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.
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.