As businesses strive to keep up with the digital age, some risks can endanger them. When tech-based solutions are applied, your business must place security measures to protect your business. Valuable information can easily fall into the wrong hands and taken advantage of. The following are management strategies that will help keep your company safe.
Secure Your Bank Accounts
One thing that you should remember is never to combine your personal and business accounts. Savings, checking, and credit card accounts must be separate for best practices. Hackers pose a risk to financial statements that are accessible online. If they happen to get to one account, at least they won’t get into the other. It’s worth inquiring about the security systems that online banking uses, such as logging out.
Business operations related to financials must also be put in place to protect your employees. Expenses made by employees can be made secure using a reimbursement policy that is tightly tracked. Automatic notifications can also be helpful if your employees are using credit cards provided by the company. Employee expenses can be monitored this way so you can see if anyone is spending more than they should.
It would also be of help to reduce the paper trail in each department and go digital. Check if those who you deal with can replace paper receipts and bills with virtual copies instead. The more paper you have going into disposal, the riskier it is for bank details to go out into the open.
Implement Compliance For Exchange Online
Businesses that deal with online transactions have a lot to lose. Such examples of these businesses are digital platforms handling cryptocurrency exchange. These websites handle various types of cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, among others. Transactions such as purchasing cryptocurrency and withdrawals with fiat currency work differently, but they do not have a set of regulations.
These platforms are adopting exchange compliance to help minimize the risk of fraudulent behaviors and ensure that every transaction is secure. These can involve onboarding processes such as Know Your Customer (KYC), Strong Customer Authentication (SCA), and Anti-Money Laundering, for identity verification and controls. Although not every online business is using them, many are adopting policies with the use of the above to protect investments.
When these security measures are in place, your database will be able to retain customer information. Your database will eliminate multiple accounts this way.
Perform Background Checks
There are a few types of business frauds, and that includes employee fraud. Therefore, it is in the best interest of any business to run background checks on every employee trying to get into the company. It will give you peace of mind because you protect your business from characters who won’t be good to your company.
While companies have their in-house HR department, many businesses offer employee screenings. These dedicated businesses have many connections that provide them information on specific individuals. If you need anything on financial, criminal, drug and employment history verification, they can run them for you.
You can search for the best background check companies according to compliance, cost, and convenience. They use the best processes and latest technologies with human resources and tracking software to produce favorable results.
Require Employee Training
One part of your company that you should never forget is your employees. They are the faces of your business, the hardworking force that help you achieve your goals. While you can pick the best software and online services, and create all the solutions in the world, they won’t work unless your employees know what to watch out for.
Your workforce has the potential to be the best shield against fraud when they have enough knowledge. Training your employees can take only up to an hour and a half each day.
Your accounting department can serve as the best protection against employee fraud. Employees may tend to submit excess reports on expenses or deliberately submit excess times made during a shift. These fraudulent acts are more likely to succeed if your internal processes are weak.
The first step to training ensures that your staff knows the policies, processes, rules, and guidelines. They must also realize the punishments that come with breaking or ignoring these policies. Your account department must learn to follow steps such as requiring more approvals on company expenses, cross-training multiple employees to handle bookkeeping, payroll, bank statements, and more. Teach them to perform financial auditing even when its outside of their department.
The more people know about handling financial tasks, the less likely a single employee would be tempted to commit fraud.
Register Your Company’s Intellectual Property
The type of business you have is likely not unique, but if it is, it’s more likely to be copied by others who see its potential. Valuable company information can be stolen. And even if you have the latest security network, it’s still a more intelligent move to protect your digital assets through patents, trademarks, and copyrights. These barriers protect intellectual copyrights, and companies are placing digital assets under legal and support personnel.
Other employees can steal digital assets that contain content created for the company if strong evidence of ownership is not specified. Therefore, it’s essential to claim intellectual property rights through the U.S. Copyright Office and the U.S. Patent and Trademark Office. Disputes can ensue when without proper documentation on digital asset ownership.
The business owner should specify the digital asset details such as account names, usernames, passwords, or logins. You should assign who receives the information upon the passing of the owner. It is to be named in a will by an executor. The right of ownership should also be transparent regarding contracts, email signatures, and website content.
You worked hard building your business, so it only makes sense to surround it with various security measures of any form. It involves human- and tech-based efforts to makes sure that your business doesn’t lose information to the wrong hands. It’s also important to name a receiver of the company and its digital assets if one cannot protect them any longer.
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