5 Keys to Protecting your Company’s Online Finances

By Dixie Somers

Companies with an online presence globally are facing the growing problem of cybercrime. As a company owner, you are not only responsible for detecting online fraud, but also paying the related costs.

According to Forbes, every dollar of fraudulent transactions costs your business an upwards of $2.

These costs can grow rapidly because online businesses are susceptible to a wider range of cyber-attacks including salami attacks, credit card fraud, and identity thefts.

You can take actionable steps to protect your company’s finances by following the pointers below.

1. Have a Dedicated Computer for Your Banking Needs
Only access your company’s finances on a single computer for all transactions between you and your customers.

Ideally, this dedicated computer should not be used for other online activity such as checking mail, accessing social media, and general surfing.

Doing so exposes your computer to vulnerabilities. It’s also advisable to steer clear of mobile banking if you can.

2. Segregate Your Accounts and Keep your Credit Cards Safe
Your personal banking account and company account should be kept in segregated accounts. In the case of an attack, it helps if all your eggs are not in one basket. Which means you won’t lose all your money.

Separate accounts also make it easier to keep track of your business expenses and file tax returns.

Don’t share your credit card number with companies or individuals whom you’re not familiar with until you can build a certain level of trust.

3. Get Professional Protection
Have you considered hiring someone with a master’s degree in information security? If you haven’t, it’s about time you did.

At a master’s level, your employees are more comfortable with all matters of information security and you’ll manage to stay ahead of the fraudsters.

These employees will also be more valuable, and they will have leadership and managerial skills that are not taught in most undergraduate programs.

4. Extensive Background Checks on New Employees
Employees are your first line of defense in the case of a cyber-attack but also the most vulnerable point of entry.

A basic background search when hiring new employees can help you to notice any red flags in the candidates you are considering.

It’s especially important to do this for those employees who’ll be handling your company’s cash or accessing sensitive financial information.

5. Educate your Employees
Security technology has come a long way and is always changing, but regular training sessions are a good way to keep your employees updated on the most current cyber threat prevention measures.

Enforce this training by implementing policies and strict guidelines for all employees to adhere to.

Local business development centers are a good place to source for fresh ideas on what to include in your training sessions.

Online consumer behavior and fraud schemes keep evolving. As a forward-thinking company, this means you should use modern defenses to prevent fraudulent attacks which help to keep your business afloat.

About the Author
Dixie Somers is a freelance writer and blogger for business, home, and family niches. Dixie lives in Phoenix, Arizona, and is the proud mother of three beautiful girls and wife to a wonderful husband.