Financial Technology

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Month: November 2021


What Should You do if You Have a Cybersecurity Breach?

Cyber-attacks or data breaches keep any business in a very vulnerable situation. Regardless of the nature and size of the business, if the company data, customer information or important documents are exposed, this could complicate the recovery process. Some cyber-attacks attempt to acquire sensitive data and information using email fraudulently. Ransomware attempts to block any access to a computer system until the business raises a ransom. Baiting infects a computer system using malware that tricks one to download free movies or music. If the business falls victim to a data breach, it can consider the following steps to minimize the damage.


Initiating a fraud alert


Setting a fraud alert would be the quickest step to warn employees, customers, and other business partners that the business may have been a victim of fraud. The company can then alert the major credit bureaus to add a fraud alert to the business credit report. The fraud alert also helps alert lenders of the business falling victim to a cyber-attack. The precaution notifies the potential lenders to contact the firm before granting any new line of credit in the business name. The fraud alert stays in the credit report for three months and allows the business to renew it when it expires.


Freezing credit files


The addition of a security freeze is valuable in such a situation. The security freeze, which is freely available, prevents potential lenders from accessing the business credit report. It is only by unfreezing the credit account that the lenders will access the credit report. If the business plans to apply for new credit soon, it can postpone the security freeze.


Instruction and information to clients


The company should disclose all the necessary and relevant information regarding the cyber breach to the clients. The report helps clients be cautious about the risks involved if they do not act to reduce the chances of their data getting compromised. Downplaying the caution could lead to grievous liabilities to the business. The information on the explicit instructions to avoid data being compromised should be sent through email or any other reliable means of contact available to the clients. The medium of communication, however, depends on the seriousness of the breach. The business can also advise the clients to use dedicated cyber security software that helps minimize chances of data loss or damage after a cyber breach.



Cybersecurity Tips to Protect Your Company

Cyber security breaches on businesses are becoming more popular over time. In 2017, a Cyber Security Breaches Survey indicated that only less than fifty percent of all businesses identified at least a single cyber security attack. No company is immune to cyber security breaches regardless of the size and nature of the industry. All companies need to protect their customer information, company data, and reputation by employing several steps. This article outlines various tips important in protecting a company from cyber security breaches and attacks.


Multiple layers of protection


Using strong passwords and frequently changing them minimizes the risk of attacks. The company needs to keep monitoring the employee accounts for the risk of breaches through dark web monitoring. The company can use a multi-factor authentication methodology as an extra security platform for its data. The passwords need to be different for different services and websites through reputable password management tools. The company can deploy virtual private networks, firewalls, and antivirus software to ensure the endpoints and networks are not exposed. Sending unencrypted sensitive data and passwords via email should be highly discouraged.


Data backup


Frequent systems and data backups are necessary to recover from data loss or corruption from cyber security attacks. Data protection tools incrementally and periodically back up data throughout the day to prevent leakage. Customer personal details, account credentials, operational data, financial documentation, manuals, log files, and system configurations can also be stored off-site for extra security.


Frequent software update


Outdated and unpatched software allows threats to attach to the company’s data security. Cybercriminals capitalize on vulnerable software through several tactics to gain access to systems and data. The company can apply updated security patches for the operating system and web browsers to secure its devices. Preferably, it is vital to set the software to automatically download software patches or update itself after a particular period.


Employee training


Staff awareness training is a requirement across the entire workforce. This sensitization educates all employees on the most common and malicious scams and the techniques to avoid them. One strategy is cautioning clicking on any links sent within emails, social media platforms, and unfamiliar websites. Due to the evolving nature of cybersecurity, a regular training curriculum could help the fight against cyber security attacks remain relevant.


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