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Digital Transformation

Online fraud ‘still a problem for businesses’

Companies need to pay attention to their data protection plans.

We hear plenty of media reports about individuals who have had their financial details stolen or cloned, but fraud cases involving companies may not be as widely reported.

However, it is still important for businesses to take steps to protect themselves against the possibility of becoming victims of online fraud and identity theft, because the consequences of such crimes can ruin firms’ reputations and have a serious impact on their finances.

Tony Neate, chief executive at GetSafeOnline.org, highlighted the importance of developing a data protection plan to ensure confidential information does not end up in the wrong hands.

"Ensuring your server networks are protected under lock and key, encrypting email and files so only authorised users can access and training staff in your company’s security policies are just a few of the sure-fire steps you can take to further guarantee your business security," he remarked.

"Businesses needn’t be discouraged from using the internet – it is a fantastic asset – but you should take some simple steps to get the proper security measures in place."

Firms should look upon data management storage opportunities as "a savvy business investment" because it is much better to pursue prevention over cure when it comes to safeguarding your data.

Meanwhile, the National Audit Office has warned that a lack of access to management information leaves some central government departments unable to monitor use of the government procurement card effectively.

A report from the organisation found the card, which was introduced in 1997 to help public sector groups pay for low value items, cannot be properly monitored because access to data is not universal across all departments.

"A department should have high quality and timely management information on using the card, with regular reporting. This will help them to oversee whether cardholders are using the card when the policy says they should; whether cardholders comply with controls; and whether there are any suspicious transactions that require investigating," the report concluded.