10 cybersecurity tips for businesses in the financial sector.
Cyber Attacks are on the rise and your business needs to take action, no matter how small you are.
We hear regularly, “Why would anyone want to attack our site or systems we aren’t big enough”. The theory that large data breaches only happen to big companies and larger companies are targeted is outdated, leaving smaller businesses even more exposed. Yes, they get the media exposure, but small business are a huge target from criminal gangs. Why? Because small business don’t invest in security measures to protect themselves and therefore an easy target to gangs that see them as quick wins.
So what can you do to protect your business? We have provided a snapshot of essential precautions to take as well as additional recommendations for your finance firm.
- Endpoint protection
Protecting your computer from viruses, malware, and other online threats is important if you want to keep your data safe and your system running smoothly. One way to do this is by using endpoint protection. In the event other security measures have failed to stop the infection reaching your computer, endpoint protection is one of the last forms of defence.
Endpoint protection is a type of security software that runs on your computer and helps to protect it from attacks. It does this by monitoring the traffic that comes into your system and blocking any malicious or suspicious activity. In addition, endpoint protection can also help to remove any existing viruses or malware from your system. By using endpoint protection, you can help to keep your and the rest of your business computers safe from outside cyber threats.
- Patch Management
Any business that relies on software should make sure to patch their applications regularly. By definition, a patch is a piece of code that is used to fix a bug or security vulnerability. When software is first released, it is usually well tested and free of major issues. However, over time, as new features are added and the codebase becomes more complex, bugs and security vulnerabilities inevitably start to crop up. Patching helps to protect businesses by ensuring that their software stays up-to-date and free of known issues.
In addition, patching can also help to improve performance and stability by fixing coding errors. As a result, it is essential for businesses to make patching a priority.
- Multifactor Authentication
In today’s digital world, data breaches are becoming more and more common. Businesses of all sizes are at risk of being hacked, and the consequences can be severe.
Multifactor authentication is a powerful tool that can help protect your business from these threats. With multifactor authentication, you add an extra layer of security to your login process. In addition to a password, you also need to provide a second factor, such as a fingerprint or code from a dedicated app. This makes it much harder for criminals to access your account, even if they have your password.
As a result, multifactor authentication is an essential security measure for any business that relies on online data.
- Password Manager
A password manager is a great way to protect your online accounts. With so many different accounts and passwords to keep track of, it can be easy to lose track of them all.
A password manager can help you keep track of all your passwords in one place, so you don’t have to worry about forgetting them. Additionally, a password manager can also help protect your business by keeping your passwords secure. We recommend and deploy a password manager called Keeper. Passwords are encrypted at rest and transit, should Keeper be Hacked your passwords are not viewable due to encryption. Only the master password you use can be used to decrypt your contents. As a result, using a password manager is a great way to protect your online accounts and businesses.
- Regular Backups
No one likes to think about their computer crashing and losing all their files, but it happens. That’s why it’s important to use a backup system to protect your data.
For businesses, this is even more critical, as the loss of internal and customer data could lead to a loss of business and even prosecution. Backups provide a safety net in case of a disaster, whether it’s a physical disaster like a fire or flood, or a software disaster like a virus or Ransomware attack.
Backups should be stored off-site where possible and automated, so even if your IT Systems and primary backups are not accessible, your data will be safe. In addition, regular backups can help protect against data loss due to human error, such as accidentally deleting a file. When it comes to protecting your business, using a backup is essential.
- Run your computer as a Regular User, not an Administrator
When you’re the administrator of your work computer, you have complete control over everything that happens on it. You can install and delete software, change system settings, and access all of the files on the hard drive.
While this might sound like a good thing, it’s actually a major security risk. Running as administrator makes it easy for malware to infect your system and for hackers to gain access to sensitive information. It’s much safer to create a separate user account with limited privileges for everyday use. That way, even if your computer does get hacked, the attacker won’t be able to do as much damage.
For businesses, running as administrator can be even more dangerous. Not only is there a greater risk of data breaches, but also of compliance issues. Many laws and regulations require businesses to take measures to protect customer data, and running as administrator doesn’t meet those standards.
We have run through the bare minimum you should be doing in your business to help protect against Data Breaches and other Cyber Crime. The following protection goes further to protect from the evident dangers.
Recommended
- Continuous Security Awareness Training
Security awareness training is important for businesses of all sizes. The goal of security awareness training is to protect companies and their employees from security threats. This type of training teaches employees how to identify potential security risks and what to do if they encounter a security threat.
Security awareness training can also help businesses reduce the chances of a data breach or other security incident. By educating employees about security risks, businesses can protect themselves from costly liabilities. In addition, security awareness training can help businesses create a culture of safety and responsibility.
Employees who are trained in security awareness are more likely to take personal responsibility for protecting the company’s assets. As a result, businesses that invest in security awareness training can enjoy a reduced risk of security breaches and a more productive workforce.
- Advanced Email Protection
Email is a staple of modern communication, and businesses rely on it to stay in touch with clients, customers, and employees. However, email also comes with a number of risks, including viruses, phishing scams, and malware. Advanced email protection can help to protect your business from these threats. By providing a secure gateway for email traffic, advanced email protection can block malicious content before it reaches your network.
In addition, advanced email protection can provide comprehensive filtering capabilities that can flag suspicious emails and protect against phishing attacks. By investing in advanced email protection, you can help to keep your business safe from the evolving threat landscape.
- Application and Network Control
Application control is a security measure that helps protect businesses from malicious software. By only allowing approved applications to run on a company’s network, businesses can reduce the risk of data breaches and other cybersecurity threats. Application control can also help improve productivity by preventing employees from accessing non-work related websites and applications. In addition, application control can help to ensure compliance with regulatory requirements. By implementing application control, businesses can protect their networks and data from external and internal threats.
- Dark Web monitoring
The dark web can be a dangerous place for businesses. It’s full of sensitive data that can be used to scam customers and clients, or worse. That’s why dark web monitoring is so important. By keeping an eye on the dark web, businesses can protect themselves from data breaches, cyber-attacks, and other malicious activity.
Also, dark web monitoring can help businesses to identify vulnerabilities in their systems and take steps to fix them. As the world becomes increasingly digitized, the importance of dark web monitoring will only grow.
- Mobile Device Management
Mobile Device Management, or MDM, is a system that businesses use to protect their data. MDM works by restricting access to certain features on devices that are connected to the business network. For example, an employee might not be able to install certain apps or access certain websites while they’re using their work phone. This helps to keep sensitive information safe and reduces the risk of data breaches. MDM can also be used to track devices and remotely wipe them if they’re lost or stolen. This makes it a valuable tool for businesses of all sizes.
- 24/7 Outsourced SOC (Security Operations Centre)
A Security Operation Centre, or SOC, is a key part of any effective security strategy. SOCs protect businesses from potential cyber threats by providing real-time visibility into the organization’s networks and systems.
By monitoring network traffic and identifying unusual activity, SOC teams can quickly respond to incidents and prevent serious damage. In addition to protecting businesses from external threats, SOCs can also help to improve the efficiency of internal security operations. By centralizing all security-related activity in one location, SOCs make it easier for businesses to identify and fix process weaknesses. As a result, SOCs play a vital role in protecting businesses from both internal and external threats.
- MFA on VPN connections
We spoke about MFA earlier. MFA is an extra layer of security that can also be added to your VPN connection. It works by requiring you to enter a second piece of information, in addition to your username and password, before you can access your account.
As mentioned before, MFA adds an extra step to the login process, but it can help protect your account from hackers and other unauthorized users. If you are running a business, MFA is especially important, as it can help protect sensitive data from being accessed by someone who should not have access to it.
- Regularly review system access and permissions to resources
One of the most important things you can do to protect your business is to regularly review file permissions and remove old user accounts. Failing to do so can leave your systems open to attack. Old user accounts are a particular risk because they may still have access to critical files, even if they no longer work for your company.
By reviewing file permissions on a regular basis, you can ensure that only authorized personnel have access to sensitive information. This will help to protect your business from both internal and external threats.
As you have read, there are some essential steps to take when helping protect your business from Cyber Crime, but also a list of highly recommended steps. Have we covered all areas? No, but this will help you get started on the journey of securing your business.
Reviewing your company’s security stance on a regular basis is important. By partnering with Flyford, we do this together on a quarterly basis as standard.
Should you have any questions or would like to arrange a free audit of your IT Infrastructure, please contact Phil@flyfordconnect.co.uk or call us on 01302 986589.
