Money Management

Taking Online Security for Your Business Seriously

Many entrepreneurs today set up businesses with many setting up a website and going exclusively online.

Once complete, it’s easy to think that everything is ready to go, but many don’t consider the online security of their business and clients.

Let’s examine some aspects related to the online security of your business.

Why Online Security Matters

With more businesses shutting their doors and heading exclusively online, web security has become far more important than ever before.

Online security includes blocking access from unknown sources to valuable site data and private information often stored in the database of a website.

And with the alarming rate of data attacks on the Internet, it’s imperative that you implement online security measures to protect your business and your customers from having sensitive data and information compromised.

Privacy Invasion Software

Privacy Invasion Software (PIS) is a computer program that steals users’ privacy without their consent.

The most common type of Privacy Invasion Software is done via adware and content hijacking.

Nowadays, Privacy Invasion Software is being used by many hackers to steal information of users online, creating significant problems for users and business owners alike.

To avoid the problems of Privacy Invasion Software, business owners should always download applications and other software from the original owner’s site.

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In some cases, it’s advisable to not go for free versions of look-alike software as they can be secretly hiding malicious software aimed at compromising your systems.

“If you factor in the cost of a security breach (reputation, remediation, loss of sales, productivity, data loss, privacy and much more), write CIBIS Software Development Services, “it’s now almost impossible to justify taking short cuts.”

When it comes to security, you get what you pay for.

What Are The Biggest Risks for Business?

There are many security risks for companies and organisations, and it’s only made more complicated when the business goes online to do most of its trading.

Let’s look at three significant risks regarding security.

Careless Employees

When we talk about security risks for businesses, careless employees are one of the leading causes of security risks.

A careless employee may mistakenly share company-sensitive details publicly or even privately to an external hacker, leading to a breach of data. This is usually known as an internal attack.

Virtual Assistants

Most business today prefer outsourcing some jobs to virtual assistants (VAs).

A typical example is the live chat support service of most e-commerce websites. When this outsourcing takes place, some of the company’s details are shared with the virtual assistant. If the assistant then decides to change details or inadvertently gets details mixed up with those of other clients, then there is a high risk or compromise.

Further, if the systems being used by your virtual assistant aren’t secure, then the details they have stored on their system about you or your clients could be hacked, landing you in serious legal hot water.

The only foolproof way of avoiding the risks of data violation is to have everything kept in-house on servers you manage yourself. This, however, isn’t always possible or practical.

At the very least ensure that your virtual assistant is using systems approved by your legal or security team, and constantly check that their systems are maintained and remain secure. Where possible, use VAs that come highly recommended.

Security Team

Most businesses haven’t planned for the need to have an online security team, believing they can handle it all themselves.

With security issues changing regularly, and many becoming more and more sophisticated, it’s safe to say that a business without a security team will invariably be compromised sooner rather than later.

The protection of your business, your staff and your clients should be part of any quality management system. Security requires a dedicated person or team to prevent or intercept security attacks and check for vulnerabilities, someone who’s up to date with current methods of risk aversion.

The Need for Website Security

Security measures are often overlooked until something has gone wrong.

Every month, there are numerous reports of security breaches on business websites stemming from little or no privacy. In some cases it was the client’s privacy that was also neglected and compromised, causing additional headaches all round.

Your business should be known for its reputation for data safety, security, and protection of all data for which it’s responsible.

Now that you know the importance of online security for your business be sure that you’re covered and all data is secured.

Avoid being at the mercy of hackers from outside your control and compromised customers within your control.

Image Source Credit: Pixabay CC0 License

Statistical Graphics from Stay Smart Online

Money Management

The Rise of Consumer eTrading Online

In the last 20 years we have seen a dramatic increase in the accessibility global financial marketplace. During the second half of 2016, writes Investment Trends, an Australian trade research company, over 77,000 online trading accounts were opened in Australia alone.

Among the most Popular forms of online trading were EFT’s and Forex.

As I might systems become more complex, more and more people are considering online investing as a real option With the overall number of new online investors you are coming into the market for the first time being at the highest levels since 2010.

The research also when I’m to show during the last 12 months over 605,000 placed at least one share trade. In real terms this means an increase in the Australian online trading market of around 13% in new online investors.

Many believe that the low-interest rates cycle we have been experiencing has also helped to create an environment where people are motivated to invest in these kinds of markets.

The diversification inherent in ETFs has made them an increasingly attractive option. Nevertheless, The majority of an online investors’ financial allocation remains in the single stock option.

Beyond Australia, the research shows a similar trend among western countries. Among the patterns emerging in western nations are the number of investors who, while, enjoying the diversification of EFT’s are willing to explore other more volatile markets such as Forex.

Late 2016 saw monthly averages in trading volumes of around $5 trillion across three, separate sessions.

Given that the expectation for these markets was around $4 trillion back January 2016 these foreign exchange markets Really represent a growth market.

Clearly, the growth in these kinds of trading is result of the easy accessibility of online trading platforms.

As the online trading marketplace becomes increasingly diverse the number of opportunities as well as the ease of access make trading online an excellent option for both short and long-term investors.

In the past, currency markets were considered too complex for most people and thought to be only the domain only of professional traders.

Such markets were the sole domain of large corporations who had the resources to trade at a profit and make financial gains over time.

But with the improvement and complexity in online trading, as well as the security, these new forms of investment have become real possibilities for the average individual.

Among the Forex, opportunities gaining popularity is Forex scalping.

Forex scalping is a form of online trading that entails the opening and liquidation of positions in rapid succession.

The time frame for these positions is usually around 3 to 5 minutes with scalpers often maintaining their positions for less than a minute.

With one of the most important decisions in Forex being the choice of broker, the competition for the online trading dollar is high among the best scalping forex brokers, each trying to win new consumer business to their lucrative, yet volatile markets.

The experience and attitude of the broker can have a direct bearing on the ultimate profitability for the trader.

Today, brokers and traders to be found all over the world. The methods and practices differ from culture to culture depending on the requirements of the trader. Sub brokers are inclined to take greater risks than others.

For those who are trading long-term, the differences between traders may not be overly important. But for daily traders and those who are in and out of the market quickly, choosing a reliable broker can have a significant impact on the resulting profit or loss.

With increasing sophistication and improvement in the online trading platform, more people are being encouraged to take the plunge. While the risks remain whether it is Forex EFT’s or scalping, the potential gains and convenience are making online trading almost irresistible for some investors.

It was not that long ago that you only had a small number of online brokers to choose from. Today there are over 200 agencies all competing for your trading dollar.

And believe me,  With an estimated 20 million trading accounts in the United States alone, that traded dollar is worth a lot of money.

Image Credit: Pexels, CC0 License

Company Liquidation In the Media

What is ASIC doing about Phoenix Transactions?

ASIC has issued REP513 being its enforcement outcomes – July – December 2016.

The report focuses on facilitators of serious illegal phoenix behaviours and improper transactions in the face of insolvency.

ASIC states:

  • it is intent on disrupting illegal phoenix activity and focusing on facilitators, including rogue insolvency practitioners using a whole of ASIC plan as well as cross-agency collaboration
  • it is taking a proactive approach by focusing on future conduct but based on past performance of particular industries that have a disproportionally high rate of corporate failure that can indicate illegal phoenix activity.
  • The industries of real interest include, but are not limited to construction, labour hire, security, cleaning and transport
  • It will target directors with a history of conduct that may constitute illegal phoenix activity as a guide for predicting future behaviour
  • It will target directors who fail to assist liquidators by providing books and records and a Report as to Affairs.
  • It will continue to fund liquidators to pursue litigations against a company that allegedly has disposed of its business and assets to a related entity before liquidation of the first company
  • It will work closely with the ATO and the Department of Employment in respect of alleged illegal phoenix activity.
In the Media

Unpaid Super – Single Touch Payroll Have Your Say. 

A Senate Committee is conducting an enquiry into the problem of the non-payment of superannuation by companies.

The enquiry is concerned that company directors should not be trusted to pay super contributions monthly or quarterly, and that it should be extracted at the source – before it is used to cashflow the operations of the business.

The enquiry will also consider the same in respect of PAYGW.

The Committee’s justification for the single touch payroll proposal is to combat harmful phoenix activity.

 Do you believe PAYGW and Superannuation Payments should be Remitted when Payroll is Processed?

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Source: Murrays Legal