Friday, 15 December 2017

Information and commentary for the small business banking industry

Help your small business customers to avoid cyber fraud

20 Jul

Cyber crime continues to develop and expand alongside technology as criminals find new ways to exploit vulnerabilities in new systems and hardware. Most businesses, regardless of size, store sensitive information such as client lists, personal data or credit card numbers on multiple computers, networks and online spaces.

Effectively protecting business data and systems from cyber fraud is down to preparation and planning. The better the protection is, the less likely it’ll be the target of an attack.

It’s something that banks can be doing to help their small business customers, especially when they’re just starting out. Remind them that prevention’s infinitely better than a cure!

Tips to avoid cyber fraud

Protecting a business doesn’t have to be costly, although if a business owner is dealing with particularly sensitive information it never hurts to have a professional assess their business and install security systems. Most of the time, all it takes is planning and common sense:

  • Review bank and credit card statements regularly. It’s wise to have a good accounting system in place that keeps track of them. If they see something amiss, encourage them to contact you immediately so you can investigate.
  • Install anti-virus and anti-malware software on their computer systems. These applications can be downloaded and installed for free online. Once installed, it’s important to conduct regular scans.
  • Choose strong passwords, keep them safe and update them regularly. More often these days, people are going with pass-phrases instead of a single word, making it much harder for criminals to guess.
  • Develop an IT security policy contains clear guidelines for protecting critical information from cyber threats. Making staff aware of the ways to secure data, as well as knowing how to recognize threats such as phishing and email viruses, not only safeguards secrets but increases staff IT skills and confidence online.

Make sure that your small business customers know to contact you immediately if they suspect any of their systems have been compromised. You can take steps to minimize the damage, cancel and issue new credit cards, and track down fraudulent transactions.

As with most things in business, successfully protecting systems against cyber fraud is down to preparation and planning. Regular checks of financial statements, as well as keeping up to date with anti-virus scans and software updates will mean a business owner is well-placed to not only spot trouble, but to minimize any potential damage.

Here at TSBC, we’ve got plenty of content around how to avoid cyber crime. Get in touch with us so we can help boost your online content.


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Glen Senior
Glen is the founder and CEO of The Small Business Company, a New Zealand based agency that specialises in helping banks communicate with small businesses through content marketing. He has written a number of books on small business principles and is a sought after consultant and conference presenter.

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