Protect Your Sensitive Information

The beginning of a new year is often a time that people review their financial situations. Tax returns are due, year-end statements come in the mail, and a lot of individuals make financial goals as part of their New Year’s resolutions. As you’re taking stock, consider these simple ways to protect your sensitive personal information.

1. Follow the “Least Privilege” Principle
   Don’t share your info with just anyone. CPA’s and financial advisors need your full financial picture to prepare complete tax returns or financial plans. Otherwise, only share the minimum amount of information needed to accomplish a task.

2. Transmit Sensitive Information Securely
   Encrypt or password-protect documents containing sensitive information. Opt for service providers that have secure client portals to share information. Avoid using email to send personal information.

3. De-Identify Data When Possible
   Mask or truncate identifiers like social security numbers when possible.

4. Minimize the Use of Paper Documents
   Electronic information can be encrypted and otherwise secured with IT controls.

5. Vendor Due Diligence
   Consider who has access to your sensitive information. Accountants, financial planners, and attorneys are likely on the list. Also consider what apps have access to your accounts. For example, do you have a finance app that pulls transactions from your bank and credit card accounts? Consider the privacy and confidentiality policies of the organizations with whom you share your information.

Schreiber Accounting and Advisory is committed to maintaining the confidentiality of client information and takes robust steps to protect data when it is being shared and stored. The firm uses a secure online client portal to exchange sensitive information. The portal is backed by bank-level encryption to ensure its security. Contact the firm for more information.

Material discussed is for informational purposes only. It is not to be interpreted as investment, tax, or legal advice. Individual situations vary, and this information should only be relied upon when coordinated with individual professional advice.