by Pat Lewis on July 03, 2012
If so, you know to be alert to the ongoing threat. If not, don’t be complacent! Small business owners are particularly at risk to a cyber attack. Don’t put the liquidity at risk that you have taken a lifetime to build.
Cyber thieves are becoming more sophisticated and now they are using hijacked servers, stealing passwords, intercepting one time temporary passwords, and performing a myriad of technical feats to leave you unaware that a crime has been perpetrated until it is too late. Please read this recent news article which exposes a global cyber crimewave targeted at stealing your hard earned money.
This article posted on June 26, 2012 is a reminder to be vigilant about your online security. Here are some best practice recommendations to help you protect your money and reduce your chances of becoming a victim of cyber theft. Nothing is failsafe, but implementing at least one if not all of the below will help.
Best Practice Recommendations:
1.) Ensure your systems are updated – All workstations and network should have the latest virus, adware, spyware, software, and firewall protection.
2.) Use dual controls – Have one individual create your outgoing online banking transaction (wires / ACH) and another individual approve the transaction.
3.) Perform a daily reconciliation – Review the transactions in your bank account(s) on at least a daily basis and alert the bank immediately if there is any suspicious activity.
4.) Read your electronic notices – These notices are for your own protection and are meant to alert you of your real online banking activity. If you receive a notice and did not perform or authorize the activity, call the bank to report suspicious activity immediately.
5.) Use dedicated work stations – Isolate a workstation in your office to conduct all online banking activity. Do not use the workstation for personal use, web browsing, or email and limit administrative rights on the users’ work stations to prevent unknown downloading of malware.
6.) Beware of the ‘official’ email - Never open an email or a link in an email where you are unsure of the sender. Cyber criminals send phishing emails to place viruses on your computer and obtain relevant account information. When in doubt, don’t click. Better yet, follow number five above.
7.) Contact your business insurance provider – Review your business insurance policy to determine if it provides the necessary coverage for fraudulent cyber activity.
For additional information, please see the following:
How do I protect my business from financial fraud?
Complimentary webinar where you will learn how to lower your chances of becoming an online fraud statistic
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