Hackers Are More Sophisticated Than Ever (and Your Customer Data Is at Risk)
Every AR transaction could expose gaps in your security that open your customer and financial data to hackers. Your chances of a breach also increase if you don’t know what payment systems all of your locations are using to process customer financial data. If your IT team isn’t aware of a system, they won’t be able to ensure that your financial data is secure.
Human error also causes a number of breaches. AR employees may store customer credit card information in an unlocked Excel spreadsheet and then carry it around on their laptop. If the laptop gets stolen, your customer data is at risk. Or an employee may accidentally open a malicious attachment and give a hacker access to your network.
The costs of a data breach are high. According to IBM, the average cost of a data breach is $3.86 million – up 6.4 percent from one year ago. These costs include everything from technical investigations to lost business and brand damage.
Finance and accounting teams are risk adverse by nature and may not want to make the changes that are necessary to address these challenges. But in today’s world, not doing anything isn’t the safe option.
Thankfully there are industry standards in place to ensure CFOs partner with the right solutions provider, including:
To learn more about the challenges preventing Wholesale Distributors from achieving financial goals, grab a copy of our ebook.
Katie Canton has been helping companies develop and implement successful social media, content marketing, and marketing communications strategies for more than 10 years. Since joining VersaPay in 2018, she writes on topics such accounts receivables automation, Customer-Centric AR, collections management, and fintech.
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