It’s been a long time since people started using online banking platforms. Credits to the rapid innovations that keeps happening in the world of technology, banking have been made extremely convenient and efficient. But the downside of it is, as the technology grows, cybercrime grows in parallel. According to Global Economic Crime Survey, Cybercrime is the second most reported economic crime. 32% of the organizations have been affected by it. Laws work in many different ways for businesses. It gets a bit difficult for the SMBs to recover their losses due to cybercrime. But worry not, here are top 5 best practices that your organization MUST practice to secure your online accounts from the obnoxious Cybercriminals.
Dedicate a computer for online transactions
When you are handling transactions online, it is advisable to use just one, properly maintained computer completely dedicated to handle all your company’s online transactions. Ensure you have all restrictions placed by the firewall so that no other websites other than what is used to handle transactions can be accessed. And make sure you constantly maintain and monitor your PC for malware and viruses.
Follow your bank’s minimum security requirements
Read your bank’s minimum security requirements once again. Mostly, this would be about installing and maintaining antivirus program, keeping your operating system up-to-date, especially the security updates. Also sure your browser is equipped with the right encryption tools.
Train your employees
Securing your online transactions doesn’t stop with having a secure system and protocols. The people who operate these systems need to be aware of the security risks. Keep your employees aware about the various forms of attacks that is used by cybercriminals. Keep sending timely warning messages to your employees against opening any unsolicited URLs. Have a strict rule against giving out any sort of corporate information or even personal information on the internet. Instruct everyone to always logout of websites and systems. Conduct cybersecurity workshops by contacting experts. Make sure you and your employees are equipped. Because prevention is better than cure.
Beware of Social Engineering
This type of cyber attack relies heavily on human interaction. As mentioned earlier it is important to keep yourself and your employees informed about the risk of Social Engineering. These tactics have been successfully used for decades to gain all your sensitive information as a direct result of human error. The cybercriminals can contact you or your employees claiming to be someone else and gain your login information. These types of attacks can be made through a phone call or an email. Other type of Social Engineering attacks could be Baiting, where the attacker would infect a physical device with a malware. Phishing is another form of attack where the attacker sends fraudulent emails disguised as legitimate emails. All the information you enter through their forms would be captured.
Use digital certificates and Encrypt your data
A digital certificate is an attachment to an electronic message for improving the security. You can save your certificate to your routers and load balancers instead of the web server. Get your certificates from trusted authorities. Encrypt all sensitive data so that you can prevent data loss or data theft or even equipment loss.
This is something that you could seriously consider. Taking some weight off by outsourcing your non-core functions like outsourcing could prove you more fruitful in terms of increased security apart from the cost-cutting benefits. By outsourcing you cut the risk of human error for a fraction of the cost you otherwise would be spending. Find out how SmartFin Services could help Real Estate and Small Businesses improve their security, improve their spending and efficiency.