Online Practices to Protect Financial Information

The pandemic saw an increase in online activity as people worked from home to avoid the virus. While this practice was convenient for them and their company, it also made them vulnerable to cyberattacks. An assessment of the situation saw an increase in cyberattacks against corporations as they deployed online systems to facilitate the remote working arrangements of their employees.

The rapid deployment of the remote systems made many businesses susceptible to cybercriminals, who took advantage of the vulnerabilities in their systems. The cyberattacks consisted of disruptive malware, phishing emails, and the setting up of malicious domains.

Due to this, companies should work with cybersecurity professionals to protect their systems. Working with reputable companies Xact IT Solutions allows businesses to keep their systems safe from cyberattacks and ransomware incidents. It also provides penetration testing services to check the security and stability of the system from external hacking attacks. Additionally, they provide cybersecurity solutions for internal threats, spam emails, and viruses.

Aside from working with the company, businesses and individuals should also practice due diligence in their transactions to protect their information and finances from online thieves. Here are some practices that will keep them safe in their online transactions.

Using Industry-Standard Security

Businesses should work with institutions that use industry-standard security. Even if these institutions offer considerable interest rates and low fees, they should check the security these institutions use for their online transactions. The online accounts these institutions offer should have all the necessary security measures to protect the information and finances of their clients.

For instance, they should offer multifactor authentication to prevent unauthorized persons from accessing the account. Aside from the username and password, the person accessing the account should also provide information to verify his identity. This adds another layer of security to protect the information and finances of a business.

Changing the Passwords

Businesses and individuals should also change their passwords regularly. Changing the password every 90 days is a good practice for both businesses and individuals. They should also choose a password that is not easy to figure out.

Using a combination of numbers, uppercase, and lowercase letters, and special characters on the password is a good idea. They should avoid using words, especially those that are associated with the business or individual. A longer password also makes it challenging for anyone to guess. Businesses should create passwords with more than 10 characters.

people working with codes

Maintaining Online Confidentiality

The internet contains a lot of information that allows cybercriminals to gather confidential information about a business or individual. Even though many online services are free, the companies that run these services share data with third-party businesses that advertise on the platform. Sharing data allows these businesses to connect with their target market.

But cybercriminals also use shared data to send spam emails and advertisements that lead to unsafe websites. To prevent this, businesses and individuals should use secure internet connections when accessing confidential and financial information. They should also set up firewalls to protect their systems from online attacks. Additionally, they should avoid posting personal information online unless it’s on a secure server.

Using Secure Connections

Online banking made it convenient for businesses and individuals to access their accounts anywhere. But they should also remember that using public Wi-Fi connections increases the risk of unauthorized access to these accounts.

Hackers have the capability of positioning themselves between the user and the connection point. In this situation, the hacker will intercept any information that the user sends through the public Wi-Fi network, including usernames, passwords, and account information, among others. This allows hackers to access the financial information of the business or individual using intercepted data.

To avoid this, businesses should require employees to access financial accounts using their secure systems. They should also avoid accessing emails through these networks along with websites that require passwords to access them.

Using Text Alerts

Many financial institutions offer text or email alerts whenever a large transaction is made on the accounts of their clients. Using these alerts allows businesses to monitor any unauthorized transactions on their accounts. Getting in touch with their banks when they receive these alerts allows them to protect their accounts against fraudulent activities.

If the transaction is not authorized, businesses should dispute the transaction. Disputing the transaction allows the financial institution to investigate it and help the business get its funds back. Businesses can also dispute unauthorized credit card transactions using the provisions under the Fair Credit Billing Act (FCBA). This is particularly useful if the business credit card is used for unauthorized transactions.

The increase in online activities has made it essential for businesses and individuals to implement measures to secure their financial information from cybercriminals.

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