Page 16 - Cyber Warnings

5 Keys to Protecting your Company s Online Finances

Companies with an online presence globally are facing the growing problem of cybercrime. As a
company owner, you are not only responsible for detecting online fraud, but also paying the
related costs.

According to Forbes, every dollar of fraudulent transactions costs your business an upwards of
$2.

These costs can grow rapidly because online businesses are susceptible to a wider range of
cyber-attacks including salami attacks, credit card fraud, and identity thefts.

You can take actionable steps to protect your company’s finances by following the pointers
below.

1. Have a Dedicated Computer for Your Banking Needs

Only access your company’s finances on a single computer for all transactions between you
and your customers.

Ideally, this dedicated computer should not be used for other online activity such as checking
mail, accessing social media, and general surfing.

Doing so exposes your computer to vulnerabilities. It’s also advisable to steer clear of mobile
banking if you can.

2. Segregate Your Accounts and Keep your Credit Cards Safe

Your personal banking account and company account should be kept in segregated accounts.
In the case of an attack, it helps if all your eggs are not in one basket. Which means you won’t
lose all your money.

Separate accounts also make it easier to keep track of your business expenses and file tax
returns.

Don’t share your credit card number with companies or individuals whom you’re not familiar with
until you can build a certain level of trust.

3. Get Professional Protection

Have you considered hiring someone with a master’s degree in information security? If you
haven’t, it’s about time you did.

16 Cyber Warnings E-Magazine – June 2017 Edition
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