4 Cybersecurity Tips Every Business Should Follow
We’ve gone all-in on bringing our society into the digital age, and it’s paid great dividends, but it’s also created more risks. Cybersecurity is one of the biggest concerns for businesses of all sizes, and the concern grows by the moment.
From business email compromise (BEC) attacks to hacking financial institutions’ accounts, cybercrime never sleeps. Cybercriminals are always working on new ways to get access to data and money that aren’t theirs, using social engineering scams and other attacks as their surreptitious means to an end that can cripple your company. So, how can you prevent a data breach from costing you the trust of business partners and customers? Continue reading to find out!
1. Train employees on noticing different types of attacks.
Business email compromise attacks are one of the biggest threats facing financial institutions across the United States. The worst thing about these attacks is that unwitting employees are the way into your cybersystems for fraudsters. An email account compromise (EAC) is a social engineering tactic in which scammers pose as someone of rapport to gain your employees’ trust. If the scammer can engineer trust between themselves and your team members, it could spell disaster for your company as this sophisticated scam costs companies billions of dollars every year.
Your employees are the first line of defense against these attacks, so the more aware they are of them, the better off your company will be. Consider training personnel to help them avoid such scams that phish for personal information like passwords, account numbers, and other sensitive data. Additional training, like the Python Quant Library, will teach employees how to encrypt wire transfers using Python and keep transactions secure. Proper training is the best way to secure your company against future attacks.
2. Control access to sensitive data.
Fraud is only one of many attacks hackers use to penetrate cybersystems. Sometimes, people within your company are the biggest cyber threat. That’s why it’s important to meter access to sensitive data. In fact, you should only allow access to specific data to the team members who need it.
Everyone who uses your company’s network should have their own user account and password. By limiting access to your systems and enforcing a strict password policy, you can significantly curtail traffic in your network. Furthermore, restricted access makes it easier to hold employees accountable for actions that could compromise security.
3. Secure cyber networks.
Having a robust cybersecurity platform is essential to protecting your company’s sensitive information. The FBI’s Internet Crime Complaint Center frequently fields calls about data breaches that companies can prevent with the right security measures.
One of the best ways to secure your cybersystems is to purchase a vendor-managed security platform. Vendor-managed software programs are monitored and maintained by their suppliers and the supplier’s IT teams. They know the latest data theft tactics and constantly upgrade and update their systems to meet new challenges and prevent future attacks.
4. Make data security part of your company culture.
Data is your company’s most valuable asset, and protecting it should be your main priority. Creating a company culture where cybersecurity is a core value will help secure your business against internal and external cyber threats. Small things like posting monthly bulletins with tips to help prevent account compromise and best practices for securing confidential information will keep your team on their toes.
The need for robust security systems and techniques is greater than ever. Scammers and hackers are constantly refining their techniques with BEC and bank account attacks among the leading data breaches. The best way to protect your financial institution or small business from social engineering and hacking attacks is to control access to data, provide proper training for employees, secure your networks, and regularly audit your systems. With the prevalence of phishing, malware, and other types of attacks, you can’t be too careful.
