Cyberattacks are happening more often, and businesses of all sizes are being targeted. According to Small Biz Trends, 43% of all cybercrime targets small and medium-sized businesses. It’s no longer just the big corporations dealing with these data breaches and security concerns. Furthermore, the damages and costs associated with a hacking incident or ransomware attack can be so significant that they may lead to unmanageable expenses and legal consequences that many businesses simply can’t recover from.
That’s why it’s so important for business owners, managers, and employees to stay informed and pay attention to the risks. In this article, we’ll go over 7 simple tips to help keep your business protected from fraud and potential cyber threats.
Recognizing Cyber Threats in Your Business
Common Types of Fraud Targeting Businesses
To begin with, it's important to be aware of some of the most common types of cyberattacks that businesses experience. Understanding these threats can help you see why protective measures are essential and where to start to prevent these incidents from occurring. Some common types of tactics and fraud targeted toward businesses and business owners include:
- Phishing emails
- Hacking attacks
- Business email compromise (BEC)
- Malware and ransomware attacks
- Impersonation attempts
Some warning signs of these kinds of cyber attacks would be:
- Suspicious login activity
- Unusual financial transactions
- Unexpected software installations
- Unauthorized access to sensitive files
7 Cybersecurity Tips to Protect Your Business
Train Employees to Spot Phishing Scams
Watching out for phishing scams is key to protecting your business and employees from falling victim to cyber-attacks. Sketchy emails and texts from impersonators saying things like 'contact me now', 'fill out this form', 'send me this info' are things to watch out for.
How to Recognize and Avoid Phishing Scams
Strengthen Password Policies and Enable 2FA
Next tip - require your employees to implement stronger passwords (no more Welcome123!) and enable two-factor authentication. Password storage is equally important and using safe and secure tools designed for this is critical.
Keep Software and Systems Updated
Running outdated systems and software may not seem like a big deal, but it puts you and your team at an increased risk for security breaches. In fact, software and system updates often include critical patches that fix known vulnerabilities that hackers actively check for an easy way in.
Here are 10 Signs Your Company's Computer Systems Need an Upgrade
Limit Access to Sensitive Business Data
Although it can be easiest to let everyone in your organization have access to all information, it is not the best practice. This opens you up to potential issues such as accidental loss of data, changes being made where they shouldn’t be, or even someone misusing the info on purpose.
Secure Your Network with Firewalls and VPNs
Having proper security measures in place, such as firewalls and VPNs, is essential for keeping unauthorized users out and protecting sensitive data as it moves across your network. It's also a good idea to regularly review these tools to make sure they’re up to date and properly configured.
How Network Support Specialists Enhance Cybersecurity Measures
Monitor for Suspicious Activity
Another important part of preventing cyberattacks and fraud, is regularly monitoring for unusual activity. In addition to the warning signs we've previously touched on , this could include:
- Multiple failed login attempts
- Logins outside of normal business hours or locations
- A sudden and unexpected increase in data transfers
- Unusual changes to user permissions or account settings
- Unexpected outgoing emails sent from company accounts
Working with an experienced managed service provider (MSP) can help ensure that ongoing monitoring is done routinely and adequately.
Develop a Response Plan for Cyber Incidents
Our final recommendation to keep your business safe from fraud and cyberattacks is to have a response plan for what you would do if the worst were to occur. Having a plan in place allows you and your staff to act strategically, confidently and swiftly during what will feel like a crisis, which can prevent further damage and position you to recover more quickly.
Strengthening Your Cybersecurity Strategy
Now that you are familiar with the common types of cyber threats and steps to take to prevent falling victim, it's time to implement them! Working with an experienced information technology professional such as Premier IT can help you identify where your security gaps lie, develop a plan for improvement and put this plan into action.
How Fractional IT Services Can Enhance Your IT Strategy
Partner with Premier IT for Proven Protection
If you’re searching for a great IT service provider to support your company, Premier IT's experienced professionals are the answer. Through services such as a network audit, technical consulting and support, compliance, and security, our team of IT professionals will ensure you have the most robust measures in place to keep your organization protected.
Contact us today to see how our suite of technology solutions can serve your business needs.
Premier IT is a Minnesota based managed IT services provider with a dedicated IT support team that manages all your technology needs. We pay attention to the details so you can focus on what you do best. We provide technical consulting, hosted infrastructure, computer & network support, security, Microsoft support, repairs, network monitoring and more. If your small business needs reliable technical support, contact our team of experienced technicians and engineers.