Last Updated on: 13th February 2024, 03:31 pm
Technology has made everyday business operations much easier and more streamlined. However, it has also presented a few challenges. Many businesses are now at risk of cyberattacks and face significant financial losses. While you may never be able to be entirely free of the risk of a cyber-attack, you may be able to protect your business finances in some of the following ways:
Be Careful Who You Hire
We like to see the best in people, which can sometimes mean you don’t think twice about hiring someone if they have desirable skills. However, it can often be in your best interest to perform a background check through providers like Triton Canada. A background check can reveal criminal histories involving theft or similarly damaging activities. Being aware of this information means you can avoid hiring someone who may steal or commit fraud.
Separate Your Personal and Business Bank Accounts
Some entrepreneurs or small business owners start out as hobbyists. They use their personal bank accounts to buy business supplies and receive income.
Consider opening a business bank account and separating your personal finances as soon as you launch your small business. Managing your finances becomes an easier task and may also prevent accidental access. What’s more, you then don’t have to worry about employees having access to your personal accounts while undertaking business-related financial activities.
Track Your Digital Activity
Hackers, cybercriminals, and dishonest employees don’t always operate under the radar entirely. They can leave tracks, such as business expenses that don’t add up or changed settings.
Get into the habit of tracking your digital activity and looking for anomalies. One slight discrepancy might be all it takes to uncover a financial crime that has the potential to devastate your business.
Use Secure Passwords
Short passwords are often easier for us to remember. However, being easy to remember means they can also sometimes be easier to hack. Some studies have found that hackers can crack an eight-character password in eight hours. It’s even possible if that password contains numbers, symbols, and uppercase and lowercase letters.
When it comes to your accounts and software, always use long, memorable passwords. Refrain from choosing passwords with dates, names, or other personal information. Ensure you pair long passwords with other cybersecurity measures like multi-factor authentication (MFA). MFA means you can be alerted to access attempts.
Update Software
Many business owners can be guilty of pressing the ‘ignore’ button on software updates. It can be frustrating to take time out of your day to run updates when you often have to restart your devices.
While frustrating, updates can be necessary. Many software updates are provided to fix weaknesses. Failure to perform those updates may mean your sensitive data is vulnerable to hacking.
There may be no sure-fire way to prevent a hack, fraud, or any criminal activity in your business. However, a few small safety measures like background checks, software updates, and secure passwords might be all it takes to see your business in a much safer position.
