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2015-04-20 00:00:00TechnologyEnglish Your Online Risk

Minimise Your Online Risk

3 min read

Businesses today have largely incorporated processes online and on the cloud. They perform most operational activities and store most of their vital and confidential data online. Businesses that have not done this before are gradually integrating systems into the cloud as well.

With online storage set to be the norm, it is also equally important to assess the risks associated with running a business that relies on being online for most major operations. This will help in fraud prevention and minimizing online risk. Here is how to minimize risk when running a business online:

Upgrade systems as often as possible:

Most operating systems and software release new security builds periodically that help fix bugs and also enhance security. It is always advisable to help minimize online risk by upgrading all company software and operating systems as regularly as possible.

This will also ensure better efficiency through newer versions that have enhanced features in addition to security. It is equally important to also have proper anti-virus and anti-malware software on all company systems.

Encrypt all sensitive data:

Encryption is crucial to protect internal information such as company records, product information, data about projects or products in the pipeline, patented ideas and so on. In addition, encrypting all sensitive data will also help protect customer information such as their personal information and credit card details from online theft.

Use a VPN:

Putting a VPN (Virtual Private Network) in place for internet access and using security codes in case an employee has to login remotely will help safeguard your confidential information from online threats. It encrypts all network communications and prevents data interception. VPNs also prove difficult for hackers to breach, as compared to unrestricted wireless networks. If you cannot get a VPN yet, use a strong, uncommon password for your company wifi and restrict usage to within the office.

Restrict access to certain confidential information:

There are certain kinds of software that alert companies when there is a data or security breach, or when sensitive information stored online is at risk of leaking or if there are any signs of internet fraud.

Have a system in place to monitor outbound communications so that you are prepared in case of any data leaks. In addition, require employees to access their work related email and other applications remotely by use of a security key that changes frequently, for fraud prevention.

Train your employees:

Security training for your employees is essential – it will educate them about the best practices to ensure data security and will also enable them to be more aware of their work and the precautionary measures they need to take.

The security training is important to minimize online risk arising from lack of awareness about the confidentiality of any particular processes or information. It also allows for employees that are much more aware and less likely to cause any breaches.

Have mobile device management in place:

Mobile phones also pose a certain risk in terms of how people are increasingly performing tasks on the go. Put a mobile device management (MDM) system in place that manages all connected mobile devices at once to prevent internet fraud. The system will have powerful tools to protect data and provide secure usage for all company related applications and processes on mobile phones.  Opt for a solution that includes data access controls, remote wipe and disk encryption to guarantee network access only under certain safe conditions.

Managing your business and its processes online can be challenging, but keeping the above in mind and tracking all users and processes effectively will help you understand how to minimize online risk. Creating an optimal environment for safe and secure operations, as well as training employees adequately to be responsible as well will help your business stay safeguarded from online threats.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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