Tech Corner: Have You Planned for Your Digital Business?

When preparing for the unexpected, most people think about physical assets, insurance policies, or contingency plans for their business. Having a plan in place is essential, as the Commission has previously discussed in its eBulletin article, “What’s Your Plan?”, which highlights Commission Rule 58A .0512 and the importance of preparing for the death or incapacity of a Broker-in-Charge (BIC) or Qualifying Broker (QB).

Most of today’s information exists online, like email accounts and client records. If you were suddenly unable to access your accounts due to an illness, emergency, or other unforeseen event, would someone know how to securely access the information needed to help manage your business?

Taking time to organize your digital assets can help protect your clients, your business, and your important records.

What Are Digital Assets? Digital assets include the online accounts, files, and devices you use to conduct business every day, such as:

• email accounts,
• cloud storage services,
• password manager,
• electronic document platforms,
• accounting or bookkeeping software,
• smartphones, tablets, and computers,
• two-factor authentication apps, and
• business calendars and contact lists.

Create an Inventory: Start by making an inventory of your important digital accounts. Your inventory doesn’t need to include passwords, but it should identify:

• the name of each account or service,
• what the account is used for,
• the email address associated with it,
• where login credentials are securely stored, and
• whether multi-factor authentication is enabled.

Use a Password Manager: Rather than storing passwords in notebooks, spreadsheets, or sticky notes, consider using a password manager.

Password managers securely store login credentials, generate strong passwords, and often provide secure emergency access features that allow a trusted individual to access your vault if needed.

Review Shared Access: Some business tools allow you to assign additional administrators or trusted users. If appropriate, review whether another authorized person should have administrative access to critical accounts. Remember to remove access promptly when employees or assistants no longer require it.

Keep Your Recovery Information Current: Most online accounts rely on recovery information to regain access if you forget a password or lose a device.

Periodically verify that your:

• recovery email address is current,
• recovery phone number is accurate,
• backup authentication methods still work, and
• trusted devices are up to date.

Don’t Forget Your Devices: Your smartphone may be the key to nearly every account you own. Protect it by:

• using a strong passcode or biometric authentication,
• enabling automatic device encryption,
• turning on remote location and remote wipe features, and
• installing software updates promptly.

Plan Ahead: Preparing your digital business doesn’t require creating a complicated emergency plan. It simply means thinking ahead and ensuring that important information can be securely managed if life takes an unexpected turn.