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October 25, 2024
Growing Business

Is Your Business Prepared for a Cybersecurity Attack?

 

Cybercriminals are always trying to steal your company’s information, so it is necessary to continually review and update your cybersecurity plan or formulate a plan if you don’t already have one. To protect your business, your employees and yourself from potential threats, maintaining up-to-date and robust safeguards is key to staying ahead of fraudsters.

 


 

Know the most common types of attacks

To properly prepare, it’s important to understand what a cyberattack might look like. Attacks come in many different forms, with a few of them being:

  • Malware – any program or code created with the intent to harm a computer or network system. This is the most common type of attack and includes ransomware, spyware or viruses.
  • Denial of Service (DoS) attack – a targeted attack that floods a network with false requests, intending to disrupt and slow down service or make it entirely inaccessible.
  • Phishing – impersonating a legitimate entity by using emails, text messages, phone calls and other forms of communication to solicit sensitive information.
  • Insider threats – current or former employees and contractors who misuse their security access to steal or sabotage information, whether maliciously or negligently.

Cyberattacks are constantly evolving, so it’s important to stay aware of developing technologies in the field. This includes what fraudsters are making use of, as well as what your company has available to protect itself.

 

Use the latest in digital security

The tools you use to defend against these attacks should include the latest antivirus software or detection systems to help keep your business one step ahead of fraudsters. Also ensure that all of your software is patched to the most recent version, so any vulnerabilities can’t be exploited.

Depending on the size of your company, a dedicated internal security team can go a long way in keeping your company’s information out of the wrong hands. They can routinely monitor all traffic that goes through your systems and keep every computer on your network up-to-date. A well-equipped team can handle issues reported to them as well as potential threats uncovered by automatic detection systems your company has in place.

 

Keep your staff informed and educated

No matter how strong the protection systems you put in place are, human error is still a possibility, which is why it is important to train and inform your employees about good cybersecurity practices. Regular reminders about what to look for, along with reports and information on the latest fraud-related trends, can help raise awareness and keep employees on the lookout for suspicious activity.

Many companies periodically run simulated exercises to test their employees’ ability to detect and report fraud. One example of this is sending fake phishing emails to employees in which one or more common signs of a scam are used, along with a link that claims to take the employee to a legitimate site. Should the employee click the link, it will instead reveal that the message is actually a test and warn them about the dangers of suspicious emails. By conducting these types of exercises with relative frequency, employees are more likely to be vigilant in reviewing communications they receive and more willing to report suspicious messages to their company’s security team.

 

Be ready to respond to an attack

If cybercriminals attack your business, be prepared to respond quickly and appropriately. Filing a police report should be one of the first actions taken, as the appropriate authorities should be made aware of the crime. Assess the actions that occurred and if any damage was inflicted. If financial records were taken, contact your bank to freeze your company’s account(s) and monitor them for any suspicious activity. Changing passwords is also a smart choice, even if you are not sure if that information was stolen. After determining the cause and nature of the attack, brief your team on what happened and review ways to prevent further attacks from occurring.

Having cyber insurance is another way to protect your company and be prepared in the event of an attack. Cyber insurance, also often called cybersecurity insurance or cyber liability insurance, can cover financial losses from cyberattacks that a general liability insurance plan might not. It can help pay for repairs to damaged computer systems, revenue loss from business interruptions, and potential legal costs that may result from lawsuits against your company related to a cybersecurity breach. Not all types of cybersecurity attacks may be covered, so consult your insurance agent to be sure your company is appropriately covered.

Criminals are always looking for new ways to attack businesses, so it is important to stay vigilant in the fight against cybercrime. As a reminder, Trustmark will never request confidential information via text, email or phone. However, we may ask you for your information to verify your identity if you call us. If you receive any unsolicited text messages, emails or phone calls allegedly from Trustmark requesting confidential information, contact us immediately at 800.243.2524, Monday – Friday, 8 a.m. – 5 p.m. CST.

 

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