How to Secure Your Digital Transactions

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In the past few years, the financial services landscape has dramatically changed. Out of all the changes, the adoption of digital payment has been massive. The pandemic worked as a catalyst to increase the adoption of digital payment at an unprecedented rate. In the last two years, digital transactions have become a prominent mode of transaction. Even though digital transaction adoption is pandemic-induced, the behavioral change is expected to stay permanent. Although digital transactions have many benefits, they come with their own challenges.

 
The Challenges Of Digital Transaction

The biggest challenge of digital transactions is that their adoption happened very rapidly. Consequently, it became difficult for the financial service provider to adapt to the changes. In addition to that, security issues are common in digital transactions. With rising online fraud and cheating cases, taking care of digital transaction security has become paramount. Therefore, not only the financial service providers but also the users need to stay careful while doing digital transactions. Listed below are a few ways to secure digital transactions.

 
Set Unique Passwords

It is a fundamental piece of advice but the most important one. When setting passwords for different bank accounts, keep all the passwords unique. Doing so will ensure that if the security of one account is jeopardized, the other bank accounts are secure.


Also, in addition to choosing a unique password, it is vital at the same time to choose a strong password. Try combining letters, numbers and special characters to create a strong password. Furthermore, go for non-dictionary words and avoid using personal details such as birthdays as passwords, as they are easily guessable.

 
Do Not Use Public Wi-fi Networks

Governments across the globe are making public wi-fi available to create smart cities. Such public wi-fi has many users and also benefits like improved internet accessibility. However, one should avoid using public wi-fi while making financial transactions. Firstly, devices sharing the same wi-fi network have the same IP address, which one can verify on What Is My IP. This itself is a huge problem.


Secondly, public wi-fi networks are insecure and carry plenty of security loopholes. Therefore, one should use a private wi-fi network or mobile data when transacting digitally.

 
Do Not Save Card Details

With digital transactions becoming a standard mode of payment, many users make the rookie mistake of saving their card details for convenience. However, even though saving card details make digital transactions convenient, it is precarious at the same time. It is because if the device falls into the wrong hand or is stolen, the prey can lay hands on all the card details.

 
Use 2-Factor Authentication

Many bank services now provide 2-factor authentication for an additional layer of security. Sign up for 2-factor authentication whenever available to make the digital transaction more secure.


When 2-factor authentication is enabled, a user needs both password and an OTP to make a digital transaction which makes it more secure. However, avoid sharing your password or OTP with anyone to retain the security.

 
Regularly Keep An Update On Financial Statements

Many people prefer to check their financial statements once a month which is a bad practice. In this scenario, faulty transactions have a high chance of going unnoticed. Therefore, users who regularly engage in digital transactions should make it a habit to monitor their financial statements constantly to observe any unusual or suspicious activity.


Contacting bank customer support is recommended if one sees any inconsistency in the financial statement.

 
Use Official Website And Trusted Apps

First, the users should ensure the banking website or app is secure. One should download banking apps only from a trusted source. The official app often comes with a verified sign to make it easier for the users to identify the source's legitimacy.


In addition, the user should also ensure that the platform where they are carrying out the financial transaction is legitimate. For example, if you plan to use an unpopular website or store to purchase a product or service, always check for its review first. You should proceed with the transaction only when you are sure the website is safe.


Lastly, do not click on any link shared in any message from an unknown number or email. Many emails are smartly crafted to give a feel of an official email. Users can check the trustworthiness of such emails by paying attention to their content and email address. Digital transactions have numerous benefits, but staying cautious is critical to reaping those benefits.

5 Key Considerations for Successful Cloud Transformation

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Cloud transformation in business can help discover and use its untapped potential. With cloud transformation, it is possible to revolutionize the business digitally. Other benefits of cloud transformation include a competitive edge in the dynamic market, providing resilience. Cloud transformation and migration also include analytics, optimization and cloud security. Combining everything can help businesses bring efficiency to its operation, expand and bring in more revenue. However, blindly switching to keep transformation often yields positive results. A few things need to be considered to utilize the full potential of cloud transformation. Here is a list of five critical considerations for successful cloud transformation.

 
1. Organization Readiness

Before bringing in cloud transformation, businesses should ensure that the company is ready for it. The best way to do it is through a thorough analysis of the company's pros and cons of cloud transformation. Furthermore, firms should look at the roadmap to ensure that the changes that cloud transformation brings align with companies' strategies and end goal. Moreover, companies should also consider digital and cloud maturity levels and the workforce's skills.

 
2. Connectivity

Enterprises today are global in nature, irrespective of size. Most businesses have their operations distributed across the globe. Many companies are shifting to a hybrid work model in such a scenario. Subsequently, companies need to invest in different networks, software, and applications and ensure employees have access to it.


Internet speed is particularly crucial in cloud transformation because a good internet speed is a must for its proper functioning. Businesses can use Speed Test to determine the current internet speed of their network and further cross-check it with other platforms like PLDT. In addition to the office network, it is also vital to ensure that the home network of the employees has good internet connectivity. Both connectivity and reliability are crucial for a successful cloud transformation.

 
3. Risk Assessment

Risk assessments help businesses identify threats and vulnerabilities in their operations. It is important to carry out a risk assessment while undergoing cloud transformation because all cloud-based tools have certain risks. However, at the same time, businesses are only sometimes prepared with the required security.


Therefore, it is essential to consider the risks associated with different cloud-based tools a company plans to use. In addition, a thorough analysis of the cybersecurity of the company is also required. If only both data were available, reducing its overall security risk would be possible.

 
4. Governance Plan

Reviewing data governance procedures and policies is crucial before moving to cloud transformation. Furthermore, the company's policy should clearly state the details of data standardization, protection and integration. When undergoing digital transformation, businesses must remember that they are responsible for their assets and data, especially customer data.


Also, the newly designed governance plan for the cloud transformation should be flexible. A flexible governance plan will be handy to improve things over time and dynamically deploy cloud services. Firms should pay special attention to access rules, especially during the cloud migration of data.

 
5. Option Analysis

Thanks to the popularity of cloud services, numerous options are available in the market. However, businesses should note that the chosen cloud provider will have a critical role in its data security. Therefore, one should wisely choose a cloud provider. Furthermore, it is essential to remember that not all the services of different cloud providers are the same. Therefore, comparing the features offered by different cloud providers is a must.


Also, when considering a cloud provider, think about the long-term goals of the company and the scalability option that the service provides.

 
The Cloud Adoption Journey

When businesses undergo cloud transformation, they open multiple doors of opportunity to fulfill their business goals. It benefits the company operations and helps better meet the customer requirement. In addition, it can help enterprises save money and time. Security, data and analytics, governance framework, connectivity, scalability and sustainability all play a crucial role in fully utilizing the potential of cloud transformation.

It is a decision that the leaders need to think about before implementing. With the right cloud transformation, it is possible to change the future of the business for good, thanks to its numerous benefits! Even though a company needs to consider many things before undergoing cloud transformation, skipping the above five factors is big now.

Retirement Planning Strategies

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Business owners have to deal with risks, and it is inevitable. However, retirement planning can be especially overwhelming for small business owners as they do not have the benefit of traditional retirement plans nor have a large amount of profit to take care of the retirement planning. Therefore, owners of small businesses should start planning their retirement strategies as early as possible to ensure they can enjoy a happy retired life. Here are a few retirement planning strategies that small business owners can use to plan their retirement.

 
Decide The Life You Want After Retirement

The planning for retirement strategy should start with the imagination of the life that a small business owner wants after retirement. The life one wants after retirement can help one decide how much money to invest in Lottery Sambad or other assets or save as retirement income.

 
Work In An Exit Strategy

In order to create an exit strategy, one needs to create a roadmap for transferring the management and assets, such as winning money from Kerala State Lottery, to leave the business in a winning position. Therefore, it is crucial to brainstorm the exit strategy to know the best way to quit the business. The main question, which revolves around the exit strategy of a small business, lies around the amount of money that needs to be reinvested and the money that needs to be saved. It is crucial to make this decision while considering various factors like payout, tax and satisfaction.

 
Create A Support Team

Creating the right investment plan requires financial knowledge, especially in investment and tax law knowledge. Working with the right financial professional can help small business owners to create an effective retirement plan. When considering a support team, the value of a financial advisor and a business attorney is paramount.

 
Diversify The Investments

Investment is a crucial strategy for retirement planning. However, when investing, it is essential to diversify. Putting all the eggs in one basket is very risky. Therefore, financial advisors recommend diversifying the financial portfolio as much as possible. It ensures that if one investment is negatively impacted, the other investment stays either positive or unimpacted.

 
Choose The Right Retirement Plan

Numerous retirement plans are available for different sets of people, including owners of small businesses. All the plans have their own set of qualifications and benefits. Choosing the right retirement plan is essential to yielding maximum benefit depending upon the retirement plan and the assets one has.

 
Diversify Retirement Saving

Just like diversifying the investment, it is essential to diversify the retirement planning. Financial advisors recommend having multiple retirement savings accounts as soon as possible. The options for retirement planning can come in different options. When diversifying retirement savings, making educated and informed decisions is essential as the retirement plan has minute differences.

 
Value The Business Correctly

It is common for business owners to either overestimate or underestimate business valuation. A wrong business valuation can have a negative impact on retirement planning. Therefore, conducting a proper valuation of the business is a must. It will give the business owners an idea about the money they can make by selling the business. Furthermore, it guides us to take proper steps in other directions to help meet retirement planning needs.

 
Consider Other Investments And Assets

In addition to the business worth, one should keep an eye on other assets and investments and their value. Knowing the correct worth of different assets and investments is handy in making the accurate adjustment according to the retirement money one expects. Financial experts can play a crucial role in this stage to maximize the return on investment.

 
Stay Away From Retirement Savings

Retirement savings make only sense when it stays untouched till retirement. Therefore, many banks have penalties for drawing money from retirement plans. Also, taking out money from retirement savings defeats the purpose of having a retirement plan in the first place. Therefore, until and unless it is a do-or-die situation, one should not touch their retirement savings.


Lastly, it is crucial to stay flexible with retirement planning. For instance, if one is 15 years away from retirement, they should plan differently than the business owner who plans to retire in the next five years. Irrespective of the retirement time, it is always recommended to start retirement planning as soon as possible.