Cyber threats are a growing problem for small business owners. In fact, more than 20 percent of small businesses experience some type of cyberattack every year.
In most instances, criminals are looking for sensitive information. This includes things like social security numbers, bank accounts, and other financial information. The most vulnerable part of your business is your company’s payroll process.
Improving payroll security is possible. You just need to know where to start. Here are a few proven tips to help you improve security immediately.
One of the biggest problems business owners face when trying to keep their business and personal data safe is the security of the internet connection they’re using. If you’re like most business owners, you have WiFi in your business.
If the connection isn’t password-protected, every connected device is open to the most common cyber threats.
Take the time to review your network. Create a password that only your team members will know. This will make it so criminals can’t intercept the sensitive information you’re working with.
Unfortunately, many businesses end up compromising sensitive information because they use overly simplistic log-in credentials or use the same ones for years on end. When you do this, you increase the likelihood that a hacker or disgruntled employee will be able to access your payroll files.
Instead, change your log-in credentials regularly. Update them once a month or once a quarter as needed.
If you’re pulling up employee records or trying to access payroll data, you need to make sure that information stays safe and private. This means you shouldn’t leave it pulled up on the computer if you’re not sitting in front of the monitor.
Anytime you need to walk away, either log out of the program or lock the computer screen. You’ll have to enter your log-in credentials again, but this way, your employees’ information will stay safe and will only be visible to you.
When it comes to improving payroll security, one of the best things you can do is keep physical copies of important documents and records. This way, you’ll still have the information you need to manage your payroll process if your computer breaks or the information gets deleted.
Get in the habit of providing your employees with real pay stubs every pay period and keep copies of those stubs yourself for your payroll records.
No matter how new or established your business is, improving your payroll security efforts is always a good idea. The safer you can keep your employees’ sensitive information, the better off you’ll be.
Just remember to review your payroll protocols often and test your security efforts so you can stay on top of threats before they become a problem.
Streamlining and securing your payroll system is just one step in improving your business. Check out our latest posts for more tips and tricks to help you improve your operation.
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