As the world becomes more and more connected through the Internet, business leaders are increasingly relying on cybersecurity to help protect themselves and their businesses online. Cybersecurity is a preventative method used to protect online information from being compromised by employing a range of strategies including incident and risk management. With more businesses putting information and confidential data online, David Dinerman, senior business relationship manager with Wells Fargo’s Business Banking team in Prescott, Arizona, shares tips on how to strengthen your cybersecurity and how business owners can protect themselves, their companies and their customers.
Nearly half of organizations are employing a stronger form of identity verification or adding security tactics in an effort to better protect themselves and enhance their cybersecurity. Recognizing the importance of protecting yourself online can not only protect your business, but your customers as well. Here are the top four things you should know to enhance your cybersecurity:
- Recognize that the best defense is a strong offense. Your network and business systems are constantly being scanned by hackers for vulnerabilities. In order to keep yourself and your business secure, it is crucial that your antivirus software and patches are up to date with the latest and most innovative programs. By staying current, you are protecting your information from some of the most advanced hacking tactics. Also, make sure you regularly update passwords.
- As an additional precaution, use dual custody to serve as a second chance to spot a faulty payment or cybercrime. Dual custody works by sending a second user, on a different device such as a computer or mobile phone, an approval notification for a payment before it can take effect. When used appropriately, dual custody is one of the most important tools available to protect your accounts from risk. It is also crucial to keep both users’ account information such as the username and password confidential.
- In the event you or your business becomes a victim of a cybercrime, you can improve recovery time by establishing a business continuity plan that includes specific processes, skills and procedures to address cyberattacks. By having a pre-determined plan, you will be able to respond more quickly, efficiently and ultimately have a higher chance to protect your information.
- Consider cyber insurance as a way to place a ceiling on your level of exposure. Cyber insurance is a product you can use to protect yourself and your business from online and informational technology risks. While the market for cyber insurance is relatively small when compared to other insurance products, insurance companies are beginning to offer this type of insurance more frequently as cybercrime rates continue to rise.
By educating yourself about the warning signs and potential opportunities for cyber fraud, you will set a strong foundation for you and your employees to avoid a potentially devastating incident. However, perhaps it is most important to recognize that while there are multiple ways to optimize cybersecurity, one of the most reliable methods is trusting your gut. Intuition gained from experience is often underestimated and, ultimately, if something doesn’t feel right, it probably isn’t. QCBN
By David Dineman