Unfortunately, with the rising use of digital and AI technology for businesses comes the rise of cyber scams.
Michael Dyne has delved into the FAQs business owners should be asking themselves to keep their businesses protected.
1. What are cyber scams, and why should my business be concerned about them?
Cyber scams are deceptive activities conducted online, aiming to trick individuals or organisations into divulging sensitive information or making fraudulent payments.
Businesses should be concerned because falling victim to cyber scams can result in financial losses, damage to reputation, and operational disruptions.
2. What are common types of cyber scams that target businesses?
Common cyber scams include phishing emails, ransomware attacks, CEO fraud, business email compromise, and fake invoices.
These scams often exploit human vulnerabilities and can lead to significant financial and data loss.
3. How can my business avoid falling victim to cyber scams?
Best practices you should implement include:
- Employee training: Regularly educate employees about the latest scams and teach them how to recognise suspicious emails and requests for information or funds.
- Email filtering: Implement advanced email filtering systems to detect and block phishing emails and malicious attachments.
- Multi-Factor Authentication (MFA): Require MFA for accessing sensitive systems and accounts to add an extra layer of security.
- Vendor due diligence: Verify the authenticity of vendors, especially when making payments or sharing sensitive information.
- Secure payment processes: Establish strict payment approval processes and protocols, including verifying requests for fund transfers.
- Regular software updates: Keep all software, including security software, up to date to patch known vulnerabilities.
- Data backups: Regularly backup critical data and systems to prevent data loss in case of a ransomware attack.
- Incident response plan: Develop and practice an incident response plan to react swiftly and effectively if a scam occurs.
- Cybersecurity experts: Consider hiring or consulting cybersecurity experts to assess and enhance your security measures.
4. How can my business identify potential cyber scams?
- Look for warning signs such as unsolicited emails, suspicious URLs, misspelt domain names, and urgent requests for money or sensitive information.
- Verify sender identities, especially in cases of email requests for financial transactions.
- Train employees to be sceptical and to confirm requests for money or information through a separate communication channel.
5. What should I do if they suspect they are targeted by a cyber scam?
You must immediately report suspected scams to IT/security personnel, cease any actions that could worsen the situation, and follow the company’s incident response plan.
Contact law enforcement and relevant authorities if necessary.
6. Is cybersecurity a one-time effort?
No, cybersecurity is an ongoing process.
New scams and threats emerge regularly, so businesses must continuously update and adapt their security measures to stay protected.
7. What is the bottom line?
Protecting your business from cyber scams is essential to safeguard your finances, reputation, and sensitive data.
By implementing robust security measures and promoting a culture of cybersecurity awareness, you can significantly reduce the risk of falling victim to scams and other cyber threats.