Cybersecurity for Your Financial Data: What Every Business Owner Should Have in Place

As an IT coordinator, I spend a lot of time behind the scenes protecting systems most people never think about—until something goes wrong. And when it comes to cybersecurity, financial data is always the top target.

Your accounting system, payroll files, and client financial records aren’t just operational tools, they’re high-value assets. Whether you’re working with lenders, investors, or advisors, protecting that data is no longer optional.

Business owners - here’s a practical checklist of what your finance team should have in place to keep your books and data secure.

Why Finance Teams Are Prime Targets

Cybercriminals go where the money is—and that means finance systems.

Common risk areas include:

• Accounting and payroll platforms
• Bank portals and ACH capabilities
• Email approvals for payments and wire transfers
• Shared financial files and reports

A single compromised login can lead to fraudulent payments, data breaches, or extended downtime.

Core Cybersecurity Controls Every Finance Team Needs

Start with the basics:

• Limit system access to only those who truly need it
• Assign roles based on job responsibilities
• Remove access immediately when employees or vendors leave

If everyone has admin rights, no one is really protected.

If MFA isn’t enabled on:

• Accounting software
• Payroll platforms
• Banking portals
• Email accounts

…it should be.

Passwords alone are no longer sufficient. MFA is one of the simplest and most effective ways to reduce risk.

You don’t need a large staff to create checks and balances.

Best practices include:

• One person initiates payments, another approves
• Separate access for payroll setup vs. payroll approval
• Independent review of bank and credit card reconciliations

This protects against both external threats and internal errors.

If ransomware locked you out tomorrow, could you recover quickly?

Finance teams should have:

• Daily automated backups of financial systems
• Backups stored securely and off-network
• Periodic testing to confirm data can actually be restored

Backups aren’t just an IT issue—they’re a financial continuity issue.

Business email compromise (BEC) remains one of the most common attack methods.

Protect your team by:

• Requiring verbal or secondary confirmation for wiring changes
• Training staff to spot phishing emails
• Using email filtering and monitoring tools

Most successful attacks rely on urgency and trust—training helps break that cycle.

Preparing for SOC and Third-Party Scrutiny

Even if you’re not required to have a SOC report, SOC readiness matters.

Lenders, investors, and larger customers increasingly expect:

• Documented internal controls
• Clear access management policies
• Evidence of security monitoring and incident response plans

Being “SOC-ready” signals maturity and reduces friction during diligence or audits.

Simple Steps That Make a Big Difference

You don’t need enterprise-level systems to improve security. Start with:

• Written policies (even short ones)
• Consistent enforcement of controls
• Regular reviews of access and permissions
• Collaboration between your finance and IT teams

Cybersecurity works best when it’s integrated into day-to-day operations—not treated as a one-time project.

Final Thought: Security Is Part of Financial Stewardship

From my seat in IT, I can tell you this: the most secure organizations aren’t the most complex—they’re the most disciplined.

Protecting your financial systems protects:

• Your cash
• Your client relationships
• Your reputation

If your finance processes have grown more sophisticated, your cybersecurity practices should grow with them