The Basics Of Securing Your Company’s Finances
Tags: finance, technology, security
Published: 2018-10-24 22:37:47

---
title: The Basics Of Securing Your Company’s Finances

published: true
description: Securing finances with technology in a few easy steps
tags: finance, technology, security
---
![security](https://thepracticaldev.s3.amazonaws.com/i/sg112oyxhbwvoruyhgo8.jpg)
<p dir="ltr">
    The Basics Of Securing Your Company’s Finances
</p>
<p dir="ltr">
    Corporate fraud is bankrupting companies. Some things that look simple such
    as data breach are drowning business in liability. Small businesses are not
    the only ones that have to grapple with debilitating security issues.
    Global corporations are not faring any better. Both of them have to go
    beyond the basics of securing their finances. Speaking of basics, here is
    the bare minimum.
</p>
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    Choose your businesses partners wisely
</p>
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<p dir="ltr">
    A company's financial data cannot stay secret. Suppliers, government
    agencies, advisors, and investors can have access to some level of
    sensitive information. Every company has to choose the people it deals
    with. You must ensure that every person or body corporate who has access to
    your data has complied with the basics. They should have an adequate
    privacy policy.
</p>
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<p dir="ltr">
    Dealing with non-compliant companies is a hazard that a company cannot
    afford. The company has to choose the information it can share. When
    dealing with startups, consider your data at risk. These companies have
    barely set up structures. The wrong people know that, too.
</p>
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<p dir="ltr">
    Start with analog security
</p>
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<p dir="ltr">
    The old school way of securing finances is by ensuring your physical safes
    and security on transit is intact. About 40% of business revenues result in
    cash payments. That money has to be protected. It starts with
    accountability within the firm. Set up a system of accountability for
    everyone who handles cash.
</p>
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<p dir="ltr">
    You should destroy all documents that have
    <a
        href="https://www.forbes.com/sites/forbesfinancecouncil/2017/05/17/six-steps-to-keep-your-financial-information-secure/#51413ff87ef2"
    >
        financial information
    </a>
    immediately the data becomes obsolete. A paper shredder comes in handy
    here. If you don't have one, you can outsource. Don't hand over your
    documents for recycling before you shred them.
</p>
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<p dir="ltr">
    Automate your finance systems
</p>
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<p dir="ltr">
    At first, digital systems were considered a risk in themselves. They still
    are a risk if the strategy is weak. Before you automate any of your
    systems, have a strategy of how you will protect it from abuse. Automated
    systems gather extensive data. Such data can provide valuable business
    insights. It can also go to the wrong hands in one click.
</p>
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<p dir="ltr">
    Every company should have a way in which it treats this sensitive
    information. It should also have robust digital systems that are resilient
    in the face of attack.
</p>
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<p dir="ltr">
    Protect your data
</p>
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<p dir="ltr">
    Data is proving to be the future of business. It is the source of business
    intelligence. However, it is the weakest point for a company. Even global
    corporations such as Yahoo and
    <a
        href="https://finance.yahoo.com/news/facebook-data-breach-2018-50-162547768.html"
    >
        Facebook
    </a>
    have loopholes that hackers exploit. Supplement the company's password
    policy with robust analytics.
    <a href="https://www.confluent.io/fraud-detection">
        Fraud detection with Confluent
    </a>
    can reduce your risk factor.
</p>
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<p dir="ltr">
Confluent uses complex data tools to detect    <a href="https://en.wikipedia.org/wiki/List_of_data_breaches">breaches</a>.
    It focuses on the integrity of that data—mostly gaps, inconsistencies, and
    speed. However, such programs rely heavily on automated systems that study
    data logs at the point of entry or exit.
</p>
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<p dir="ltr">
    People who engage in financial fraud are specialists in this trade. They
    have mastered almost every dark art out there. The trick is not to remedy;
    you have to stay ahead. If you cannot, you need to detect and act early.
</p>
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<p dir="ltr">
    Review your statements regularly
</p>
<br/>
<p dir="ltr">
    Hackers who target money can add bugs that divert some money into their
    accounts. Staying on top of all company statements can help you detect any
    anomalies. Financial statements can be complicated; you may need qualified
    analysts to detect possible fraud.
</p>
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<p dir="ltr">
    Conclusion
</p>
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<p dir="ltr">
    Securing your company finances goes beyond the basics. The company has to
    invest in several tools that will help them monitor their risk situation.
    Keeping financial data in small pockets can reduce the risk of loss.
    Digital systems can improve your security situation.
</p>
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