Financial information is a crucial aspect of any business and must be protected at all times. From client data to your own financial records, it is essential to implement proper security measures to ensure that your sensitive information remains safe and secure. In this blog, we will discuss nine key practices that you can implement to keep your financial information secure.
Control Access to Mailbox
PO Boxes are often used for business mail, and it's essential to limit the number of people who have access to it. Typically, when you first rent a PO Box, you'll receive only two keys. For security reasons, it's best to keep it that way and not order any additional keys from the post office. Having only two people access your business mail minimises the risk of security breaches. Additionally, it's important to keep track of the keys, especially if the staff members who originally had them leave the company.
Shred Confidential Documents
Shredding confidential documents is a best practice for protecting sensitive information. This includes anything with names, addresses, tax file numbers, bank account numbers, bank statements, cheques, bills, paychecks, and date of birth. Make sure to shred not just your own business's information but also that of your clients.
Don't Disclose Information Over the Phone
One of the most common scams today is stealing credit card information over the phone by pretending to be a financial institution or trusted vendor. If you receive such a call, it's best to hang up and call back on the advertised line to ensure you're speaking with a legitimate representative.
Erase Computer Hard Drives Before Handing Them Over
When you have a new employee joining your company, it's essential to erase any data from the previous owner of the laptop or computer they are using. This applies even if the computer or laptop is being disposed of. Doing this protects any sensitive information that may be stored on the device.
Make Online Purchases from Trusted Websites
Online shopping is convenient, but you need to ensure that the website you're using is safe. You can determine a website's trustworthiness by checking the payment methods they offer. For instance, a site that only accepts credit cards may not be trustworthy, while a site that accepts After Pay, PayPal, and credit cards is more likely to be secure.
Don't Reuse Passwords
Using the same password for multiple websites and software is convenient, but it's not secure. To protect your financial information, it's recommended to generate a new password every few months for everything that requires a login. Random password generators are readily available online, and some software can even reset passwords for your entire organisation.
Regularly Back-up Your Data
Securing your financial information also means keeping accurate records. Regularly backing up your computer or laptop's hard drive ensures that you have a backup of all your financial information. However, it's essential to make sure that only authorised personnel have access to the backup.
Turn Off Your Computer When Not in Use
One simple but often overlooked practice is turning off your computer or laptop when you're not using it. This protects your financial information from potential breaches while you're away from your desk.
Encrypt Your Data
Encrypting your data is another effective way to secure financial information. Encryption converts data into an unreadable format, making it difficult for unauthorised access. Encrypting your computer's hard drive and sensitive files can provide an additional layer of protection for your financial information.
In conclusion, securing financial information is of utmost importance for any business. It is crucial to put in place proper security measures to ensure that sensitive information is protected from potential threats. From limiting access to confidential documents, to regularly backing up data and locking computer screens, there are several simple yet effective ways to keep financial information secure. By following these guidelines, businesses can greatly reduce the risk of financial data breaches and maintain the trust of their clients and stakeholders.
