4 Ways Businesses Can Secure Their Financial Data

In the business world, your data is your most valuable asset. 

Whether it’s your own internal data or client data, you must do your best to protect it. After all, a data breach can ruin a company if there aren’t any security or contingency measures put up. 

So let’s discuss some of the best ways you can secure your business’s financial data.

Create a Data Hierarchy

If you want to keep your financial data safe and sound, you should start by sorting your data

and who has access to it. From the moment you acquire or create a fresh data set, you should have an idea of how important it is. Or, to put it simply, not every bit of data bears the same value. By knowing where your most important info lies, you will know how to secure it in the best possible way. But it’s easier said than done, so don’t rush it. 

Another thing to factor in is data access. Not everyone at your company needs free access to everything. By limiting your employees only to the data sets they need for their tasks, you lower the risk of a data breach by a significant margin. As you probably already know – most hacks and data breaches happen via human error. 

Prioritizing and sorting out your data, as well as limiting access to it, will already make your company more secure. But knowing what’s important will also help you create valuable backups, which brings us to the next point.

Plan Your Backups

Having a solid backup of your essential financial data can save your company, just as a lack thereof can ruin it. If you sort out your data sets, you can easily decide what needs to be in the next backup.

But data backups are not spontaneous events. Or at least they shouldn’t be. Even today, with all the available cybersecurity knowledge, businesses fail to realize the value of a well-done backup. 

Create a data backup schedule. Pinpoint the info that’s repetitive and can be archived often. You can even make a special, separate backup for your most valuable financial info. All in all, taking data backups seriously is a layer of cyber defense on its own. And it helps you get a better overview of what’s happening, data-wise. 

Password Hygiene Is Crucial

As mentioned above, most cybersecurity mishaps occur because of human error. And that’s something that’s not going away anytime soon. One of the main mistakes that employees make is using weak and repetitive passwords. If used on important financial accounts, weak passwords pose a serious threat to business security, which is why you need to start raising awareness on password hygiene. 

Here are some of the main things to know:

  • Never reuse an old password, no matter how complex or long. 
  • Don’t use actual words while creating a password to avoid dictionary attacks.
  • Always use special characters, upper and lower case letters, and numbers in your passphrases.
  • Never, ever share your credentials with anyone. Not even if your boss asks for it. Sharing passwords through email is a risky game. 

You can make it easier for your employees by using a password manager, which is a tool that can generate and store all of your business passwords.

Utilize The Power Of Encryption 

Lastly, we have to talk about encryption as a means to protect your financial data. Essentially, encryption “locks up” your data, messages, or even your entire network, making it unreadable for anyone without the key. 

Here’s how to implement encryption to protect your data: 

  • Switch your sensitive communication to end-to-end encryption. 
  • Encrypt the network you send, receive, and modify data on. The most popular way is by using a VPN. 
  • Encrypt your backup database. Once you establish what your most vital data sets are, you can enhance your backup by encrypting it. 

Encryption, in general, has just started sneaking into every piece of tech that deals with data transfers. And there is no valid reason not to exploit it for cybersecurity. 

The Sooner You Act, The Better 

Nowadays, even smaller companies have to deal with large chunks of data virtually every day. Knowing what to dump, what to archive, and what to keep and back up is a business philosophy on its own. But you have to start somewhere. 

So, assess your assets, plan your backups, make sure everyone protects their credentials, and see how you can implement encryption to help you secure your financial data.

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Dev Jain

Dev Jain is a founder of Techbenzy. He just love Technology. Writing on Technology, Movie Download, Apps, tech tips, Entertainment, Biography, Anime etc. are some of his hobbies.

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