Cybercrime continues to threaten organizations of all sizes, costing US businesses over $8,000 annually.¹ As cyber thieves become more sophisticated and organizations’ exposure to crime continues to increase, managing cyber risk presents a growing challenge. In fact, 62% of business owners agree that their organization is more vulnerable to attack with more employees working from home post-pandemic.²

Businesses in the North Central Ohio region echo this sentiment and are ready to increase their security efforts to mitigate the risk of an attack. According to our 3rd Annual North Central Ohio Economic Survey, 43% are prioritizing investments in fraud and cybercrime prevention tools and systems.

At First Citizens National Bank, we understand the importance of cybersecurity and offer several treasury management tools and tips to help businesses safeguard their financial assets.

Practical Cybersecurity Tips for North Central Ohio Businesses

Protect Against Check and ACH Fraud

One effective way to mitigate fraud risks is through systems like Positive Pay, which compare presented checks with issued check files to ensure details match. If discrepancies are found, these systems prevent unauthorized payments. This not only detects fraud quickly but also simplifies account reconciliation, saving businesses time and money. For electronic transactions, ensuring the authenticity of each payment before processing can prevent unauthorized debits. Setting rules for pre-authorized transactions adds another layer of security.

Enhance Access Security

Utilizing multi-factor authentication helps protect online banking access. Security tokens, whether physical devices or apps on smart devices, generate a constantly changing number to keep login information private. This extra layer of security is important in preventing unauthorized access, especially given that human error accounts for 95% of data breaches.³

Approvals and Controls

Having the ability to review, approve, or reject various transactions such as ACH, check, wire, and bill pay, ensures that only authorized transactions are completed. Customized alerts keep businesses informed about their funds, allowing for quick responses to any suspicious activity.

Educate Your Employees

Employees are often the first line of defense against cyber threats. Unfortunately, they can also be a weak link if not properly trained. Regularly educate your team about common threats like phishing scams and social engineering tactics. Implement training programs that simulate real-world cyberattacks to help employees recognize and respond to threats effectively.

Secure Your Networks

Start by encrypting your internet connection and using a firewall. If you have a Wi-Fi network, make sure it is secure and hidden by configuring your wireless access point or router to not broadcast the network name (SSID). Always password-protect access to the router. For employees working remotely, use a Virtual Private Network (VPN) to ensure they connect to your network securely.

Keep Your Software Updated

Make sure all your business computers have antivirus software that is regularly updated. This includes not only the antivirus software but also operating systems, web browsers, and other applications. Enable automatic updates to ensure your systems are protected against the latest threats.

Manage Your Cloud Service Provider (CSP) Accounts

If you’re using a cloud service provider to host your information, applications, or collaboration services, it’s important to monitor and manage these accounts. SaaS providers can offer robust security, especially if you have a hybrid work structure. Regularly review the security measures your CSP has in place and ensure they meet your standards.

Protect Sensitive Data

Work with your banks or card processors to use the most trusted anti-fraud services. Isolate your payment systems from less secure programs to prevent unauthorized access. This extra step can help protect your financial transactions and sensitive data.

Control Physical Access

Prevent unauthorized access to your business computers by securing laptops and mobile devices when not in use. Use strong passwords for all accounts and conduct regular access audits to ensure only authorized personnel have access to sensitive information. This includes removing former employees from your systems and ensuring all company-issued devices are returned.

Regular Data Backups

Regularly back up all critical data, such as word processing documents, spreadsheets, databases, financial files, human resources records, and accounting information. Use cloud storage for these backups and test your recovery processes frequently to ensure you can quickly restore data if needed.

We Stand Behind Our Businesses

At First Citizens National Bank, we are committed to providing the financial expertise and resources needed for businesses in our community to succeed, regardless of their size or industry. By understanding the dynamics of our local economy, we can all be better prepared to face any challenge that lies ahead. By taking proactive steps now, your business can stay ahead of potential cyber threats and focus on growth and innovation in the year to come.

Sources:

1 https://www.hiscox.com/documents/Hiscox-Cyber-Readiness-Report-2023.pdf
2 https://secureframe.com/blog/cybersecurity-statistics#
3 https://www.ninjaone.com/blog/it-security-checklist-protect-your-business #:~:text=User%20security,to%20enter%20and%20compromise%20systems.