Strengthen YOUR Businesses Security-Mindset

Is your business and client information fully secure? If not, read below for ATLAS insight on how to secure your business from cyber criminals.

Small to medium sized businesses may not operate using the same departments that large companies have, such as research, IT, and business strategy.  And yet, security measures for small to medium sized businesses, and employing adequate IT support, are just as important.

Is your business at risk of cyber attacks?

Some industries that may be at higher risk of cyber criminal attacks include real estate, construction, and small businesses in the hospitality industry.  This is because the these industries gather private client data as part of their service.  Michael Abbate, Partner from ATLAS LPG (Lifestyle Planning Group), explains, “Industries that are not ‘security-minded’ internally, and do not partner with an agency or organization externally for IT support, could be at substantial risk.”

Cyber criminals will infiltrate businesses that may not have strong security measures, rather than working harder to attempt hacking companies who have high standards in place.

You might wonder, what happens next if my business faces a cyber-attack?

ATLAS financial planners and advisors warn that ransoms, email system hacking, and forged invoices can happen in an instant. This may cost your business anywhere from several thousand dollars, to a few million, depending on the size of your business. If you have not yet invested in IT and/or security measures for your business and clients, then a cyber attack could result in an urgent need to hire an agency that can help you quickly resolve the matter and create tech safeguards moving forward.  It is also important to be transparent and notify clients, as well as equip them with information to feel secure that your business will resolve the matter through a safe process.

What can ATLAS CPAs & Advisors do to help your business?

It is important to protect and secure your clients’ data through day-to-day operations – this is not a “one and done” task.

Here at ATLAS, we ensure the safety and regulation of our client data under encryption standards.  One of our best practices is to have signature confirmation from clients, especially when using a third-party service to conduct business.

Abbate adds, “If you do not think about the risks, they could catch up to you quickly, in a matter of time.  This is why it is also important to have insurance for your business.  Insurance can help you mitigate financial losses with these high-risk but low-probability events.”

Another good practice to standardize is to get verbal confirmation during the business process to ensure invoices and email communications are real.  If any online communication seems fraudulent, a quick phone call or in-person meeting with clients will ensure your systems are safe or stop business production under a hacked system.  This step alone can significantly save you from the potential turmoil and financial losses.

ATLAS CPAs & Advisors wants to ensure our clients can run their business smoothly and mitigate cyber criminal risks.  We hope these tips provide insight to help you run a stronger business.  As always, ATLAS is here to help you through that process with industry-relevant advice, and give you the confidence to fully protect your business and clients.  Learn more about our services and our commitment to listen and serve on our main site.

A special thanks to our ATLAS Partner, Michael Abbate, for his contributions to this article.