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5 Economical ways to keep your business safe online

 

Every small business nowadays needs to match the pace of digitization for sustained growth and expansion. However, with business transactions, advertising, sales, applying for small business loans, purchase and communication happening online, it has become important to take preventive measures to protect a business from online threats. Many fintech companies offer unsecured business loans through the Internet. With so many financial transactions happening online, it becomes imperative that special measures are taken to keep your online business activities safe from prying eyes and mischief makers. Here are five simple and cost-effective ways to do so.

1. Keep a list of ‘Dos and Don’ts’ handy
Safeguarding data should be everyone’s responsibility. You may have an IT professional to handle data security but having a written cyber security policy listing the ‘dos and don’ts’ of using office systems and the Internet is helpful. Make sure the data security policy is understood and practiced by all employees.

2. Limit access to critical data 
Not everyone at work needs to have access to sensitive information. For instance, the admin passwords to access contacts or critical information like business transactions and confidential projects should be limited to certain employees only. Also, passwords and security questions should be shared only with authorized employees of the organization.

3. Create a fool proof security plan
A good and original antivirus program is a must-have for any business. If you’re applying for SME business loan to spruce up your business infrastructure, investing some money in the safety of your digital infrastructure will certainly be an appropriate investment.

Regularly upgrade it to secure your online system from malwares and viruses. It is also important to protect your smart phones as it has now become the most used device for business transactions. Take back-up from these devices and store them elsewhere as these devices may get stolen or break. Enable ‘remote wiping’ to avoid data theft when it’s stolen.

Besides, create strong passwords containing alpha-numeric characters and keep changing them at regular intervals or whenever necessary. 

4. Secure your Wi-Fi 
The Wi-Fi too can be the culprit behind your data theft or loss. Secure your Wi-Fi network from hackers with a strong password. WPA2 (Wi-fi protection Access 2) is a safer network than the WEP (Wired Equivalent Privacy). Also, avoid using public Wi-Fi networks for critical information exchange, for example – monetary transactions like money transfers and applying for small business loans and exchanging sensitive information in the process.

5. Have two-step authentication processes
With net banking, digital wallets, virtual payment partners and processing of online business loans, monetary transactions are getting more convenient and faster. However, it’s also important to make sure that your financial details and documents are safe while making an online transaction or while applying for an SME loan. 
Having a two-signatory policy for a website makes access to confidential information secure. It’s a simple authentication process that combines a pin/ password with a unique access code and sends it to the user’s mobile number. So always check that your online payment partner and business funding partner follow this process. 

Make sure you implement these basic steps to secure your business and always fix a problem immediately, if there is any, to avoid further damage.

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