Finance

Tips For Protecting Your Company’s Money Online

Tips For Protecting Your Company's Money Online

Protecting yourself from online attacks takes preparation. You have to take steps before a problem develops. The same is true of protecting your business. Implement all of these tips to protect your company’s money online.

Tips For Protecting Your Company's Money Online

  1. Distribute the company’s wealth. Use multiple financial institutions to store company funds. The FDIC protects against losses of insured deposits in cases of:
  •  an FDIC-insured financial institution failing,
  •  theft of funds.
  1. Keep vital company records and documents in a safe deposit box. You can make digital records of them to store onsite at your business. Keeping them in a safe deposit box protects them from damage from natural hazards.
  1. Use two-factor authentication for online banking. Practice this when using online banking and cloud financial apps.
  1. Set account controls. Work with your financial institution to set rules for transferring or wiring money out of your bank accounts. You should limit access to only top-level executives.
  1. Set bank alerts so you know when a withdrawal or other transaction has been made. This provides instant information that can apprise you of a problem as soon as it occurs.
  1. Institute a program for security for endpoint devices. This entails requiring endpoint devices like PCs, laptops and mobile devices to comply with security criteria before accessing the network. Security for endpoint devices also extends to bar code readers and the like.
  1. Practice common sense safety online. Do not assume hyperlinks are genuine whether they are in an email, on a social network, in a chat room, on an ad, etc. Manually type the URL into the browser.
  1. Watch out for fake communications. As a general rule, financial organizations won’t send emails that ask customers to email personal information, visit a site for authorization or enter personal data in a pop-up window.
  1. 9. Check each URL for SSL encryption. Any page that requires you to enter confidential or financial data should use SSL encryption. Examine the SSL certificate before entering any information.
  1. Use and maintain a firewall. Rather than installing a standard firewall, install application and software-based firewalls. This provides an extra security measure that protects all network communications.
  1. Use an anti-malware program. This protects your firm from malware and online security risks such as Trojans, viruses and worms. Some programs provide additional online shopping and banking protections. Regularly install patches and updates to keep the software current.

Protecting your company online starts with planning and preparation before you ever get online. Keeping your finances safer online requires changing business processes to include security measures. It requires training for employees that purchase online or make banking and financial transactions online. Everyone needs to understand basic safety. You’ll need a firewall. All of it working together ensures better safety for your business.

About the author

John Paul

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