How safe is your data?
It’s more important than ever for business owners to protect themselves against data breaches and attacks. All it takes is one incident and confidential company data, financial records or client details could be released into the hands of criminals.
Given how devastating a data breach can be for a company’s long-term success, we’ve compiled a guide below outlining everything there is to know about financial data protection and cyber security.
1. The Language
Owners should have a basic understanding of common cybersecurity threats, so they know what to be on the lookout for. This knowledge will help with setting up things like protection plans and training modules if one of these common attacks were to occur.
It is important to note that the cyber security landscape is constantly changing. However, some of the most recent and common threats to be aware of are phishing scams, malware and ransomware attacks.
2. Training Matters
The burden of protection doesn’t solely have to be a business owner’s shoulders. That’s why all employers should conduct cybersecurity training, regardless of their position. This training is an opportunity to reiterate important practices and safety skills like using strong passwords or how to spot a phishing email. Otherwise, without this training, employees could let things slip past them, in turn, putting the entire company at risk.
3. Regular Audits Are Needed
Outdated software tends to be easier for cybercriminals to hack. So, to avoid this risk, it is important to regularly update all systems, antivirus programs, apps and software being used.
4. Storage and Use Are Important
If you are holding onto financial data for your business or for clients, you will need to ensure there are strong encryption measures being used for it. These measures need to be implemented anytime data is being stored and even when it is in transit, regardless of how small your business is.
An example of a proper transit usage is to have all remote employees sign into a VPN when accessing company data (as it encrypts internet traffic). For stored data, be sure to regularly back up financial records, and keep the documents stored in a secure location to prevent a loss in case of an attack.
5. Compliance Rules Vary
Every company that holds onto sensitive data should consider hiring a third party expert to assess their security measures. A third party expert will be able to assess current practices as a way to spot potential vulnerabilities. Once these vulnerabilities are called out, an expert will also be able to suggest practices that can solve the problems.
For example, a security expert will be able to work with you by establishing a response plan in case an incident was to occur. This could be a step by step guide that can be handed out to your employees so they know exactly how to respond if a security incident were to occur.
Finally, trained professionals are able to call out any regulations or compliance rules that your company needs to follow. This is especially valuable information as compliance regulations can be tricky to understand and vary by the industry.
For example, GDPR regulations need to be met if you collect, process or store any data from EU citizens whereas PCI DSS regulations need to be followed by any organization that processes, stores or transmits cardholder data.
Otherwise, without a solid understanding of compliance regulations, owners could unknowingly break the law, resulting in hefty fines, an interruption of business and a loss in customer trust.
So, instead of struggling to protect data on your own, see how we can help you by contacting us today.
Image: Unsplash
