How to Prevent Digital Fraud: 7 Things Every Business Owner Needs to Know

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In the first four months of 2021, the number of digital fraud was up by 25.07% compared to the last four months of 2020.

Are you a business owner concerned about the rise in the number of digital frauds and want to do something about it? With cyber-attacks on the rise, you have to ensure your IT infrastructure has the resilience to handle such attacks. More and more companies are starting to take cyber security seriously and paying more attention to it.

Lucky for you, this article will give you seven things every business owner needs to know to prevent digital fraud.

1. Have Strong Passwords

Your password is the only line of defense you have to prevent unauthorized people from accessing your accounts or critical data. It’s, therefore, a no-brainer that you need to ensure you have good password practices in your business to prevent the possibility of a breach. Don’t get tempted to have a simple password that you can remember; that’s the biggest cybersecurity mistake you’ll ever make.

Here are some of the password practices your business should foster to protect against cyberattacks and frauds;

● Your password should be a combination of upper and lower case letters, numbers, and punctuation marks

● Don’t use dictionary words to create your password

● Don’t use one password in multiple accounts

● Change your passwords after every three months

Following the above tips will keep your business protected against any cyber threat. Your employees should foster those practices to avoid digital fraud. Remember, you’re as strong as your weakest link.

2. Avoid Phishing Emails

Beware of phishing spam emails that disguise themselves in legitimate sites such as your bank, prompting you to click a link. Once you click the link, malware will get installed on your computer, and it will access your data or your email password. If you’re not careful, it’s easy to fall for phishing emails, especially if you do not know this technique.

Never click any link in your email unless you verify it’s from a company or person whom you can trust. To put this into perspective, during covid-19, many accounts got hacked through WHO phishing mails. The hackers replicated WHO emails to trick people into clicking links.

3. Protect Your Computer Systems

It’s almost unimaginable to run your computer systems without antivirus or firewall. An antivirus is useful in detecting malware and blocking hackers’ attempts to install malware. A firewall monitors and controls the network traffic coming in based on your security commands.

A firewall is useful as it sets the barrier between a trusted network and an untrusted network in your computer systems. There are several antivirus software vendors you can consider to ensure your IT infrastructure is safe. Once you get one, always ensure the software is up to date to seal vulnerability holes.

4. Patch Management

Your software and operating system are prone to getting outdated, and you’ll need to update them once in a while. Patch management is the process of installing new software updates. The patches correct errors such as bugs and vulnerabilities in your systems and software.

Failure to seal such vulnerabilities, hackers can easily penetrate your system. Therefore, your business must have a patch management plan to ensure your systems and software are updated on a regular basis. Doing so will help ensure your system and software are lid tight against any exploitation by hackers.

5. Have a Back-up

According to Verizon’, financial gain is the main motivator for cybercrimes accounting for 86% of breaches. Therefore chances are when you get a cyber-attack; it will be ransomware. This is whereby hackers encrypt important files in your system, and you can’t use them unless you pay a ransom.

The only way to combat ransomware is by having a backup of all your data. In the event you get a ransomware attack, you will just need to format your system and reinstall your backed-up data. Ensure you sync your data storage with a cloud server to back up your data in real-time.

6. Educate Your Employees

You need to train your employees on good cybersecurity practices to foster while using your computer systems. Bring in cyber security experts once in a while to train your employees on the new techniques hackers use.

A cyber-attack cannot be reported if your employees can’t recognize one. Therefore, it’s critical for them to understand the different forms of cyber-attacks and their effects on a computer system. Remember, most cyber threats are contributed by human error, and hence the need to ensure your employees are well-trained.

7. Cyber Security Audits

A cyber security audit entails having a comprehensive review of your entire computer systems network. It helps detect vulnerabilities, weak links, and high-risk segments of your infrastructure.

The audit isn’t about checking the IT systems you have put in place to safeguard your business against online fraud. It’s about checking how secure your data is and if you’re complying with the data protection laws to avoid hefty fines. The audit accesses all areas of your business from the employees, policies, and procedures to identify weak areas.

Look here for more information on how to build a business that is resilient to cyber frauds.

Protect Your Business by Learning Digital Fraud Prevention Tips

There is no doubt that businesses are vulnerable to digital fraud now more than ever due to the number of online transactions. The digital space is ripe with cyber-attacks and threats. But that shouldn’t hinder you from conducting your business online. Incorporate the above pointers in your business to get protected against digital fraud.

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