Four Ways to Keep Your Business Finances Safe in 2020

Once stored in the vault of a bank, your cash is more ephemeral in the modern, digital era than it ever has been. It’s now stored as digital data, and can be accessed not through one of the most secure physical facilities in the world, but through a number of apps, websites and software packages – all of which have their weaknesses to cybercriminals.

To protect your finances, and those of your business, this article will show you four methods to lock-down your financial data, keeping it from the prying eyes of online thieves.

Secure Your Accounts

It’s not rare for individuals and businesses to operate from a variety of different bank accounts, savings accounts, and digital-only bank cards. Regrettably, it’s also not rare for these same institutions to neglect some of the key principles of effective cybersecurity and account security, like:

Installing two-factor authentication as standard
Making sure pins and passwords are kept private
Ensuring that pins and passwords aren’t replicated across accounts
Checking in with your bank regularly to inspect any suspicious payments and bills

It’s only through personal diligence that you can protect your finances in the modern world, so make sure this layer of security is watertight before moving onto the below tips.

Training for Staff

Often, it’ll not only be you who issues cash and has access to company accounts. You may give out company cards to managers, and distribute cash to departments based on their budgets and their requirements. Once the cash is technically out of your sight, it becomes the responsibility of other members of staff to protect.

Part of that protection comes from training, which can help you boost your security awareness across all of your digital channels, but especially across your financial data and your bank accounts, which may still be vulnerable.

Use Cybersecurity Systems

While access to your bank accounts may be difficult for cybercriminals to access, it’s less difficult for them to access the information that may help them access your accounts. It’s this data that your company stores internally, and it should be protected by a cybersecurity system that works across the entirety of your company network. Make sure that you’re operating with an up-to-date system that responds to emerging threats as well as established ones, so that you can be confident that any malware or hack will have to pass through sophisticated cybersecurity software before reaching and extracting your company data.

Insurance

Insurance is another key asset that can help you when the going gets tough, like when your digital systems are hacked, or your financial network is infected with malware. If you do happen to lose cash, or you lose files related to your finances, you’ll be able to look to your insurers for a reimbursement. Remember, though, that negligence can void insurance, so you’re still going to need to keep a keen eye on your cybersecurity approach in order to firmly protect and bolster your financial data and your cash.

The four tips outlined above will help you maintain a strong level of control and protection over your digital financial data, leaving you free to continue your business operations without the threat of hacks and breaches.