In our increasingly connected world, more information than ever is being stored on the internet. Sensitive personal information, confidential business documents, and more are being shared every day, with gradually amplified safeguards in place to help secure this information. Even with these safeguards - risks are still present, and it’s important to take key steps to protect your information.
We’ll cover common internet security risks and discuss strategies you can take, starting today, to ensure your information remains secure.
Phishing Scams
A common scam dating back to the conception of online instant messaging, these scams will typically include malicious files, links, or ask for your sensitive personal information, with the perpetrator posing as an official within a known organization. In many cases, something will seem strange about these messages, whether it be through typos, grammatical errors, unfamiliar links, other details that indicate the sender is not who they claim to be.
If you receive an email or text message you are suspicious of, avoid opening any links, and if necessary, find official contact information for the organization yourself, to reach out and verify its legitimacy. Many secure email platforms also provide the option to report these emails as phishing attacks – doing so can help yourself and others remain secure if these senders are repeatedly found to be malicious.
Business Email Compromise (BEC)
Similar to phishing scams, BEC is a type cyberattack where the scammer will use email to manipulate the recipient into sending money or revealing sensitive business information. Common targets of these scams include high ranking executives, HR representatives, and entry-level employees. If successful, attackers could steal thousands of dollars or gain access to sensitive information leading to identity theft dollars or loss of confidential intellectual property.
To put the risk into perspective – a 2023 report from the AFP found that 71% of businesses were victims of payment fraud via email (including phishing attacks). Overall, 53% of all fraud attempts involve business email compromise. When a business does lose money to these fraud attempts, 44% are unable to recover anything.
To protect your business, the best step is to use a secure email platform, which will automatically flag suspicious emails as such. Further protection can be granted by using email authentication tools, which make email accounts harder to impersonate. Education is another key component, along with trusting your gut and having open conversations with others when something seems "off" with requests.
Account Takeover
An account takeover occurs when a malicious attacker gains access to one or more of your personal or business email accounts. The hacker can then use this access to your accounts to send malware, steal personal information, or otherwise wreak havoc. These attacks can originate from a variety of sources, including malware, phishing, data breaches, among others.
To best protect yourself, it is recommended to use unique, strong passwords across different accounts, ensure websites you are visiting provide secure connections, and use multi-factor authentication to add an extra layer of protection whenever possible.
Ransomware Attacks
Ransomware attacks are a rapidly growing threat in the realm of business cybersecurity. This type of attack involves malicious software that encrypts a victim's data, rendering it inaccessible until a ransom is paid to the attacker. Businesses of all sizes are targets, with attackers often demanding substantial sums of money to restore access. The impact of a successful ransomware attack can be devastating, leading to significant financial losses, operational downtime, and potential damage to the organization's reputation.
To defend against ransomware, it is essential for businesses to implement a robust cybersecurity strategy and backup plan. Regularly backing up data and ensuring these backups are stored offline can mitigate the damage caused by an attack. Employee training is also crucial, as phishing emails are a common delivery method for ransomware. By educating staff on recognizing and avoiding suspicious emails and links, businesses can reduce the risk of falling victim to these attacks.
We’re here for you
At Minnwest Bank, we are partners in your financial journey, and we are committed to helping you keep your accounts safe. With a strong banking relationship, and the right knowledge and tools, your business can remain safe and secure in today’s rapidly evolving digital landscape.
