Cybersecurity in the Digital Age: Best Practices

Has your identity already been stolen?

The shift to online business, both business-to-consumer and business-to-business, has opened the doors to a wider range of security threats. It’s easier than ever to become the victim of fraud and theft. Therefore, it’s important to understand the steps to take to stay as protected as possible in this digital age, whether you’re at home or conducting office business.

A recent digital privacy survey report shows that 61% of Americans have had their personal data breached, with 44% saying it has happened multiple times. A 2024 fraud awareness survey indicates that 45% of adults residing in the United Kingdom have shared scans or photos of their ID documents via digital channels despite knowing that this personally identifiable data (PII).  could be obtained by criminals and used to commit fraud. So, if your answer was “no” to identify theft, it’s likely just a matter of time. Or, it’s possible you’re a victim and just don’t know it yet…

Artificial intelligence is rapidly becoming more sophisticated, and bad actors can now leverage photo, video, and voice techniques for fraudulent activity. This makes it even more important to stay vigilant. Whether you’re shopping on Amazon, doing online banking via your phone, renewing a service through an online form, installing software programs, or even just browsing the internet, there are certain security best practices you should follow.

Personal Security Best Practices

If you’ve ever worked for a business with IT policies in place, they’re there for a reason. For your own security, it’s best to follow the same type of guidelines your IT department at work recommends.

1. Strong Passwords and Phrases: Gone are the days when an eight-character password sufficed. Instead, opt for long passphrases with a mix of characters that are easy for you to remember but difficult for others to guess. Don’t use the same password over and over again for multiple sites, and periodically change your passwords as data breaches are common.
2. Email Awareness: Be cautious when sharing personal information via unencrypted email. Avoid sending sensitive personal identifiable data like IDs, bank or credit card information unless it is through secure channels. If you receive an email that seems out of character for the sender, double check the “reply to” address. If it’s going somewhere else, double check with the sender via another channel before replying.
3. Phishing Vigilance: Phishing goes beyond email today. Before clicking on any links in emails, text messages, instant messages or other communications, verify their legitimacy by pasting them into a reputable link checker. Phishing attacks are often disguised as legitimate requests, so always exercise caution.
4. Multi-Factor Authentication (MFA): Enable MFA wherever possible for an added layer of security. This ensures that even if your password is compromised, access to your accounts remains protected.
5. Privacy Consciousness: Be mindful of the information you share online, whether on social media platforms or with service providers. This could include your birthday, favorite color, address, children’s names — anything that might make it easy for a hacker to steal your identity. Consider adopting multiple identities for different online activities to minimize your digital footprint.

Business Security Best Practices

When it comes to business, there is of course a much broader range of security-related areas to consider.

For any business engagement with a company related to personally identifiable information — which could be a bank, a fintech, or any software or service that requires licensing and online financial transactions such as payments — it’s important to make sure your organization and those with whom you do business are following security best practices. Not only will it give you the peace of mind you want, it will also help ensure legal and regulatory compliance, protecting you and your business in the event of fraud or attack.

The following list of best practices can also act as a checklist of useful questions to ask potential suppliers, framed as “How do you handle…” each of the items.

1. External Assessments: Regularly conduct external assessments such as penetration testing (pen testing) and SOC (Service Organization Control) audits. These assessments provide independent verification of your security measures and help build trust with clients, partners, and suppliers.

1. Supplier and Third-Party Risk Management: Recognize the vulnerabilities introduced by suppliers and third parties connecting to your systems. Implement robust supplier risk management practices to mitigate potential risks arising from external dependencies.
2. AI and Data Protection: Exercise caution when integrating AI technologies into your business operations. Balance the benefits of AI with the need to protect sensitive data, ensuring that client data remains secure and isn’t exposed to unauthorized access or manipulation.
3. Cloud Security: As businesses increasingly rely on cloud services, prioritize cloud security measures to safeguard data stored and processed in cloud environments. Consider strategies to prevent cloud provider lock-in and mitigate risks associated with cloud-based services.
4. Remote Work Security: With the rise of remote work, prioritize security measures such as Single Sign-On (SSO) and Virtual Private Networks (VPNs) to ensure secure access to corporate resources from remote locations. Educate employees on best practices for securing their home office environments.
5. Compliance with Data Protection Laws: Stay abreast of evolving data protection laws and regulations, ensuring compliance with relevant legislation such as the GDPR (General Data Protection Regulation). Implement robust data protection measures to safeguard sensitive information and mitigate legal risks.

Ultimately, security is a shared responsibility where your own behavior matters most. Prioritizing security in both personal habits and business practices is essential. By adopting proactive security measures and staying vigilant against emerging threats, individuals and organizations can better protect themselves against cyber risks.

Fides takes the security — our own and that of our clients — very seriously. We have dedicated compliance, risk and security governance, system security, data protection, and additional overall security measures in place, following the highest standards on both a national and an international level.

Fides is the world leader in multibank connectivity, payments and transaction communications. A market leader for more than a century, Fides is committed to the principles of Open Banking, making treasury and financial operations as efficient, transparent and secure as possible for all organizations.

Fides provides everything organizations need for efficient cash and liquidity management, all through a single platform — along with connectivity to more than 13,000 financial institutions through an unmatched range of methods and channels. Thousands of companies around the globe rely on Fides’ connectivity capabilities and comprehensive workflow, reporting, conversion, validation and security services, for their own businesses and for extending services to their clients.

Whether you access via the secure Fides ONEHub or take advantage of our seamless integration with third-party ERP, TMS and other backend systems, Fides is the only platform you need.