A report by the US accountability office shows that approximately 35,000 data security incidences are reported annually with most security breaches associated with hackers. The average cost of any data breach in America is $150 per record, according to IBM.
However, with the right measure, you can protect your business from any data breach. We have put together a list of the seven most effective ways of keeping your business data safe.
Strict Password Protection
The easiest way for hackers to access your computer network is by figuring out a weak password. They sometimes acquire a list of employees and their social media accounts to figure out their common passwords such as dates of birth, pet names, and street address.
It would be best to enact strict password policies to prevent incidences when hackers can easily guess or trace a password.
Make sure your employees understand the right password they should use. A password with eight to twelve characters and includes numbers and symbols is the best. However, it would help if you encouraged setting a complex but memorable password so that you don’t forget. You can also set up a separate password for each account and keep them in a secure password manager.
Don’t give every employee admin access to your accounts. Anyone with admin access can lock you out of your bank accounts, websites, and social media accounts. Anyone granted admin access could also delete the users in the applications that are vital for your business. You can choose to have a virtual data room with limited access.
As the admin, you have the power to invite whoever you trust into your data room. However, you can give you trusted employees and editors permission to access but ensure that the admin access is strictly for you or the most trusted user. It becomes easy to trace the culprit in case of any breach.
Keep Physical Documents Securely
Stolen or lost documents can be as bad as cyber-attacks. You should keep safe the documents containing g sensitive information safe from prying eyes. Store your documents in a locked cabinet which only your trusted employees can access. Dispose of those documents you no longer need by running them through a shredder.
Pay using credit cards
A credit card is the most secure payment method for your business. Most credit cards have zero liability fraud protection, and in case you want to dispute a transaction, you will not charge any money during the process. You can also set a sending limit on your employees’ cards and receive a notification immediately after an operation is carried out.
Two- factor authentication
This is a virtual version that involves a lock and alarm system in the business. The two-factor authentication will add a security layer to the authentication process, which will make it harder for attackers to gain access to your business accounts even after knowing your password.
For instance, to access your business accounts, the two-factor authentication will require your necessary information, and the six-digit code sent to your mobile device. If you lack the two factors, you will not have access to the account.
Save what is necessary
Limit what hackers could steal by saving only the information you necessarily need to run your business. Avoid keeping unnecessary details on your employees and your clients because, in case of any data breach, they are the ones who will suffer most. You can get rid of any information properly once you’ve used it, especially if you do not intend to use it.
Update your cybersecurity
There are a few cybersecurity programs that can protect your business from malware and other forms of threat. However, almost all the cybersecurity programs require a subscription fee, but the good news is the program will secure all your devices and the data in it. Once you have acquired a cybersecurity program, install your business updates immediately.
Establish a Data Room
In case you have several documents that need safety, you should consider setting up an online or virtual data room. A data room is a virtual warehouse that you can use to store your most important files or documents safely without access to intruders or scammers.
There are expert organizations or service providers who can offer you withvirtual data rooms. It enables you to securely manage your delicate documents, files, and attainments activity. It also helps in contract negotiations and execution of due diligence for your business. Depending on the agreement you have with a virtual data provider, you can be sure that your information is safe.
If your business data gets into the wrong access, it can lead to a significant loss. You can eliminate data breaches if you take the right security measures. Consider using the tips discussed above for a secure business account.