How Can Small Business Owners Keep Their Finances More Secure

October is National Cyber Security Awareness Month. Cyberattacks are expected to double by 2025, yet 60% of businesses have no cybersecurity policy in place. Cyber Security is a major concern for small businesses in particular, as they often have limited budgets and personnel. This leaves them more vulnerable to attacks. Given the risks and limited resources in place, here are some of our tips to help keep business information safe for you and your customers.

Train Employees in Security Principles

Business owners should stablish basic security practices and policies, along with appropriate Internet use guidelines for employees. These guidelines should detail penalties for violating company cybersecurity policies. Rules of behavior should also describe how to handle and protect customer information and other vital data. For example:
• Is customer data stored in a secure system?
• Is data stored in multiple places or is there a data tracking plan?
• What are the security standards in place?

Limit Access To Data

Having fewer employees with access to your customer data also reduces the risk of internal data abuse. It’s also critical to keep track of which tools they have access to. For example, let’s say you have to fire an employee, but they have access to so many SaaS tools. You cut off their use to five tools, but you forgot one. That person could still go home and access that tool from their home computer. Now, they can do whatever they want with that data.

If you had limited and kept track of their access, you would have understood what you needed to cut off and made your organization less vulnerable to a security breach.

Backup Your Data Regularly

Another aspect to cybersecurity to consider is ransomware. This is malicious software that encrypts a victim’s files, and the attacker then demands a ransom from the victim to restore access to their data. One of the things that makes this tactic so effective is that many small businesses don’t back up their data regularly.
If you haven’t backed up your data, then paying the ransom is the only chance you have to get your data back. Some hackers may give you access to your data again, however, it is not uncommon for hackers to leave devices locked after they have gotten their money. Or to come back and do the same thing to you again.
If you backup your data online (on the cloud or physically in a separate location) then you will be able to wipe your computer to remove the ransomware and then download all your data again.

Invest in Cyber Security

Whether it be getting cloud software, building a secure CRM, hiring an IT person, or updating your current systems, it can be difficult for small businesses to get the cash they need to invest in these tools. However, these investments are a vital part of keeping businesses safe and secure, not just now but in the future.

If you need help getting funds to protect your business, contact the experts at Wellen and see if you qualify for a capital advance. Our process is simple and straightforward with no hidden fees. You could be processed, funded and on your way to a more secure business within 24 hours! Call us today at 888-963-6130.