The Association of Certified Fraud Examiners reported in 2013 that companies with fewer than 100 employees lost an average of $155,000 annually as a result of fraud, identity theft and cybercrime.
That number has gone up substantially over the years now that more small business are moving their sales online!
Here are some tips for protecting your small business from becoming a victim:
Protect bank accounts and credit cards. First, be sure that your personal banking and credit accounts are kept separate from business accounts. Be stingy with issuing company credit cards and pay bills online. Use a secure mailbox for sending and receiving mail. Check your bank accounts daily online for any suspicious activity.
Firewall protection. Be sure your business computers are fully protected with a firewall and have anti-virus, malware and spyware detection software installed on every computer. Have a robust back-up system for all your business data.
Dedicated banking computer. Use a dedicated computer for all online banking and digital currency activities and make sure it is never used for web surfing or other online activities that could make it more vulnerable to a cyber attack.
Password policy. Invoke a password policy company-wide that is changed every 30-60 days.
Educate employees. Educating employees on threats and prevention methods is your best defense. Hold regular training sessions and be sure to educate new hires. Before hiring anyone, conduct a background check to ensure you are hiring the right people – but check with a Family Business Lawyer™ to be sure your checks are in compliance with local laws.
Insurance. Get an insurance policy that protects you against any loss or liability suit that could arise from cybercrime.
A comprehensive asset protection plan for both your business and personal assets is a must for any business owner. If you’re a small or mid-size business owner, call us today to schedule your comprehensive LIFT™ (legal, insurance, financial and tax) Foundation Audit. Normally, this session is $1,250, but if you mention this article and we still have room on our calendar this month, we will waive that fee!
This article is a service of Sky Unlimited Legal Advisory PC, Family Business Lawyer™. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today at (650) 761-0992 to schedule.
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