Financial records are highly inviting to hackers. Armed with personally identifiable information (PII), they can acquire funds swiftly and secretly by applying for credit cards or making deposits in someone else’s name. As companies are legally responsible for storing private data safely, you will be held liable if hackers are successful.
Comprehensive accountants’ insurance coverage could provide a layer of protection in some circumstances, but it’s better to be safe than sorry as far as data is concerned. Discover the best defences for preventing accidental data leaks and how they can protect you and your customers from fraud.
Strong access controls
Begin by applying strong access controls to databases containing client information, making it harder for hackers to gain entry. Add password protection at a minimum and if possible upgrade this to two-factor authentication (2FA) as a safety net for password theft.
You can also set up role-based access permissions to limit how many people can view and handle your sensitive information. Fewer people means fewer avenues for hackers.
Regular system updates
Outdated software is vulnerable to cybercriminals because their methods are becoming smarter and more sophisticated. Given time, they will identify holes in systems. You must conduct regular updates of any software and hardware to maintain excellent digital security.
Remember to perform patch testing before integrating software across your system. This helps ensure it’s compatible with your unique set-up and won’t cause problems that risk network security.
Specific employee training
Ensure your team is aware of the importance of data protection, the rules of relevant regulations like the Data Protection Act 2018 and how to avoid breaches by running specific employee training sessions. These should be held regularly in conjunction with in-house tests such as fake phishing emails and phone calls.
Encrypted communication
In situations where customer data has to be shared, such as online payments or transferring data to a new storage location, ensure the channels of communication are encrypted. This conceals the data from external snoopers and insider access.
Consider using a Secure Sockets Layer, an online security protocol that can be applied to email, instant messaging and websites. It ensures data passed between two servers or browsers is private. Showing as an ‘s’ after the ‘http’ in your website address, this certificate provides reassurance for customers that your online security can be trusted.
