5 simple ways a small business can protect against cyber fraud.

 I wrote this short blog for a client (promotional links have been removed). Turn around time: 15 minutes.

Small businesses need to ensure that they reduce their risk of a cyber-attack.

A cyber attack  might include hacking, which is where someone gains access to your accounts which could be your email or your social media accounts. Phishing is another type of common cyber-attack method, where fake emails are sent out in the hope that you will click the links and provide your security details which the criminals then capture. Malicious software is a type of attack which may include adding a type of ransomware through which criminals hijack files and hold them to ransom. Distributed denial of service (DDOS) attacks are attacks against websites. A lot of these cyber-attacks are done for financial gain and this is known as cyber fraud. 

As we know that Cyber crime is continuously on the rise, businesses need to reduce their risk of this happening. Not only does a business run the risk of losing money, it can affect them being able to operate and it can cause reputational damage and lead to government fines and claims from your customers. 

Here are some simple ways you can minimise the risk of cyber fraud in your SME; 

• Awareness - Train your staff on cyber security, what does a phishing email look like for example? Create awareness training. 
• Everyone who accesses the businesses network should use Multi factor authentication (MFA). This is is authentication method that requires the user to provide two or more verification factors to gain access to their account(s). You can set this up on your network, your email and your social media accounts. An additional method of authentication could be having a code sent to your mobile device which you then have to enter to be able to gain access to your account.
• Choose strong passwords and don’t reuse them for multiple logins. Strong passwords use special characters and they do not use numbers in order like 123456. 
• Install security software. Get an antivirus and a firewall. Get software that flags a malicious looking email and doesn’t even let you click on it.  
• Keep all your software and operating systems up to date. Some older operating systems are easier to hack. 

It is also recommended that you look at your government's website for advice on this topic. Every business is at risk of a cyber breach. Make sure you reduce your risk.

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I write blogs and content on tech, fintech, digital stuff and cyber security.