You protect your business from threats like cash flow challenges and employee turnover. But are you giving cybersecurity threats enough attention?
Protecting your business against cyberattacks isn’t just an IT task, it saves your bottom line. Here’s a two-step approach: create layers of security and then reinforce them.
1. Create layers of security
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. You drastically reduce their chances of success by creating multiple layers of defense against cyberfraud.
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 actively monitor and flag incoming threats.
- Accept all operating system updates and patches immediately, which often include critical security vulnerability fixes.
Internet usage
- Use content-control software to limit websites staff can visit.
- Perform sensitive functions only on reputable websites that use encrypted connections (look for https:// in the URL).
- Steer clear of look-alike websites. Cybercriminals 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.
Email communication
- Ignore suspicious emails that appear to be from business partners but contain unusual requests.
- Verify 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 verified and secure encryption channel.
Third party and vendor risks
Third-party and vendor risk management is increasingly critical since many breaches originate from suppliers or software vendors with access to a company's systems. Vetting vendors' security practices and limiting their access appropriately reduces this exposure.
2. Reinforce your layers of security
Employee practices can either strengthen or weaken the security layers you’ve built.
Train your team
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.
Create an incident response plan
This includes a documented plan with clear roles and regular exercises, so the team is prepared in case of an actual incident.
Work with your financial institution
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.
How The Bank of Missouri Protects Your Business
Protection may look different depending on the specific financial solutions your business utilizes. Some of the core ways The Bank of Missouri helps secure business accounts include:
- Security alerts for new users, ACH batch initiation and wire transmission
- Multi-factor authentication (MFA)
- Approval protocols and user limits
- Abnormal activity monitored for each user
Despite the evolving efforts of cyber thieves, 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.