For a business to run seamlessly in these challenging times, connectivity from anywhere anytime is a major requirement. Digital technology is transforming how businesses function, collaborate, compete, and engage with their customers. Technology brings opportunities for growth. However, adopting new technology also brings risks. With the increased usage of the internet comes challenges such as cyber-attacks, data security breaches, identity theft, and fraud. These have far-reaching consequences for your business and leads to loss of reputation, clientele, and trust.
Financial Data Security
Most organizations implement data security measures only when they encounter a data breach. Instead of being reactive to disasters, businesses should act proactively to prevent any breaches.
Every organization must focus on drafting and implementing strict IT security policies with administrative auditing, reporting, and monitoring facilities. This guarantees data security at every level of functioning.
Some Measures to Protect Business From Cyber-Security Threats
Businesses, especially firms working with sensitive financial data, can adopt the below measures to protect themselves from hardware and cyber-attacks:
- Employ stringent physical security measures to maintain confidentiality. The organization must ensure the entire screening of visitors and employees. Permission to use camera phones or any other digital recording media inside the premises should be restricted. The installation of CCTV cameras will help to monitor activities carrying out by individuals in the workplace. Setting up automatic backup will reduce the risk of losing data.
- Sensitize employees on the risks associated with handling personal data, and impart training on the latest data security practices.
- Use genuine software on all the business workstations. Stay away from cracked software, which can lead to malicious software getting into your devices.
- When doing installations, always opt for custom installation. The standard installation option may result in unwanted software being added to the downloads/installation.
- Software licensing and compliance may entail some initial investment, but is worth the effort, and can potentially save money and resources in the long run.
- Install firewall and anti-virus software to protect your network from any malware attacks.
- Always have dual authentication to access emails and software. In addition, using strong passwords is helpful.
- Work closely with your third-party vendors to make sure all security certifications, encryption measures, and data management policies are in place.
It is imperative for a strong organization to have able leaders, who keep a close watch on cyber-security programs and stay updated on the latest technology with respect to data security and privacy. With a majority of businesses adopting work-from-home policies in the wake of the COVID-19 pandemic, it is all the more crucial to ensure the right systems and people are in place to keep pace with the changing dynamics and navigate the business through the challenges and threats in the digital world.