Money is the main reason why hackers attack businesses, it’s no surprise staff in accounts and finance departments are primary targets. Significant financial losses can affect any organisation so it’s important to put processes in place to protect your business and its finances.
What threatens business finances?
Social engineering attacks (phishing emails and phone calls) are attempts from hackers to obtain sensitive information by acting as a trustworthy body. While anyone can be targeted, finance and accounts roles are often the focus due to their access to business funds.
Six ways you can protect business finances from hackers.
Be wary of unexpected communications
If you are not expecting a call or email from a known contact or the bank, question it. Operate with a zero trust mindset when unexpected communications come through and verify their identity. The safest way to do that is to contact the sender or bank directly through an official communication channel so you know who you are talking to is genuine.
Enhance security with MFA
You can protect your bank account with Multi-Factor Authentication (MFA), even if it doesn’t completely protect you. Using MFA for all transactions adds another layer of security. Be sure to make your passwords long, complex and memorable.
Verify changes in payment details
When you are asked to change payment details, contact them directly over the phone to verify it. When setting up a new payment, it’s important to check the information you have been given matches what the bank has. If not, speak to the recipient.
Approve all large payments
Ensure that an approval process is in place for large payments to significantly reduce the risk of errors in the organisation. Most insurance forms ask if organisations have an approval process in place which shows the importance of it.
Monitor financial accounts
Make sure you are regularly checking bank and credit card statements for any unapproved transactions or suspicious activity. If anything looks out of the ordinary contact your bank immediately.
Take regular training and educate staff
Regular security training is one of the most effective measures to protect against phishing attacks. Maintaining security awareness and incorporating it into your daily activities is your first line of defence. Regular security training is included as standard in our Microsoft 365 solution for a good reason!
Social engineering attacks remain a significant threat, especially for those in financial roles. Remember, the most effective defence is a well-informed and cautious approach to all communications and transactions.
To learn more about what you do do to keep your business finances secure from hackers, watch our short video featuring Finance and Administration manager Claire Paterson.