COVID-19: Protecting Your Business Against Cyber Attacks

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April 08, 2020

Cybersecurity is an essential part of a business' protection strategy. To better protect yourself, your business and your legacy from suffering significant losses as a result of a cyber-security attack, here are a few things to know about business banking security.

The most obvious place can be the easiest way in for a cyber-attack to occur. Phishing scams are commonly discussed in workplace training programs, but that doesn't stop everybody from clicking on the innocent-looking links that those emails may contain.

Recent examples of phishing attempts during the COVID-19 pandemic:

  • Phishing emails from entities posing as the World Health Organization or the Centers for Disease Control and Prevention.
  • Individuals and businesses selling fake cures for COVID-19 online and engaging in other forms of fraud.
  • Malicious websites and apps that appear to share virus-related information to gain and lock access to your devices until payment is received.
  • Seeking donations fraudulently for illegitimate or non-existent charitable organizations.
False invoices are another common scam, one that the Centers for Medicare and Medicaid Services know all too well. This "pay and chase" model is prone to abuse. A similar scam is the office supply scam, in which scammers send out fake invoices for office supplies the business never purchased, occasionally threatening legal action if the fake invoices are not paid immediately.

Learning how to spot a phishing email is a critical defense in protecting your business—the Federal Trade Commission (FTC) breaks down how to recognize a phishing email, how to report it, and what to do if you accidentally responded to a phishing email. The FTC also advises consumers to look out for Coronavirus Scams taking advantage of fears related to COIVD-19.

Three of the best ways to avoid the above scams and others are to protect your passwords, update your cyber-security software and use multi-party authentication.

  1. Protecting your passwords means never using the same password for more than one log-in, never divulging your password for any reason and making sure you do not fill in any "forgot my password" emails that you didn't request.
  2. Having out-of-date cyber-security software is a virtual invitation for hackers to steal your information. Every day, hackers study antivirus software. That means that a skilled hacker can easily bypass out-of-date security systems.
  3. Multi-party authentication means requiring multiple, usually two, people to sign into a system for either to have full access. This can be vital in preventing phishing scams since it is incredibly unlikely that both parties will fall for the same scam.

Interested in learning more? The Bank of San Antonio Business Blueprint describes the different types of threats you or your business can encounter and what to do to increase your protection.

>> Click here to how to prevent modern business crime


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