Small business owners often focus on improving their products or services and increasing their customer base. It makes sense. Businesses need something to sell and someone to buy it, or they won’t be in business for long.
But it’s possible to be too focused on the big picture and fail to take important actions that could prevent data breaches or fraud attempts.
Protecting your business against cyberattacks could save your bottom line. Here are two ways to make sure you’re prepared if a hacker targets your business.
1. Create layers of security
Focus on specific entry points where hackers are likely to access private data: computer systems, internet, and email. Layer protections within these three areas to safeguard your company and prevent financial loss.
Computer systems
- Set up a firewall and install antivirus and anti-malware software.
- Create network segmentation for sensitive data or use a designated computer for financial activities.
- Install intrusion prevention software to monitor threats.
- Accept all operating system updates and patches, which often include security vulnerability fixes.
Internet
- Use content-control software to limit websites staff can visit.
- Perform sensitive functions on reputable and secure websites that have https:// in the URL.
- Steer clear of look-alike websites. Anyone can download logos and create a fake website. When you visit a familiar webpage, make sure the URL does not contain additional text or characters.
- Don’t respond to emails that appear to be from business partners but contain unusual requests.
- Do confirm suspicious emails by picking up the phone and contacting the sender at the number you have on file.
- Never email sensitive personal or financial information unless you are doing so over a secure channel.
A single layer of security isn’t enough to stop ransomware or phishing attacks. Criminals will do anything they can to gain access to your business data. Reduce their chances of success by creating multiple layers of defense against cyberfraud.
2. Reinforce your layers of security
Employee practices can either strengthen or weaken the security layers you’ve built. As part of a larger employee training program, create a cybersecurity training manual that includes internal policies and procedures that support your efforts to reduce the risk of a cyberattack.
Ensure every employee who handles financial matters also knows what your financial institution is doing to protect your online accounts. This may vary based on the specific financial solutions your business utilizes. Here are a few ways The Bank of Missouri helps protect business accounts:
Unique IDs/strong passwords
The Bank of Missouri’s mobile and online banking experience requires unique IDs and complex passwords. If a user has too many failed login attempts, the account is locked.
New account protection
Adding a new user requires a phone call to The Bank of Missouri to ensure that each user account created is legitimate.
Activity monitoring
In the background, an activity monitoring system reviews all activities. It will prompt the user to answer security questions for suspicious logins or higher-risk activity.
24/7 fraud center
The Bank of Missouri’s fraud center monitors debit card activity and provides real-time alerts of suspicious and potentially fraudulent activity.
Despite the efforts of cyberthieves, small businesses can continue to thrive when they implement layers of security, provide staff with cybersecurity training, and work with their financial institution to prevent fraud.
If you have questions about the security of your Bank of Missouri financial accounts, we have answers. A Bank of Missouri relationship manager can help assess your business needs and suggest additional ways to protect your business account. Speak with one today at 888-547-6541.