Security breaches are becoming more common. They occur most often in the United States (followed by the UK), exposing businesses and their customers to significant risks.

Most recently, in December 2017, Kromtech uncovered a breach at Ai.Type with 577GB of data stolen. It’s possible the incident exposed the information of 31 million customers. And in 2016, Uber suffered a hack that affected nearly 60 million customers and drivers across the world.

These are just two examples that highlight the fact that breaches take place on a huge scale, and that it’s critical to protect all forms of data, including the financial data that hackers are attracted to.

So, how do businesses build trust among consumers and prove that they’re looking after both their customer’s data and the business’s financial data?

Well, it all relies upon asking yourself the following questions and taking action where necessary:

Have you secured your data?

Financial data takes multiple forms, from the accounting records that show your profits, debts, cash flow and expenses to the federal tax forms for your employees. It all needs protecting in different ways.

Financial data stored online requires that you have strong virus protection, passwords, and secure firewalls and networks. You’ll also need to ensure you know exactly who has access to certain pieces of financial information and ensure it’s restricted to them.

Financial data that is stored offline (in paper form, for example) must be kept under lock and key, and if you decide to make an electronic version of it, it’s essential that you put all the security measures above in place.

Have you taken out insurance?

Breaches involving financial data are extremely serious. Not only will they damage your reputation, but you may also find that some customers, suppliers, or other third-parties working with your business (Read more...)