other operations.

When determining the period of storage of documents in your business you should consider and the need for further work with the documents. If documents are no longer needed depending on the document type destruction may require unique regulatory materials to apply to the document destruction process.

Also, document management at each business should include instructions on record-keeping, rules of work with documents, regulations on structural subdivisions of the enterprise, and job descriptions.

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Who is responsible for organizing the storage of documents at the enterprise? 

The owner of the business or the person authorized by the owner is responsible for the safety of documents. The chief accountant of the business performs control over compliance with the schedule of document circulation. Therefore, management should first create conditions for the storage of documents and authorize other employees (in particular, the chief accountant) to perform the appropriate actions. If necessary, also appoint the head of the archive


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Terms of storage

The terms of storage of documents (including primary documents) should get approval in terms of cases – a mandatory for each institution; a systematized list of names of cases formed in its office work. In this case, the requirements of the current legislation should have consideration. For the primary documents, registers of accounting, financial accounting, and other documents related to the calculation and payment of taxes and fees, the maintenance of which is specified by the legislation.

On the other hand, the primary documents for tax report submission will need storage for at least 1,095 days. The primary documents related to the audit of the tax notice-decision should have safekeeping in case of an appeal.

Storage in accounting and other structural division

All documents are kept according to the terms. The security in the structural subdivision is set up by its manager or employees responsible for organizing office work. 

There are many ways to choose a secure document storage company. 5 top tips while selecting a reliable document storage company are: Check out America's Best Bookkeepers

  • The best way to choose a secure document storage company is to consider access to your essential documents and files. It is necessary to select the right solution for your document storage that offers legal and controlled access to the
  • The environment and people should be trustworthy and requires monitoring for privacy and security purposes, and you can trust it with your sensitive files.

  • The document storage company should be able to respect the privacy and security of your offsite histories.
  • While choosing a security company for document storage, keep in mind that it should never undervalue the cost-effectiveness of your document’s storage.
  • The document storage company should have the policy of insurance for your file and document archiving.
Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers
storing documents - Complete Controller

Even though companies are being encouraged to store their files electronically, some organizations still prefer archiving individual vital paper records.

Many organizations retain paper-based files because they prefer it and because sometimes it is a legal requirement. Some documents require being kept as a hard-copy for a certain amount of time. These types of documents include patient records, accident reports, and occupational health records

However, it can be problematic to store a large number of documents onsite. It can significantly decrease the amount of office space and your company may not have adequate security measures to ensure the confidential materials are protected and kept safe. Offsite storage services provide a more secure storage facility for relevant records and documents. Here are some of the reasons why you should be storing your company documents offsite: Check out America's Best Bookkeepers

1 – Space

Even if you have a specific warehouse or filing cabinets, storing documents onsite can use up a large amount of space. Utilizing a secure archive facility can save you a lot of space in your office premises, ensuring the work environment is less cluttered. 

2 – Security

It can be a considerable risk to store your company’s documents and records onsite. It makes them susceptible to getting stolen, lost, or damaged. 

There is a chance of confidential financial information falling into the wrong hands if stored onsite. When it comes to finances, security is just as important as confidentiality. For this reason, it is good to use offsite bookkeeping to make sure your data is safe. The payroll is not only on time but also completely confidential.

Specialized storage services can ensure that your essential records and sensitive files protect against incidental and natural disasters.  

An off-storage is protected by the most up-to-date security and technology, generally with 24/7 CCTV cameras monitoring everything, an entry that requires a biometric fingerprint, and a building surrounded by a safe perimeter fence. Check out America's Best Bookkeepers

3 – Cost

Storing documents onsite comes with a hidden cost. Though you will not have to pay an invoice every month, it is easy to fool yourself into believing that storing your file onsite does not cost you anything. However, you will be required to pay rent for space to store the files in your office. You will pay employees to search for the documents when you need them. Having unnecessary, old files around means, they will spend more time searching for the relevant material. 

You will also have to pay for equipment used for the storage of the files. They can break sometimes, and you will face additional costs when the time comes to replace them. Moreover, unless you have a way of determining and destroying documents that you don’t need anymore, the buildup of unnecessary files will also increase your costs further.

Storing files offsite is simpler. You will receive a fixed monthly invoice every month for the organization’s files stored offsite. When you need a file, you can request it using an online system and receive it within a few hours.

You can also examine every cost associated with the offsite storage and adjust the services accordingly.  

4 – Improved Employee Efficiency and Workflow

It can take a lot of time to file, sort, and locate documents, which wastes the time and money of your company. You will be required to employ additional staff to search through the records and documents.

Storing your documents offsite will benefit your company as your staff can focus on their actual job rather than spending their time looking through and filing papers. The majority of the offsite storage services scan and send the documents you require digitally generally within a few hours, this can save your employees a significant amount of time. Moreover, sharing your files online is more convenient and straightforward and ultimately improves the workflow. Check out America's Best Bookkeepers

5 – Archive Management

It can be a hassle to search for your files, but trying to identify and manage the documents you have can also be frustrating.

The majority of offsite storage services offer an online archive management system that enables customers who opt for archive storing to manage the lifecycle of their documents. They can request a physical file, arrange deliveries and collections to archive additional documents and get the materials they do not need any more destroyed. This connection means that you will always be the one in control of your documents.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers
document storage - Complete Controller

For every operating industry and business today,   Document Security is a basic need in the millennial age. Numerous cases result in the loss of relevant, valuable data faced by companies daily. Many fresh entrepreneurs who do not possess sufficient knowledge and fail to recognize the importance of document security and management cannot manage their data. As a result, they often end up losing vital data to third parties and malicious hackers.

Bookkeeping records, employee records, and relevant financial information like bank records are examples of data that can fall prey to severe online threats. If you are a business owner facing a document security issue or are only looking to opt for document security and management, make sure that you gain some insight on document security and control, as discussed in this article. Check out America's Best Bookkeepers

1-Document Security-What it is

Document security is the method in which vital data like critical records of a business are documented, saved, handled, moved down, conveyed, and in the end, discarded if they are not of use anymore.

Document storage and management require much more than merely finding a cabinet or a data storage platform. It involves considering the storage capacity, the security level it has, and how easy accessibility and retrieval of data is. Alongside, a significant issue that many businesses face while choosing a document security platform is the question of whether third parties will have control or access to the data once it is uploaded to the storage platform.

A cost-effective method used by many businesses for document storage is hiring companies offering document storage services, in the form of document storage and management platforms, instead of having to pay a lease for more space. Another primary reason that document storage should be a top priority for any business is document security.

Document security is a highly sophisticated service for document storage that requires a secure, safe facility and has individuals who have the expertise of handling, retrieving, and storing documents on behalf of other businesses/companies. Check out America's Best Bookkeepers

There are, although, some mistakes related to document storage and management that should be avoided at all costs:

  1. Documents that are not labeled or packaged in an organized manner are often tough to locate. Most facilities complete the task for businesses as they mostly provide their packaging, retrieval, and storage system.
  2. One major factor that many businesses are concerned about is the security of document storage. Most documents stored online are not as safe as they are likely to fall prey to malicious attacks on the internet. Documents are easily accessible to third parties and can be hacked despite having security. Therefore, the lack of an effective encryption method can prove to be fatal for a business.
  3. If not appropriately managed daily, document storage can get jumbled up, resulting in a troublesome and time-consuming

2- The importance of document security Check out America's Best Bookkeepers

Although document storage seems to be a bit costly and proves to be a little time consuming, it saves the document from vicious threats if they are adequately encrypted, alongside providing the ‘make life easier’ benefit.

With the use of document storage platforms, effective document management can quickly be executed as all the documents can be placed in one place in an organized manner. Businesses can store all essential documents like bookkeeping and employer records that can easily be accessed when needed.

Secondly, employees working in document storage facilities are highly trained and have security clearance to protect them by placing them in damage resistant areas.

Document storage facilities are undoubtedly the best option for effective document security and efficient management, especially for businesses that have essential data they want to secure. A cost-effective, secure, and easy to use document security system is a must for your business for executing effective management strategies.  

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers