Technological advances

Given the technological advances that are constantly ongoing and the dependency upon which we all now use technology it is pertinent now, more than ever, to understand the risks associated with technology. More specifically, the risk we expose ourselves, and our businesses to, by uploading financial and personal data to the internet or cloud-based software. 

There are several ways to keep your personal and your business's data secure.

The most basic method is using strong passwords (using a range of letters, numbers, and symbols) and a reputable anti-virus software. It is important to note that using a range of methods will maximise financial data security a rather than using only one method.  

Using a VPN

Using a VPN (virtual private network) for instance, will provide more security due to the encryption of the internet traffic and it offers greater anonymity as the IP address is not going to be tied to your identity. Moreover, combining a VPN with a firewall and an antivirus software would help maximise data security, as the VPN encrypts the internet traffic while a firewall will block programs that poses a threat to your data.  

Access to data

Businesses and individuals should ensure that only those who are required to have access to your data, have access to your data. The most common scenario is shared drives within businesses with all information shared or spreadsheets saved locally by employees with passwords and usernames. In this scenario, the employees should only have access to the data needed to a stipulated job they need to perform, making it harder for all the financial data to be compromised.  

Backing up data

Not least important is the backup of the information and enable a device data wiping procedure in situations where people are in public places and the device gets stolen, lost, or even damaged it is always good practice to have a back-up. If disposing of a device which has confidential information on it, assure the disk is wiped clean and that your data is not going to end up in the wrong hands.

Suspicious communication

Finally, being aware of email addresses, messages, telephone numbers and links are also of great importance. The number of scams has increased, and they are getting more and more convincing perceiving to be someone you know or your bank. Remember, do not click on links or respond to emails that look suspicious or ask for your personal details or phone number, if in doubt always confirm if that source is reliable and do not ever send personal data.    Although the use of technologies and internet has brought countless advantages to people and businesses, it must be used cautiously and a series of different methods regarding security must be applied to keep financial data secure.