3 Steadfast Ways to Keep Your Financial Data Safe

With the advent of the digital era, keeping things private is becoming increasingly difficult. This article will consider the ways how to keep your data safe on the Internet.

The purpose of creating a financial security system

In the current conditions of integration of the economy into the world economic space and significant financial instability, effective financial management of the business entity involves the development of effective mechanisms to ensure a sufficient level of its financial security. As a result of inefficient financial management of business entities and the imbalance of key macroeconomic indicators, the lack of financial resources has become particularly significant for business entities, the constant search for sources of funding, forms, and methods of rational use of limited resources. 

Instead, achieving and maintaining the desired level of financial security within the specified limits allows the business entity not only to maintain its market share but also to gain an advantage over competitors, increase the competitiveness of its products. Having a reliable security system of the business entity allows you to quickly identify and localize any threats to its activities.

The fundamentals of financial security system

When a business moves to cloud services, internal audits should ensure that the cloud infrastructure is reliable, secure, and relevant to the organization’s goals in the future.

Cloud services pose many new challenges for the company. The very structure, speed, and opacity of the cloud infrastructure make it impossible to use many traditional internal audit methods. Auditors are accustomed to being able to directly inspect the systems responsible for data protection and countering cyberattacks. When a company operates in a cloud environment, auditors have to deal with security issues related to the unique infrastructure of a cloud environment, lack of information about suppliers that work with the cloud service, as well as work with the team responsible for IT security of a cloud service provider.

When an organization chooses large cloud service providers, internal auditors can be reassured – the provider will be fully responsible for the security of the cloud environment itself, and the company – for the security of the information contained in it. However, not everything is so simple here. The concentration of all cloud services in one provider carries additional risks: if the provider fails – the work of the whole company will be paralyzed. Therefore, it is recommended not to rely on one cloud service provider, but to use the services of several different providers.

How to keep your financial data safe?

Digital hygiene requires careful attention, and here are some tips on how to protect your information:

  • In order to give anyone access to your critical information, you can secure yourself with “cloud” solutions, which provide secure data storage. It is a Virtual Data Room.When a company operates in a cloud environment, using the best data room there is a division of responsibilities for security and operational interaction between the cloud service provider and the company. In this case, it is very important to clearly define the areas of responsibility in advance. It is necessary to agree on the procedure of actions and those responsible in case of unauthorized access to data, outages, failures, and other possible problems related to IT security.
  • Most accounts are password-protected. You can strengthen the protection a bit by adding a second line of identification. It is best if it is a special hardware key. Many online resources also use code that is sent via SMS.
  • Try not to work over Wi-Fi in public places, as all transmitted data can be intercepted. If you need to go through such a channel to the Internet, activate the VPN.