Many business owners focus on registering their companies and opening bank accounts but overlook control of their digital accounts.
When registering a company, tax account, NGO or other online platform, owners sometimes allow advocates, consultants, employees or agents to create accounts using their own email addresses, phone numbers and passwords.
While this may seem convenient, it can create serious problems later. If the relationship ends, the business may lose access to important records, filings and communications. Recovering control can be difficult, costly and time-consuming.
Business owners should ensure that all official accounts are registered using company controlled email addresses and phone numbers. Passwords should be securely recorded and accessible to authorised directors or officers.
Any consultant or advocate assisting with registrations should provide all login credentials immediately upon completion of the assignment.
Control of digital accounts is not merely an IT issue, it is a matter of good corporate governance and risk management.
