Finance How To Prevent Loss Of Business Funds Due To System Malfunction?

[Good-Guy]

Loss of funds is a very common problem in any business. Many businesses may lose funds due to various reasons such as business fraud, scams, or human error. However, in this post I will be talking about loss of funds due to human error. I believe that each and every organization have a proper funding system and monitoring system that requires humans to manually check payment systems before making a transaction in order to avoid losing funds. There are many online banking systems that might be offering many kinds of automatic payment function and this might cause a business organization to lose funds. This might be because of system error or system malfunction. Do you think Manuel payment system is better to avoid loss of funds?

 

[Sotherefore]

In the modern technology and in society that we are now it is almost impossible for a system malfunction to be so severe that it make a lot of business organisation to lose their money .we should always try as much as possible to update our database with good security system that can prevent people from accessing our database because this is what causes loss of money.

 

[Yusra3]

To keep losses completely out of the picture caused by system glitches, there should be well-built data protection and backup protocols in place. Build in redundant systems, practice regular data backups into offline servers, and have a recovery plan in case of bad A/ disaster. Enforce tight access controls, multi-factor authentication as well as encryption to guarantee the protection of virtual money. Audit the security of regular operational systems and software to locate the exposures. Mandate companies purchase a cyber insurance entirely for cases of compromised data or ransomware. By simply acting in advance, chances to repair the financial damage reduce infinitely. Remove the problem formerly.