In today’s increasingly digital landscape, small businesses rely more on technology than ever. However, this reliance comes with a growing risk of online attacks, leading to financial loss, reputation damage, and operational disruptions. Small businesses are often perceived as easy targets for cybercriminals due to limited resources dedicated to IT security.
We are committed to supporting local businesses with the tools and resources to stay secure in an ever-changing digital world. Implementing strong cybersecurity measures doesn’t have to be expensive or complex. According to the Cybersecurity & Infrastructure Security Agency (CISA), many effective practices are low-cost and easy to implement!
1. Regularly Update Software and Systems
Cybercriminals often exploit vulnerabilities in outdated software. Keeping your systems updated with the latest security patches is critical to closing gaps. This includes operating systems and applications like web browsers, email clients, digital banking, and point-of-sale systems.
Best practices for software updates include:
- Enable automatic updates where possible.
- Regularly update firmware on routers, firewalls, and network devices.
- Monitor your systems for outdated software that could be vulnerable.
2. Back Up Your Data
Creating regular data backups ensures you can recover quickly during a cyberattack involving ransomware or even during a natural disaster. Backups should be stored offsite or in the cloud and encrypted for added protection using the 3-2-1 rule.
Following the 3-2-1 rule for data backups:
- Keep 3 copies of your data.
- Store them on 2 different types of storage media.
- Keep 1 copy offsite, either physically or in the cloud.
3. Educate Your Team on Best Practices
Your team members are often the first line of defense against cyber threats, but they can also be the weakest link if not adequately trained. Phishing remains one of the most common methods cybercriminals use to breach businesses via email or social media messaging. Training your team to recognize phishing attempts is critical.
Top tips for recognizing phishing emails or messages:
- Look for suspicious senders or email addresses.
- Avoid clicking on unfamiliar links or attachments.
- Check for spelling and grammar errors, which are common in phishing attempts.
- Verify unexpected requests for sensitive information.
4. Require Strong, Unique Passwords
Weak and reused passwords are a significant security risk. Businesses of all sizes should enforce a policy among team members of every level, requiring strong, unique passwords for digital banking services and beyond.
A secure password should include:
- At least 12 characters
- Upper- and lower-case letters, numbers, and special characters
- Easily guessable information like birthdays or common words should never be used
5. Create an Incident Response Plan
Even with the best defenses, breaches can still occur. Having a response plan in place is crucial for minimizing damage. Your plan should outline the steps to contain the breach, protect affected systems, notify impacted stakeholders, and recover from the incident. This plan should also include contacting your financial institution to immediately report the risk of suspicious activity on business bank accounts.
An effective Incident Response Plan will include the following:
- Identify key contacts in your business.
- Determine when to involve third parties like cybersecurity experts.
- Plan communication with customers, employees, and stakeholders.
- Outline recovery steps to restore operations quickly.
If you have any questions or concerns about your business account security, don’t hesitate to reach out. Our experienced local business bankers at Mechanics Cooperative Bank are here to help!
Mechanics Cooperative Bank is Member FDIC. Member DIF. Equal Housing Lender.
