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How to protect your business from financial crime

financial crime

As more and more of modern life goes online, so too does sensitive data. For businesses, the protection of that data is tantamount to ensuring longevity and health. However, it is only getting more difficult to protect sensitive data from financial crime, due in large part to the overwhelming amount of it that is now online. As the number of services, websites and applications grow, they request an ever-increasing amount of user information and even collect it without letting users know.

Over the past few years, there has been a concerted effort to bolster cybersecurity measures for everyone. This trend was accelerated due to the pandemic and the flourishing of remote work. In particular, businesses and governments have been striving to increase the level of protection against malware and other types of cyber attacks. These efforts include the development of complex security strategies and the enhancement of systems that are already in place.

The British fintech company Payrow has offered the following cybersecurity recommendations for businesses looking to protect themselves in 2023 and beyond.

1. Train Your Employees to Be Alert to Threats

A majority of hacks take place after someone opens a misleading link in an email, so it is incredibly important that your employees know to be on the lookout. These email attacks are called phishing, and they can be very well orchestrated. Usually, the victims of phishing attacks are small businesses, as larger businesses have security departments and training programs that prepare their workers for dealing with this kind of threat.

Regardless of the size of a business, having a solid security training program will go a long way to protecting the business against a variety of threats. New employees should be instructed upon joining on how to deal with these kinds of attacks and there should be periodic training programs for the entire workforce to keep everyone aware of threats as they evolve.

2. Use Outside Security Audits

Everyone has a blind spot and it is always useful to get a fresh set of eyes to look at a problem. You can get an independent security audit that will help you locate vulnerabilities in your company that you may have been unaware of. By getting an audit, you will be consulting with experts that should help to keep you a step ahead of any bad actors and optimize the safety of your internal documents and sensitive data.

Another thing that an audit will help you with is being able to react when your security is compromised. Not having a plan of action in the unfortunate scenario in which something goes wrong could compound your trouble tenfold.

3. Periodically Update Your Security Software

The risks that you face in cyber security are constantly evolving. As the targets get bigger, the attacks tend to get more complex. Keeping your security software up to date is essential. You should also keep an eye on the latest advancements in cybersecurity and try to employ the best solutions for the specifics of your company.

Outside of phishing attacks, the biggest threat to a company’s security are loopholes and vulnerabilities that can be found in outdated security software. The longer a security software is on the market, the more time attackers have to analyze it for weak points. Therefore, you should always update when you have the chance and be on the lookout for potential improvements

4. Two-Factor Authentication (2FA)

Authentication processes allow businesses to verify their clients’ identities. These processes are essential in protecting sensitive data. 2FA is a more comprehensive kind of authentication processes in which a user has to provide two different means of verifying their identity. Usually, 2FA will require a user to enter a code they receive via text, phone call or special application.

2FA greatly mitigates the risk of important information falling into the wrong hands. With 2FA enabled, it will be nearly impossible for bad actors to gain access to privileged data, and if they do manage to access it, they are likely to be detected very quickly. Given all the password hacks that have occurred in recent years, 2FA should be on the top of everyone’s list for digital security measures.

5. Implement Financial Security Measures

Businesses rely on banks to provide them with a wide range of financial services. But given the complexity of modern business with all of its digital elements, businesses often need more than just traditional banks can supply them with. There are accounting questions, income and expense tracking, and tax protocols that can be overwhelming. Fortunately, there are a number of businesses in fintech that have launched services that take care of the needs of modern businesses.

From a security perspective, these companies can both protect your business and the clients you serve. For financial firms, there are different regulatory frameworks that must be complied with like KYC (Know Your Customer) and KYB (Know Your Business), as well as Anti-Money Laundering (AML) laws. Organizations like Payrow can ensure that your company is compliant and also efficient. By taking care of all the paperwork for you, companies like Payrow can remove a huge burden from your company and free it up to concentrate on further expansion and growth.

According to Payrow, thanks to technological advances, KYC verification for a company can be performed in just one day. And if a company provides all the necessary documents and is proactive about the process it can take just 3-4 hours.

The financial security measures taken by fintech firms have helped the British financial market become more transparent, something that will increase the safety of all involved.

About Payrow

Payrow is a British fintech company providing a business financial service tailored to the fast-growing number of entrepreneurs, consultants, remote workers and freelance specialists. The platform offers a wide range of financial services and a convenient, reliable and affordable ecosystem for its users.

Sponsored by Payrow