Protecting Your Business from Fraud
Protecting Your Business
Cybersecurity has been a concern for businesses since the dawn of the internet. But as each year passes, new and increasingly complex threats reveal themselves, and businesses must pivot to adjust to the ever-evolving landscape. Protecting your business and financial accounts is our top priority.
Encourage Employee Best Practices
- Train employees on cybersecurity principles and best practices.
- Limit employee access to data and information, and limit authority to install software.
- Protect email accounts.
- Encourage employees to report suspicious emails and not to click on links or open attachments, unless they are confident in the source.
- Consider implementing regularly scheduled mandatory cybersecurity seminars or online training to educate employees on phishing and ransomware attacks.
Establish a Cyber Security Program
- Install, use and regularly update antivirus and antispyware software on every computer used in your business.
- Download and install software updates for your operating systems and applications as they become available.
- Secure your Wi-Fi networks. If you have a Wi-Fi network for your workplace, make sure it is secure and hidden.
- Control physical access to your computers and network components.
- Set up multi-factor authentication or two-step authentication on your email, phone, any external virtual private networks (VPN) and on all of your online accounts.
- Create a remote work policy for cybersecurity. This policy should include specific restrictions on using personal equipment devices for business purposes and emphasize the importance of using company-issued equipment with a secure VPN.
Proactive Fraud Prevention
- To prevent fraudulent wire transfers, call to verify any changes to payment requests. Learn more about other ways to prevent wire fraud here.
- Set up alerts on financial accounts and monitor usage and changes to your accounts.
- Regularly change passwords to your accounts. If an employee leaves the company, ensure that you revoke access to all accounts accessed and change passwords.
- Make backup copies of important business data and information.
- Regularly check accounts and report suspicious activities to Sandy Spring Bank.
If you suspect that you’ve been a victim of fraud, immediately contact the Commercial Business Center at Sandy Spring Bank at 866.867.1570. You should also contact the FBI at www.fbi.gov/contact-us/field, email: [email protected], or call: 855.292.3937.