As a small business owner, it’s important to safeguard the online finances of your business. A breach of your finances may damage your brand image, and in extreme cases result in bankruptcy.
Small and big companies are being targeted by hackers, so don’t think your online date is safe because your business is relatively small. Cyber criminals can gain access to your financials by hacking into your database or infecting your PC with malicious software to steal usernames and passwords.
Here’s a look at five of key ways to ensure your online business finances are safe and secure.
1. Prioritize Data Security
Focusing on the protection of online data crucial. Hackers highly value data, because they can either use it for personal fraudulent activities or simply sell the data on the Dark Web. Regardless of how you use your online data, you need to protect it. It not only contains personal and financial information about your own business, but it also stores credit card details of your customers.
It’s recommended to bring in an IT security expert to ensure that your WiFI network is secure. Also, a security expert can help you set up protocols that determine who can access what and from where. Next, you want to have a plan of action in place for when financials or payment accounts have been compromised. Minimizing the damage is essential!
2. Use Strong Passwords
Never reuse the same passwords for multiple accounts to access your online finances, email, website, etc. For example, your email account has been compromised, the hacker won’t be able to log in to your credit card by using the same login details.
It’s highly recommended to use an extremely strong password. There are plenty of password generators available online if you need help. Lastly, explore the possibilities of enabling two-factor authentication. It’s an extra security that reduces the probability of hackers entering your accounts.
3. Store Finances on Secure Websites
It’s important to know where to store your online finances, in case you’re not storing it on your own server or a cloud network. If you decide to store any financial data of your business elsewhere, make sure it’s in a secure environment.
4. Be Aware of Phishing
Phishing is a sophisticated technique used by hackers to get sensitive information by pretending to be a website or person you trust. It’s a number game, but it’s a rather successful method of infected systems with malicious files that monitor your online activities. Simply put, hackers can see what username and password combination you use to login to online banking or credit card accounts.
Extra tip: enable online banking and credit card notifications.
5. Understand Spam Threats
Be aware that spam, often placed in your junk folder, slowly make their way to your inbox. Typically, spam emails contain malicious files such as Trojans or Spyware that can enter your computer and send back all your online activities to the creators. Install spam-filter software!
