According to a 2016 report of the Association of Certified Fraud Examiners, organizations with no more than 100 employees have a median fraud loss of $150,000. For small businesses, such an amount is a big dent on their revenue. This means that even small companies should not be complacent about possible fraud.

Before you panic, it will help to start with the following tips:

Hire the right employees

Before you let a person into your business, make sure that you’ve done a background check first. Dig through the candidate’s employment history, criminal records, certifications, education, and more. Many third-party services can provide this for you.
Background checks are essential for positions involving inventory management and finances. These are the foundations of your business. You wouldn’t want any employee to cause the downfall of your company.

 

Come up with a clear fraud policy statement

Yes, it’s common sense that committing fraud is a big mistake against the company. Still, you need to put everything in writing and have it signed by your employees. You should include the consequences and legal actions that you will take should any of your employees commit fraud.

Also, the policy imbibes the notion that you don’t tolerate fraudulent actions. Should anyone violate the contract, you can file for legal actions right away.

 

Keep your internal controls strong

No matter how much you trust your employees, you must maintain internal controls at your side. Don’t let an employee sign your checkbook for you. If that employee has access to your account, he or she can manipulate the financial reports and check register.
It will lead to massive undiscovered fraud. Before you know it, your company has already lost large sums of money. Even if you put the culprit to justice, taking the money back is close to impossible.

 

Keep an eye on your vendors and suppliers

Aside from being careful with your employees, you should watch your suppliers and vendors. Just like hiring a new employee, choosing a supplier is equally critical. Take the same diligence of conducting background checks before inking the contract.
Pending lawsuits, irregular invoices, and criminal records are signs that you should walk away. Besides, being linked to a fraudulent vendor will directly impact the reputation of your business. It’s every business owner’s nightmare that you can avoid if you remain cautious.

 

Don’t neglect your intellectual property

Aside from your finances and tangible assets, you should also safeguard your intellectual property. These include trademarks, copyrights, and patents. Make sure that you include an intellectual property protection clause to your fraud policy statement.
Aside from that, it’s best to register your trademarks and patents right away. Through this, no one can steal it from you. If someone does, you have all the legal rights to sue the person or organization.

 

Conclusion

Fraud can happen not just to large enterprises, but also to small businesses. Being cautious and proactive is the key to prevent any fraudulent activities from ruining your investment.

Smartphones are becoming just as powerful as the average laptop and desktop computer. As such, more companies are now integrating these devices into their roster of workplace tools, often as handier and far more affordable alternatives or accessories to computers – depending on what the situation calls for.

However, people tend to assume that smartphones and other mobile devices are less secure than computers. And there are a lot of misconceptions going on about data security within the mobile device industry.

 

Debunked: The Top 4 Myths On Mobile Security

In a society where information security is extremely important, the need to keep your data safe is a must. Misconceptions can lead you astray and prevent you from better securing your device. So we’ve decided to debunk the top myths on mobile security so you’ll know the truth behind them.

 

Myth #1: Smartphones aren’t as secure as computers

It’s true that smartphones are more prone to being stolen and that their data can be just as easily compromised. But in spite of these, they aren’t actually as vulnerable as you might think. In fact, most data breaches and cybersecurity incidents happen to desktops and laptops. This is because most malware and ransomware are designed to spread through computers. Unlike smartphones, computers have a larger capacity to store data, making them more attractive targets for cybercriminals.

 

Myth #2: Android devices are prone to malware attacks

The vast majority of mobile users are divided between two leading platforms – Google’s Android and Apple’s iOS. iOS users are often quick to point out that Android devices are prone to malware.

The myth is so pervasive that some companies offering mobile devices to their employees limit their option to iPhones. But the fact of the matter is that Android devices aren’t any more vulnerable to attacks than iPhones and other iOS devices.

 

Myth #3: iPhones are safer from security threats

It’s no different from the “Android is unsafe” myth – equally pervasive and just as bogus. Apple does run a pretty tight ship when it comes to safety and security, but the potential for security threats still exists. Since malware and ransomware are evolving at faster rates than security protocols, your iPhone (or any iOS device) will be at risk of being infiltrated if you’re not careful about the sites you visit or the links you click.

The bottom line for both Android and iOS devices is that both can be compromised.

 

Myth #4: Hacking and malware are the only vulnerabilities of your mobile device

Hacking and malware may be dangerous, but these are often direct attacks which can be anticipated – and therefore, prevented. Furthermore, they aren’t the only possible ways that information can be stolen, leaked, or corrupted.

In most cases, the biggest threat to your device security comes from within the company itself. Whether it’s an untrained employee or a disorganized IT infrastructure, your mobile device will continue to be at risk of a data breach. Implementing a cybersecurity policy can help keep your workplace devices more secure and better protected against data loss.

The moment you integrate technology into your business, you’ll be under the constant threat of cyber attacks. Vulnerabilities can make you an even more attractive target for hackers who are after one thing – your precious data.

Losing data can result in huge setbacks or shut down your business if it’s really bad. As such, it’s essential that you take precautionary steps to secure your data.

What you may not realize is that external forces are rarely the culprit.

Your biggest enemy is much closer than you think.

 

Internal Weaknesses: The Leading Cause of Data Loss

When a data breach takes place, a business would instinctively point their finger at some hacker. However, you’d be surprised to know that internal security gaps within the business cause most data loss incidents.

A recent survey by the Ponemon Institute reveals the extent of internal weaknesses in businesses across the UK, France, Germany, and the US. Below are some of their most startling findings:

• 88 percent of employees said they were required to access and utilize sensitive data as part of their job
• 62 percent of employees said they could access business data they probably shouldn’t
• Only 25 percent of businesses monitored all activities performed by employees, including third-party emails and file access
• 38 percent of businesses didn’t monitor any activity at all

In 2017, the Information Commissioner’s Office (ICO) reported that 4 out of 5 leading causes of data loss resulted from either the lack of a data security protocol or human error.

At this point, it’s clear that businesses are the ones setting themselves up for disaster.

 

How to Protect Your Business from Internal Weaknesses

Securing your business from the inside seems to be a sensible choice, considering that most data breaches result from internal and not from external issues. The secret lies in controlling access to sensitive information, whether for sharing or processing.

If you want to minimize your risk for data loss, here are the three steps for reducing your internal weaknesses:

 

Step 1 – Implement a cybersecurity policy

Have your IT staff create a cybersecurity policy. This is a set of guidelines which employees can follow to ensure that your data is secure whenever they access, process, or share it across your company’s networks.

A proper cybersecurity policy includes:

• An acceptable use policy which outlines the allowable use of your company’s hardware, software, and data – including storage and shareability.
• A remote access policy which provides guidelines on how staff can access data from a remote location, which features are available for keeping data safe, and the processes by which mobile devices are secured.
• A privacy policy which includes what staff can do with your business data, the locations where sensitive information is stored (and why), and the safety precautions taken to protect said data.

When implementing these policies, highlight the consequences which employees could face should they fail to follow them.

 

Step 2 – Provide education and training

Your staff will need more than a pep talk. If you really want them to learn the ins and outs of cybersecurity, you should keep them informed and up-to-date with the latest standards and practices in data protection.

Launch awareness campaigns, send out newsletters, and hold meetings when necessary. These should create a culture of cybersecurity within your business. Training programs can further strengthen your internal data security since they teach employees how to respond to specific threats.

 

Step 3 – Let IT specialists handle the rest

It doesn’t matter if you have your own team, if you’ve outsourced the help of an IT company, or both. Whoever is filling in your needs is responsible for monitoring data access throughout your networks. They can do so with the help of tools and programs which they can set up and make available at your disposal.

In a world where businesses rely on computers, an IT infrastructure that you can stake your business on is a must if you expect to make it big. Unfortunately, most in-house IT solutions can be very pricy and difficult to manage.

IT support isn’t something you can simply opt out of. And finding the right partner that can guarantee smooth operations and reliable crisis management prove to be difficult. If you’re looking for IT solutions or are considering hiring an IT management service, it is important to know that there are three types:

 

1. Break-fix support

The break-and-fix support system is exactly what the name stands for. If your IT systems break, they will fix it. This is a good option if you’re running on a limited budget since it doesn’t provide ongoing monitoring services. What it will do is offer you the repairs and maintenance you need whenever your operating systems go bust. That way, you could get back to business as fast as possible.

 

2. Managed service support

The priciest of the three options, it works more like a partnership between two companies – you and the IT partner you’ve chosen to manage your systems. Not only does managed support provide 24/7 monitoring and regular system maintenance. It can even go so far as to suggest tips for optimizing. Some support systems will try to provide cost-savings solutions and IT roadmaps for keeping your infrastructure up-to-date.

 

3. Pay as you go

It’s often confused with the break-fix support system but “pay as you go” is more like the budget version of a fully managed service support. Unlike managed service, associated charges are usually either fixed price or hourly.

Pay as you go services may or may not include system monitoring, and can be limited to an as-per needed basis, depending on the provider.

 

Questions To Ask A Potential IT Partner

By now, you should have an easier time picking the right service for you. Once you’ve made a choice, however, you will have to ask them some important questions.

 

1. What services do you offer?

It’s important to know exactly what sort of services are offered by your selected IT provider. Different companies will have their own roster of services available at varying rates. Knowing which ones are essential to your company’s day-to-day functions, and how much they cost should help you decide if they’re a perfect fit.

 

2. Do you specialize in a specific industry?

This is a question that a lot of companies tend to overlook whenever they’re on the lookout for IT management services. But you should ask your chosen provider if they have any specializations. If they happen to specialize in the same niche as your company, then you’ve found a perfect fit! If they haven’t, ask them if they’re flexible enough to meet your needs.

 

3. What innovations can you bring to the company?

This is probably a hit-and-miss. But if you’re opting for a managed support service, you have to know if taking them on board is going to be advantageous for your company in the long run. This will also let you know if they have a plan of action, or if they’re just going to be a break-and-fix disguised as a management support system.

Outsourcing your IT needs doesn’t guarantee that you’d be satisfied with the outcome. It can be disappointing at times, especially when you realize too late that you’ve made a wrong choice. By then, you would have already wasted hundreds to thousands of dollars on lackluster services.

Thankfully, you can still cut back on your losses by switching to a different provider. Though it’s going to present new challenges such as possible delays if the handover is botched.

 

Tips for Seamlessly Handing Over Your Outsourced IT Support

We want you to get the best IT services for your company. So we’re giving away 6 tips on how to seamlessly handover outsourced IT support.

 

Tip #1 – Secure your business data

Outsourcing to an IT support partner grants them full access to your IT infrastructure and any stored data within it. Before switching to a new provider, you should secure your data by changing passwords to prevent them from accessing it any further. Perform a backup just in case you need to restore data.

 

Tip #2 – Know why you’re switching

It pays to understand your company’s reasons for outsourcing IT support and for switching providers. That way, you’ll know exactly what your business needs and what to look for in a support partner.

For many, it’s usually the expensive costs which drive them out. But there are also instances where a provider is simply incompetent. And so, changing providers makes sense.

 

Tip #3 – Learn from experience

Note how your previous IT support partner met and failed your expectations in terms of projected goals and standards. Identify their strengths and weaknesses, and how these factors helped or held you back.

These experiences will allow you to narrow down services that you’d want in a provider.

 

Tip #4 – Hand over reports

Retrieve copies of the IT audit and support log from your old provider. An IT audit includes an inventory of your hardware, software, and log-in information. Meanwhile, the support log is a documentation of issues previously encountered –  whether or not they were resolved (and how).

Handing over these documents promotes business continuity and ensures quick and easy transition from one provider to another. It allows your new provider to pick up on where you left off.

 

Tip #5 – Be open about your IT needs

Feel free to talk openly about your expectations and goals. Be clear about your daily needs and which aspects of your business you’d like to grow and improve, so you can avoid future disappointments.

From here, an outsourced IT partner can tell if they’re able to help you or not. But if they do take on the responsibility, they should give you a clear outline of how they plan on meeting your goals.

 

Tip #6 – Keep collaborating

Don’t just stand there. Be an active participant in the process from start to finish. Keep communication lines open and collaborate with your new provider so you’ll have the reassurance that your needs are being met. You likewise have to stay on the loop and be made aware of any updates, upgrades, and fixes that were applied.