Small and medium-sized enterprises (SMEs) are the backbone of any thriving economy, yet they’re increasingly becoming targets for cybercrime and other financial threats. This is largely because SMEs are often seen as easier targets compared to large corporations, as they may not have the resources to set up a robust cybersecurity infrastructure or invest in high-end physical security measures. For many small businesses, a single security breach, fraud incident, or theft can result in financial losses that could lead to operational disruptions and loss of customer trust.
Fortunately, businesses, can in fact, build a strong security posture similar to what bigger companies can achieve. Your staff members can also contribute a lot toward safeguarding your small business’s assets. When taught the proper security protocols and concepts, your employees can help reduce the risk of cyber threats and ensure your business remains secure. This article outlines key security concepts and best practices that every one of your staff members should understand so they can protect your business from these threats and potential financial loss.
Access Control and User Privileges
Managing who has access to your business systems is a crucial step in safeguarding sensitive information and financial resources. Not every employee needs full access to your company’s platforms, especially those that concern critical data or funds. Thus, assigning user roles and limiting privileges based on job responsibilities can reduce the risk of misuse or accidental errors. For example, employees in marketing roles may only need access to communication tools while finance team members should have exclusive access to payment processing systems.
To simplify this process, consider using an online business banking solution that offers robust access control features. Maya Business Deposit, for instance, enables you to assign a maker, checker, and approver to ensure that no single individual has full control over financial transactions. This layered approach helps prevent errors and reduces the risk of fraudulent activities by requiring multiple levels of authorization. For added security, encourage your staff to follow best practices for securing their login credentials, such as using strong passwords and avoiding password sharing. Utilizing an effective business banking solution paired with vigilant employee practices creates a strong defense against potential cyberattacks.
Secure Sending and Receiving of Funds
Every transaction your business processes is a potential entry point for fraud. For example, a fraudulent invoice might be sent by a scammer posing as a trusted supplier, leading to a payment being made to the wrong account if not carefully verified. As such, it’s important to ensure that all payments, whether incoming or outgoing, are carefully verified and conducted through secure, encrypted networks.
One way to ensure secure transactions is to use reputable platforms of fintech services that utilize encryption. This way, you can be confident that your financial data is protected from unauthorized access. You can also have your employees double-check the account numbers, the name of the beneficiary, and payment instructions to ensure accuracy before sending funds. Moreover, when handling large transactions, implementing dual approvals and restricting who can authorize payments can add another layer of security, reducing the risk of fraudulent or erroneous payments.
For receiving payments, use a PCI-DSS-compliant payment processor to protect customer information and ensure that you receive payments on time. A good example of this is Maya Checkout—an online payment gateway developed by Maya Business. If you're not using a payment gateway, accept payments through other reliable channels, such as bank transfers, e-wallets, QR Ph, PESONet, InstaPay, and Maya Payment Links. However, make sure to implement the right measures—like verifying transaction reference numbers and cross-checking the payment against invoices or receipts—to ensure funds were received and avoid fraud.
Phishing And Social Engineering
Phishing remains one of the most common ways fraudsters attempt to steal sensitive business information. This happens when cybercriminals impersonate trusted contacts—like suppliers, customers, or even senior company officials—and trick employees into divulging login credentials or authorizing payments. These fraudulent communications may look legitimate at first glance, with convincing logos, email addresses, or phone numbers. However, they often contain small discrepancies that can serve as warning signs, including misspellings, unusual sender addresses, urgent or threatening language, unexpected attachments, or links that redirect to unfamiliar websites.
Phishing attacks often rely on social engineering tactics, manipulating human emotions like urgency, fear, or trust to push employees into making quick, unverified decisions. Attackers may pose as a high-ranking executive requesting an immediate wire transfer, a supplier warning of account suspension, or even an IT department urging a password reset.
To protect your business, it’s essential to train employees to recognize phishing attempts. Teach them to carefully scrutinize emails or messages that ask for confidential information, especially if the request seems unusual or urgent. Employees should also be instructed not to click on suspicious links or download attachments from unknown senders. A good practice is to verify any suspicious communication directly by contacting the purported person or organization using a trusted method rather than responding to the message itself.
Data Backup and Recovery
Data loss or corruption can be devastating to a business, especially when it involves financial records and transaction data. Losing such critical information can lead to operational delays and legal issues that can jeopardize business continuity and affect your company’s reputation. Be proactive and train your staff to make a habit of regularly backing up your business’s financial data, or set up an automated backup system to ensure consistency and reliability. This ensures that, in the event of a cyberattack, accidental deletion, or system failure, they can quickly restore any lost data and minimize disruptions to business operations. Also make sure that your backup systems are encrypted and stored in multiple locations—both on-site and in the cloud, to ensure redundancy..
Physical Security
While digital security measures are crucial, physical security is equally important in safeguarding your business’s financial assets. Even with strong cybersecurity, unauthorized physical access to your office or devices can lead to theft or manipulation of sensitive financial information. As such, your staff must be trained to protect not just your digital systems but also the physical assets that store or process financial data. This can be achieved by implementing strict access control measures such as using key cards or biometric scanners in sensitive areas of your business premises, as well as ensuring that financial records are securely stored in restricted-access environments.
When it comes to securing devices, such as laptops or mobile devices used for financial transactions, encourage staff to use encryption and ensure that these devices are securely stored when not in use. A lost or stolen device could provide a gateway for cybercriminals to access your business funds or sensitive information.
In today’s fast-paced business world, protecting your company’s financial assets is more important than ever. Adopting the right tools and practices to secure your funds not only ensures your business remains operational but also helps build trust with your clients and partners. Furthermore, prioritizing security, especially with the ease and accessibility of business banking online today, enables you to stay one step ahead of potential threats and focus on growing your business with peace of mind.
Enhance Your Security Posture with Maya Business Solutions
Strengthen your business’s financial management today by setting up a Maya Business account and incorporating Maya Business Deposit into your financial operations. This business banking solution’s security features provide robust protection for your critical transactions, helping safeguard your funds and sensitive data.
Moreover, with Maya Business Deposit’s industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. You’ll also save money on fund transfers, since you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, allowing you to have another funding source to further develop your business. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Sign up for Maya Business to enjoy the benefits of Maya Business’s small business banking solutions.
