6 Steps to Protect Your Business from Cyber Crime

Take a moment to think about how vital technology has become to running your business. New advancements in technology have streamlined the way you communicate, accept payments, pay bills, track inventory, manage payroll and much more. But with these advances come new risks. Fortunately, we have six steps that you can take to better protect you and your business against cyber crime and fraud.
 

1. Evaluate Your Current Security Tools

With all the recent cyber attacks, business owners need to make an assessment of the tools in place that can limit exposure to cyber attacks. It may also be worth hiring an outside consultant to give you a detailed analysis of your business’ overall risk assessment. You may be surprised at the vulnerabilities you might find. Once you know and understand where you need to focus, you can begin to take necessary steps to improve.
 

2. Prioritize Employee Training

More than likely, your employees are the first line of defense in Cyber Security. You’ll want to give them tools and resources to protect your business from fraud and provide them with adequate training on the ever-changing landscape of cyber fraud and protection methods. Pay for them to attend training and continuing education from an accredited program at least annually. Any software your employees use should also be come from trusted companies and be up-to-date to ensure that it employs high standards of security. 
 

3. Encrypt Sensitive Data

When it comes to the web, any information that you store or share (on cloud-based technology or sent through email) should be encrypted, meaning with a code that requires a key to open. This can be achieved through encryption software, password protection or through some form of user authentication. Advancements in user authentication technology (such as tokens or biometrics) has made encryption more effective and easier to use than passwords, but passwords are still very widely used. This leads us to our next step: 
 

4. Use Strong, Unique Passwords

Don't be predictable with your passwords. Avoid birthdays, pet names and simple passwords like 12345. It is also important to change passwords at least three times a year. Because friendly theft – theft by someone the victim knows – is the most common type of identity theft or fraud, don’t share your passwords with family members and be mindful of who has access to your personal information.
 

5. Leverage Banking Security Tools

Business bank accounts remain the least protected accounts by the law, and therefore are a popular target for hackers. Toole like C&N's Positive Pay and ACH Debit Block can help prevent check fraud and unauthorized transactions. Learn more on our on our Business Checking Fraud Prevention page.
 

6. Monitor Accounts Daily

You should have Internet Banking for your business accounts. The beauty of Internet Banking is that you can safely monitor your accounts any time you choose because it’s available for use 24/7. With several transaction and security alerts available, you can elect to get notifications via email, phone call or text message to let you know if suspicious activity has occurred. 

If you believe you or your business has been a victim of fraud, contact your financial institution as quickly as possible to help prevent any financial losses. Feel free to contact our business services team and we will be happy to help you make informed cyber security decisions.

As a business owner, how will you respond to the increasing threat of cyber attacks? Instead of telling yourself that it won’t happen to your company, it’s important to be proactive. What steps will you take?