7 Ways to Guard Your Business Finances Against Cybercrime
By Fallon Consultants
On March 18th, 2015
Cybercriminals are out to steal your money — and to do that, they’ve put a bead on your company’s sensitive data. But too many companies are not doing all they could to safeguard the data that will give cyberthieves access to their financial systems and accounts.
You might assume your bank bears some responsibility for protecting your accounts, and that’s true. The Uniform Commercial Code (UCC) requires banks to provide a “reasonable” measure of authentication security for wire transfers. But if your company unwittingly authorizes a fraudulent transaction, most likely you — not the bank — will be liable.
7 steps to business data security
What steps can you take to defend your business’s financial data and assets against cyber theft? Here are seven.
- Encrypt your data — including anything that could give a criminal access to your business’s financial assets.
- Delete sensitive data that you no longer need, both online and hard copy data.
- Regularly monitor for suspicious activity. Look for unusual financial transactions on bank statements, such as wire transfers or unaudited business accounts.
- Destroy all data on old disks using data-erasing software, then dispose of hardware through a legitimate electronics recycling firm.
- Maintain separate personal and business credit card accounts. Set credit limits that are as low as possible, especially for cards used for business travel.
- Use a dedicated computer for all financial transactions, such as online banking — a practice recommended by the U.S. Small Business Administration. Don’t allow any other online activity on this computer.
- Use strong passwords and password protection — for example, you should enforce regular password changes or use a password manager application. Require employees to use unique passwords for business accounts (that is, not the passwords they employ for personal use).
Cyberthieves take advantage of lax business security practices — but these simple tips will go a long way in protecting your business. If you need more assistance, Fallon Consultants can assess your company’s security and give you the tools you need to protect your business data. Contact us by email or at 845-624-3504.