Cybersecurity strategies to help protect your small business
May is Small Business Month, and Regions Bank has long served the needs of small businesses across Central Florida, providing insights, advice and solutions to help them manage cash flow, reach financial goals and build on their growth. We are proud to recognize and be a resource for the small businesses that keep our community moving forward.
While small businesses are the economic heartbeat of our community, they are also a prime target for cybercriminals. So, part of our work with business clients is to inform them of common schemes. Fraudsters may think small businesses are less protected than larger firms – so, education and preparedness are crucial among business staff.
Here are a few simple and affordable measures small-business owners can take.
Make strong passwords your first line of defense
Many hacking-related breaches are the result of compromised or weak passwords. One of the best measures a company can implement is to require the use of strong passwords.
Consider the following:
Use a strong combination of upper and lowercase letters, numbers, and symbols.
Use the longest password or passphrase permissible.
Enable multi-factor authentication when available.
Do not reuse passwords — create a unique password for each account.
Avoid passwords that reference personal information or include any words that can be found in the dictionary.
Educate employees
Make sure employees are aware of, and following, best security practices to create another strong line of defense. 'Business email compromise' is a huge threat. Hackers compose an email designed to look like it's coming from a supervisor, a customer, or some other official source. They direct an employee to move money from one place to another, and the employee complies – thinking they're doing the right thing. But three words can put a stop to this: Stop. Call. Confirm. Are you sure that request is legitimate? Does it seem out of the ordinary? Trust us, people won't mind if you call and confirm. They'll know you have their best interests at heart.
An effective anti-fraud training program should cover a broad range of topics to ensure employees know how to spot the signs of phishing, vishing and smishing attacks – as well as business email compromise – and know what to do if something seems suspect.
Create a data breach response plan
If a data breach occurs, time is of the essence. The longer it takes a company to respond, the worse the collateral, financial and reputational damage. In addition to investing in cybersecurity, small businesses need a response plan in place to help reduce the overall impact of a data breach.
Remain vigilant
Cybersecurity software and practices must stay current. That means updating operating systems, browsers, and any cybersecurity software running on your company's devices and networks, as well as your security guidelines. Every day without proper data protection is a day that proprietary information, customer data, and business sustainability are left vulnerable.
At Regions, our team of branch associates across Central Florida can help people and small-business owners with fraud guidance and advice. To learn more, stop by any Regions branch or visit www.regions.com/fraudprevention.
The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD
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