Small business doesnโt mean small risk โ especially when it comes to cyber security. Cybersecurity Awareness Month is dedicated to helping individuals and businesses protect themselves online, as threats to technology and confidential data become more commonplace.
No matter your businessโ size, nothing is more important than keeping your โ and your customersโ โ data and money safe. Weโll overview common banking threats and steps you can take right now to protect your business.
Common cyber threats targeting your finances
- Phishing scams: Phishing is a type of cyber attack where attackers impersonate legitimate organizations โ like banks, email providers, or social media platforms โ
to trick individuals into revealing sensitive information. Often, these attacks come in the form of emails, text messages, or phone calls.
- Online banking fraud: This refers to any unauthorized access or theft of funds from your online banking account. This can occur through various means, including phishing, malware, or unauthorized transactions. Criminals may exploit vulnerabilities to gain access to your sensitive information, making it essential to stay vigilant.
- Identity theft: Identity theft happens when someone illegally obtains and uses your personal information โ such as your name, Social Security number, or bank account details โ without your consent. This can lead to unauthorized purchases, fraudulent loans, and other issues that can take time and effort to resolve.
Keeping your business protected
- Back everything up: Never store everything in one place or on a single device. Whether itโs an external hard drive or online cloud storage, make sure you always have secure location or with reputable vendor partner. And donโt count out keeping hard copies of your records, either!
- Strengthen your passwords: You hear it so often that it might seem obvious, but donโt overlook the importance of having strong passwords. Your password is the first line of defense from hackers. Your password can never be too strong or changed too often. Consider even sending out quarterly reminders to staff to update passwords on their devices or accounts.
- Two-factor authentication (2FA): 2FA is a security process that requires two separate forms of identification before granting access to your account. This means that even if someone obtains your password, they will still need a second piece of information to access your account. This additional layer of security makes it significantly harder for unauthorized users to gain access to your sensitive information.
- Utilize antivirus software: Protect yourself against viruses, malware, and spyware by using antivirus software. Make a point to run monthly checks and set up alerts for when your information may have been compromised.
- Prioritize safe and secure partners: Any person or business that has access to your system can be considered a threat. Make sure the vendors you work with have best practices in place to prevent cybercrime โ donโt be afraid to ask about their policies.
- Utilize CardValet: CardValetis available from within the App to turn your Penn Community Bank Visaยฎย debit card off and on, set spending limits, and receive real-time alerts for approved or declined card transactions.
- Train your team: Employees are often the first target for scammers, so ensure your employees maintain best practices and know whatโs at stake. Sending out faux phishing emails as a test can give insight on employees who may need additional training on spotting a scammer or malicious material.
If you think your financial accounts have been compromised, call your financial team immediately. We are dedicated to supporting you through every step of the recovery process.
