Payroll providers and other professional services firms are increasingly finding themselves the target of cyber villains. A recent ransomware attack against one payroll software provider has left the industry feeling shaken.
And yet, according to Jan Walker, account manager at CyberPay, a provider of secure payroll software and a Cachet Financial Services partner, too many companies are still not doing enough to put a barrier between their systems and the attackers.
Walker recently shared some of the best practices for payroll providers. Some of the most effective practices, she says, are widely known, but not as widely implemented. In light of recent events, they bear repeating. Walker says she is surprised how many people fail to follow the relatively simple safeguard of changing passwords. A secure password is the first line of defense against hackers. Here are some other key recommendations:
- Change passwords regularly and make them hard to guess
- Keep a backup of your information off site
- Have an internal security policy that details how employees use company computers including the use of thumb drives that may introduce malware
- Require employees to sign a written agreement pledging not to violate the policy
- Make sure antivirus applications and firewalls are in place
- Work at security on a daily basis
- Don’t get careless
- Conduct third-party security audits on a regular basis.
Protection and Peace of Mind: Third-Party Security Audits
While companies are sometimes reluctant to conduct third-party security audits because of the cost, they are a valuable source of protection and peace of mind. In most cases, a review requires less than a week and can reveal the holes in your security system so they can be patched before there is a problem.
“There are plenty of places you could pick up a virus without going to the dark web,” Walker says. The consequences of even a short-term interruption in the payroll industry can be devastating. “Paychecks are pretty vital to people," Walker says. "Folks can’t wait a day or two for their money."
Secure Payroll Software, Secure ACH Processing for Payroll
CyberPay, a provider of secure, reliable payroll software with 21 years of industry experience, provides both cloud and on-premise solutions for time keeping, HR management, benefits management, ACA compliance, reporting, payroll tax processing, and ACH. CyberPay clients have access to additional ACH and payroll tax solutions through partnership with Cachet Financial Services and Payroll Tax Management. CyberPay uses robust SSL encryption and built its cloud-based systems in Microsoft Azure to ensure the highest level of security. Visit the CyberPay website to learn more.
At Cachet, our own security processes include 3rd party audits, SOC 1 audits of internal controls and technologies, third-party penetration testing and monthly compliance audits. Our clients also have access to state-of-the-art technology that provides automated daily reconciliation of accounts, down to the client level, so that discrepancies have nowhere to hide.
Secure, cost-effective ACH processing and directly-related services to the payroll industry are our specialty. Our customers rely on us to process $150 billion annually in direct deposit ACH, safely, reliably and cost-effectively. A $50 million crime bond provides additional peace of mind. Cachet may be able to help, even when you're in a pinch or need some extra help. Check out our secret menu.
To learn more about Cachet and our processes for keeping clients safe, compliant and worry-free, call us or click on the link below.