The Simple and Effective Ways to Keep Your Company Safe from Financial Fraud

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Business owners must protect themselves and their companies from financial fraud. Whether it is an internal or external attack, it can be difficult to spot the signs of a potential theft until it’s too late. The good news is that there are many simple and effective ways to keep your company safe from this type of crime.

Keep your Company’s Data Secure

There are many software programs available that can protect your data from being hacked. Each of these security options has its features, but most will help prevent hackers from gaining access to the information on your site or server. They also work to seal off any potential vulnerability in the system not to be exploited by cybercriminals.

Keep Your Employees Safe with a Background Check System

A background check system is another way you can keep your company safe online and offline. This type of service enables businesses owners to run an internet search for each new hire who works directly with clients, including receptionists, marketing directors/managers, customer service reps, etc. The results are presented in either an email format or a downloadable file which provides employers with the last five years of address history, phone numbers, and aliases.

Protect Your Business by Maintaining Employee Accountability

You need to make sure your employees are accountable for their actions while they use company resources. One way you can do this is by using an online time clock system that keeps track of each employee’s hours logged into the network, including the programs used daily and internet activity. This program also enables employers to monitor keystrokes made within these applications, making it easier to spot if someone is trying to steal information or delete files from the database without authorization.

Provide Training Sessions with New Employees

All new hires at your business need to have training sessions that teach them the best security practices to protect company information and data. This includes teaching new employees how to spot a phishing scam, how secure their passwords should be so cybercriminals cannot easily hack them, and what types of files should never be sent over email since these can contain viruses or spyware.

Protect Your Company from Cyber Attacks

Cyber attacks are happening more frequently than ever before, which is why business owners need to take steps to prevent this crime from happening to them. One way you can do this is by using an intrusion prevention system (IPS) that automatically detects any unusual activity coming into your network, such as bots or known virus signatures, then takes action right away without human intervention.

Keep Safe by Monitoring Server Activity and Network Traffic

Another way you can keep your business safe is by monitoring the activity of servers in real-time. Many services will provide you with a website or server traffic analysis report daily, weekly, or monthly basis (or any time interval you choose). All reports contain important information such as bandwidth usage levels, top referrers/hosts, insight into how customers find your site, common attacks detected like brute force login attempts, etc.

Use Cloud Computing Solutions to Keep Your Company Secure

Using cloud computing solutions like a SOX compliance automation solution is another way business owners can keep their company safe from financial fraud. This type of cloud-based technology enables companies to maintain a secure line of communication with all third parties such as vendors, customers, and suppliers. Everyone has the same set of data in real-time.

Focus on Prevention by Creating an Incident Response Plan

An incident response plan helps you create guidelines for how your employees should handle any cybersecurity incidents like identifying suspicious activity or protecting sensitive information if it gets compromised during a cyber attack. Once these procedures have been created and put into place, they will help guide employees through what steps need to be taken if something goes wrong online, resulting in the loss of critical files/data, etc.

To keep your company safe from financial fraud, have a plan in place that can be easily adapted to any situation. Allocate resources and time appropriately to ensure the success of this plan. Business owners need to take steps now, so they don’t regret it later when fraudulent activity occurs.