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Business Planning Process Planning & Strategy

Financial Data Protection Begins with You

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According to research, over 70% of all data breaches are motivated by financial gain, as hackers seek to steal money, either through the company or the compromised data. Perhaps, it’s no surprise that 80% of Americans worry their financial data may not be safe. Approximately 80% of payment-card-related investigations refer to eCommerce data breaches. In the banking sector, cyberattacks have huge consequences, reaching over $18.3 million every year per business. Even ATMs are not safe, as over 90% are vulnerable to network attacks. So, how does a business protect itself and its customers against the loss of financial data?

1. Surround Yourself with IT eEperts

There’s no miracle formula. If you are going to protect your confidential data against hackers, you need to make sure your IT services are up to speed. Small companies often rely on outsourced IT expertise, which can ensure network security and monitoring every step of the way. More often than not, hackers breach into small businesses IT because they lack sufficient protection. From infrastructure weaknesses to lack of internal training, small companies become easy targets for experienced hackers. Contrary to common belief, cybercrime doesn’t focus on large organizations. Hacking can affect any business of any size. While a hack in a big company tends to make the news, it doesn’t mean the smaller guys are safe.

2. Consider Safe Financial Transactions

More and more businesses are taking an interest in cryptocurrency. Indeed, blockchain technology, the digital ledger system used for cryptocurrency transactions and trades, makes financial tools such as Bitcoin safer than other options. While hacking remains a risk, cybercriminals access data outside the blockchain exchange. Hackers can gain access to users’ crypto-wallets through phishing and scamming, for instance. But your Bitcoins are unlikely to disappear if you keep your digital wallets secure. Another advantage of cryptocurrency is that you can easily withdraw money following the Bitcoin ATM limits for adhoc business transactions or transfer to financial institutions. Going forward, we wonder if crypto-banks will also replace the traditional banking system.

3. Educate Your Customers

Should a business be held responsible for every data breach? TrueBridge, an educational SaaS platform, believes that customers also play a role in financial data safety. Educating customers about the existing cybersecurity threats can prevent many unfortunate incidents. TrueBridge aims to provide informative content and resources designed to teach customers about cyberthreats and how to avoid them. It can even be a good idea to share internal knowledge about phishing, email fraud, and scams with your customers, preparing them to react to hackers’ attacks.

4. Keep It Manageable

How many passwords do you need to remember? How many times do you need to type the verification number you’ve received by text message? Making digital profiles more secure can be counterproductive. Users experience password fatigue, finding it hard to memorize or create new passwords. They are also likely to disable double authentication protocols to save time. In other words, enhanced digital security practices could make your account less secure. It can be helpful to introduce a reliable password management tool that can save time and effort for everyone.

As a small business, you are in charge. You can build cybersecurity as an integral part of all your activities as long as you involve IT experts, your team, and your customers. Cybersecurity strategies should be inclusive and encourage everyone to play a role. Failure to share your strategy is likely to lead to an unexpected data breach incident. To be safe, work together.

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