Safeguarding information is critical to maintaining customers’ trust, complying with data privacy regulations, and avoiding the serious financial consequences of a data breach. However, sensitive data comes in many forms – from customer records to financial information – and criminals try to gain access in numerous ways. To help minimize your risk, start with these data security fundamentals.

Conduct an End-to-End Risk Assessment

Take stock of all sensitive data you keep, consider whether certain files are even needed, and delete or dispose of any that aren’t. Also, consider bringing in a cybersecurity consultant to identify vulnerabilities within your company’s computers, network, and other technology.

Strengthen Access Controls

Each employee should have only the minimum level of access to your network or files to perform their role. For all employees, emphasize strong authentication methods for accessing company systems, such as complex passwords and two-factor authentication (2FA).

Train Employees

Employees are key targets for data thieves. Educate your staff about safe online browsing habits and fraud red flags, such as unsolicited or unusual emails. Teach staff how to properly handle, store, and send sensitive data, such as by encrypting files sent over email.

Regularly Update Software

Cybercriminals try to exploit vulnerabilities in company systems to access their data. Promptly update computer operating systems and applications when security patches become available.

Back Up Business-Critical Data

Set up frequent, automatic cloud backups to ensure business information can be recovered if lost, such as due to a ransomware attack.

Protect Physical Documents and Equipment

Keep paper records locked away and promptly shred unneeded documents that contain sensitive data. If you plan to reuse or dispose of computers or hard drives, thoroughly erase them with data-wiping software.

Vet Business Partners

Do your due diligence when partnering with vendors who will have access to company data or systems. Include detailed data protection clauses in vendor contracts, and regularly audit vendors on their data security measures to ensure compliance.

Monitor Your Network

Consider deploying Intrusion Detection or Prevention Systems (IDS/IPS) to monitor your network traffic and block suspicious activity.

Have a Detailed Plan

Prepare an incident response plan that outlines the steps you will take if a data breach occurs. The plan should include immediately disconnecting compromised systems or programs, investigating the incident, and notifying outside parties when appropriate (such as customers or law enforcement).

Don’t let a data breach derail your business. Implement sound policies and data security measures now and update your approach when new risks emerge to prevent company data from falling into the wrong hands.

Contact us to learn more about safeguarding your business’s financial information and helping to secure your accounts. Our experts are here to help.