How to Safeguard Your Business From Fraud and Data Breaches

You just learned that your business experienced a data breach. Perhaps confidential information was stolen, or internal processes were messed with. While it can feel like the end of the world, just remember that fraud and data breaches can happen to anyone. According to AdvisorSmith, over 42% of small businesses get hacked. That's why it's best to have a plan of action to prevent breaches and recover from them. Here, Croissant shares helpful tips on preventing cyberattacks.

Preventing Data Breaches

Hackers typically use the same breaching tactics for most cyberattacks, yet people continue to fall for them! Let's take a look at the most common hacker tricks and the steps you can take to avoid them:

Lost or stolen passwords: Writing down passwords on phones or using straightforward combinations like 'password' or '1234' (we've all been there) are absolute no-no’s. As a business owner, train your employees on the importance of complex passwords that are frequently changed.

Phishing: This is a hack that's easy to fall for. In phishing attempts, the victim receives an email that appears as though it comes from a credible source. Tracking information for packages is a common one. The best way to prevent this is to teach employees to carefully examine emails before clicking on the link.

Ransomware: This type of malware can take over your systems and block user access to information. It can be scary to go through, as it leaves the user no control over the situation. To prevent a ransomware attack, constantly update your servers and antivirus software. Backing up files regularly will also be prudent so that all your data isn't lost in the case of a successful breach.

Watch Your Documents Transfer

You likely have hundreds of documents moving around on the cloud each week. Remember to have a protocol for safely sending these documents, as they can get breached during transfer. The best way to do this is to protect your PDF files using additional security lines like passwords. This prevents unauthorized access of any sort. When doing this, be sure to use a PDF merging tool to keep all your documents in one place. You can merge PDF​ files online, making it easier to arrange the pages in the correct order and cutting downtime trying to find a document.

Recovering from Data Breach

When a breach happens, you must act quickly and carefully. For one, you need to ensure your business can handle a data breach. Getting an IT specialist on the job may be the way to go here, as they will be able to handle the issue more efficiently. If you're dealing with the security breach in-house, start by investigating the severity of the violation. You should then take steps to contain the breach. The U.S. Department of Justice suggests isolating compromised networks, rerouting network traffic, and altering network configurations to prevent the breach. Changing all passwords and obtaining a clean backup copy of the critical data will also be crucial. Next, notify everyone affected by the breach, as it can worsen the severity of the situation if you fail to do so. The main parties you'll need to notify are law enforcement, legal agencies, and employees and customers.

Small business owners need to make data security part of their regular routine. Having a prevention and recovery plan is the way to prevent any losses down the line. So set up all the (cyber) safeguards you possibly can and protect your business data. You've got this!

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