When making a deal with another business, one of the most important things to keep in mind is the safety of your files. With cybercrime on the rise and infiltrating every area of business, it is very important to know that your files are safe and secure when conducting any business deals. This is particularly important during a merger and acquisition, where both companies are literally on the line as they are working to merge together. In this instance, details that are leaked, or even a ransomware attack, can cause the deal to fall apart and destroy any possibility of a merger or acquisition occurring between the two parties in the future. With that in mind, here is what you need to do to make sure that your files are safe and secure when making deals.
Only include essential parties
Before you start on any business deal, it is very important to make sure that only the people who need to have access to sensitive files actually do so. This includes lawyers, the executive teams, and other essential parties. You don’t want an administrative assistant leaking documents or accidently emailing a sensitive document from an unsecured account. A good rule of thumb here is to set no user permissions by default and then only add key personnel as needed. This is especially the case when it comes to contracts or sensitive financial documents, which should not be stored with other files, especially on cloud storage software like Dropbox or Google Drive.
Secure your document storage
In order to stay ahead of hackers and cybercriminals, you need to stay ahead of their tactics. One of the best ways to make sure that no one will be able to access your sensitive documents is to invest in a secure document storage solution. A great option to help with this is a deal room, which aids with the deal making process and also helps store your documents in a safe and secure manner. Using this software, you can also set user-permission settings, document password protection, multi-factor authentication, and security questions to make sure that your documents are as safe and secure as possible during the deal making process.
Password protection for your files
While passwords might seem like they are an overly simplistic way of protection files, they are actually highly effective. In fact, learning how to password protect a file is one of the biggest deterrents to hackers and cybercriminals. While it is bypassable, it will likely stop the majority of would-be hackers who may get easy access to your files if they are otherwise unsecured. When selecting a password, make sure that it is an unrecognizable combination of special characters, capitalized letters as well as numbers and random phrases that are not associated with you or your organization in any way.
While there are certainty other ways to protect your files from hackers and cybercriminals, the deal making process needs to be swift and efficient. As such, these are the quickest solutions that you can employ in order to best protect your files and also make sure that your deals go interrupted, particularly in the case of more sensitive deals such as mergers or acqusitions.