Protecting your financial information is an obligation for every business, big or small. It is the duty of the stakeholders in a business to understand the security procedures necessary for the cause. Events of identity theft and hacking have increased tenfold over the last six to seven years. Hackers have been able to obtain critical information like personal details, email information, and financial information. To make matters worse, most of the time, people didn’t even know about the theft.
Therefore, following these tips is crucial to protect your critical information.
Tips For Protecting Your Financial Information
Use Strong Passwords and Keep them Private
A weak password offers a hacker a walk in the park. Ensure 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 location. Alter the passwords regularly if you keep critical financial information or something else vital. And, by no means should you share your passwords with anyone. Please keep them private and secure at all times.
Secure your Devices
Firewall and security software are necessary if you engage in frequent financial transactions. As a business, installing the latest security features must be your utmost priority because your survival depends on protecting your financial information. Update the software regularly; use 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 PC. Therefore, avoid using it for financial matters unless there is no way around it.
Establish Two-Factor Authentication
Most cloud storage services ask customers to create a two-factor authentication to access their accounts. It provides an added layer of security to your account. Whenever an unknown device attempts to access your account, you must approve it via another secured access point, which has been determined beforehand. Two-factor authentication is great for protecting your financial information. The efficiency is also excellent, as you will receive an immediate notification on your cell phone or any other registered device. You will be notified immediately of any suspicious activity.
Be Prudent when using Unknown WiFi Connections
Unsecured WiFi connections are highly vulnerable to malicious attacks. Public WiFi is the most susceptible as its security settings are minimal to allow everyone to access the internet. It makes these networks a lucrative target for hackers. At times, while traveling, individuals tend to use airport or hotel WiFi services. They should be careful not to send or receive financial information using the unsecured network. Update your local network security settings for maximum protection of your financial information.
Take the Utmost Care when Downloading
The device assigned to secure the financial information should be used carefully when downloading. Viruses and bugs often come in small patches downloaded with the requested file without you noticing. Before clicking any download link, ensure the website runs on a secured (HTTPS) platform. Most hacks and data losses occur because people are careless or uninformed about downloading. It should be company policy to protect your financial information, and employees should take extreme care when downloading online material.
Never Respond to Emails Seeking Personal Information
Emails are another vulnerability area as they have forged the way for many past scams, frauds, and hacks. Any email that seeks personal information should never be responded to. Call the companies on their authentic numbers given on their website if you receive something of the sort. Don’t even open emails that look suspicious from unknown senders.
Conclusion
Protecting your financial information is a top concern for many organizations in this day and age. With all the air uncertainty about data protection and safety because of the incidents involving Facebook and Cambridge Analytica, you must take timely, proactive steps to secure your data and personal 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.