Digital security is utilized to protect your online identity. Tools that can help you with this include antivirus software, biometrics, smartphone SIM cards, web services, and any secured personal device. In 2023, the cost of a data breach that can leave your digital identity exposed is estimated at $9.48 million.
Embezzlement is a particularly nasty form of digital security breach. Instead of happening from outside your company, embezzlement is committed by someone on the inside. They are generally someone you believe you can trust. In most cases, embezzlement happens slowly and over a long period of time. This is intended to hide their nefarious actions. How can you protect yourself against this type of cybercrime? We’ve got three solutions for you!
1. Eliminate User-Generated Weaknesses
Despite working for your company, a person who chooses to embezzle may take advantage of a coworker’s weak password or their tendency to lose important information. To get rid of this issue, it’s vital that you set up password rules that every employee has to follow. For instance, you could make them have at least eight characters, including at least one number and one special character. To make their passwords even more secure, you could have the system automatically require a new password every month.
As to employees who lose things, you’ll need to rein in their ability to accidentally lose something that’s extremely sensitive. For example, if they’ve lost something important before, don’t give them a paper copy of anything vital going forward.
2. Monitor Your Employees’ Work
Your IT department is probably already monitoring your network for any outside intrusions. If you want to avoid embezzling, though, you’ll need them to begin monitoring your employees, too. By keeping a close eye on any unusual actions an employee takes, you should be able to cut them off before they do anything too detrimental.
Let’s say that one employee’s computer was used to fudge some financial numbers. It would be good for you to know about it, along with verifying whether the correct employee was at their station when the incident occurred. Even if you decide to let it go the first time, your IT team will know to keep a close eye out for any further negative signs.
3. Control Who Can Access Sensitive Data
By putting safeguards in place, you can make it much easier to root out an embezzler. The most important safeguard is limiting access to any sensitive data. This will include:
- Restricting access to any unauthorized users.
- Controlling physical access to computers and the premises.
- Restricting what can be accessed, copied, and saved to any external storage devices.
Taking these steps to protect your sensitive data can not only help keep it safe but can also let you know more quickly if someone does do something wrong. Ultimately, cutting criminals off at the source is your best choice for protecting your company. With embezzlement, the crime is committed by employees and even management, so it’s vital to have security measures in place to protect against it.