Property management companies make tons of financial transactions every month from receivables to payables between customers and vendors. The ACH/EFT network is generally very secure, in the first quarter of 2020, ACH payments in the US increased over 7% but approximately less than 1% of transactions were returned as invalid, of that 1%, only a fraction is a result of fraudulent activity. The problem with ACH/EFT fraud is that the large value of payments and the potential breach of sensitive customer data which can hurt a company’s customer relationships as well as their public reputation.
The conversation about going paperless and introducing sustainable business practices is not new. For the last few decades there has been an ongoing discussion about the reality of going paperless. There is a clear dependency on paper that spans industries, yet most offices haven’t made significant change in the volume of their paper use. Many people attribute that lack of commitment to security concerns.
Security and privacy are growing concerns for businesses, customers, and the general public alike. Implementing internal controls in your organization is an effective way of mitigating and monitoring potential security risks. As you decide what controls would work best for your business, consider these five main elements of internal controls.
Cybersecurity has become a prominent topic of conversation as a result of the ubiquity of technology and the importance of data. Exploring cybersecurity options and implementing best practices can help to fend off modern threats. Implementing thorough security processes can show customers that your business is, not only, prepared but less vulnerable to looming cyberattacks. Because data is now integral to how we operate as organizations and individuals, cybersecurity is essential to the well-being of your business.
As data has made its way online into the digital sphere, it’s essential for everyone, from businesses to consumers, to understand how to fortify sensitive data. Protecting vulnerabilities against threats enables businesses to continue to operate without compromising their employees or their customers.