There are many free app and software platforms available to small businesses and entrepreneurs. But, stop and think before downloading and utilizing these free tools. At a glance, they seem like a cost effective resource. However, these type of digital tools are a risk for several reasons.
When you use these free apps and software platforms to handle any aspect of your financial planning business, you may be opening your information — and your client’s information — up to cybersecurity risks. Free apps and software are typically free because you are trading information for the privilege of using the tool. This is often information that should be considered private and secure.
Some of the Risks of Using Free Apps and Software
Free apps often ask to access your location, your contacts or your camera roll. These are red flags for sure and could mean that this app could now be tracking you, gathering data and figuring out how to use, sell or exploit that information.
It might be that free apps simply want to target you and your contacts for advertising, based on the demographic information they’ve gathered from you. However, this could violate GDPR or CCPA policies and regulatory requirements.
Worse, it could mean that malicious hackers could implant malware and spyware thru that free app to paralyze your computer or website, steal your payment information and more.
Consequences and Penalties
Free software and apps often have licensing agreements that restrict commercial use. So, by using them for your business you are exposing your business to potential legal liabilities and financial penalties.
Overall, avoid negative consequences by steering clear of free apps and software for company business. At Integrated Advisor Network, we provide access to multiple helpful tools and platforms that will help you handle your data and your client’s secure information in a safe, compliant way. Interested in discussing this topic further, contact us. We would love to talk to you.