Your business faces new types of threats as you and your customers and suppliers use information technology. Even if your business primarily uses basic technology, you may still need to interact with more advanced digital systems for orders, banking, or customer communications. We’ve gathered practical guidance to help protect your business when working with information technology.
Understanding Today’s Business Threats
Small- and medium-sized businesses are increasingly encountering new types of threats that combine old and new methods. While some businesses may use basic technology, others are more advanced services. Regardless, both must deal with the threats, for example:
- Fraudulent paper or electronic orders, payment requests, or invoices
- Phone calls claiming to be from banks or suppliers requesting immediate digital payments
- Requests to change long-standing payment methods or accounts
- Messages claiming to be from business partners asking to verify or update account information
These examples only scratch the surface of the threats facing businesses. As your technology usage grows and evolves, staying on top of the threats is important to ensure your technology continues to work for you and not against you.
These deceptive practices can be specifically dangerous to businesses that operate with both traditional and modern methods. Let’s explore how to protect your business while maintaining your preferred way of working.
View More of our Cybersecurity Articles
Securing Your Customer and Supplier Information
The foundation of any strong business is the trust between you and your customers and suppliers. This trust extends to how you handle their information, whether it’s stored on paper or in digital form. When it comes to paper records, consider your filing cabinet as important as your safe. It holds valuable information that needs to be protected. Store customer payment information, bank documents, and supplier details in a secure location, preferably under lock and key. It’s also wise to keep a backup copy of crucial business records in a separate secure location, just as you would keep important documents in more than one place.
For those times when you need to work with digital information, think of your digital devices like you would think of your paper records. They need to be kept secure. When you’re not using digital devices, store them securely, just as you would lock up your office at night. This is especially important when the devices contain business information or are used for important business activities.
Protecting Payment Processes
The way we handle payments has become more complex as traditional and modern methods overlap. Bad actors are always looking for ways to make a quick buck and often take advantage of weak payment processing practices. When someone asks to change established payment methods, treat it with the same caution you would use when considering a major equipment purchase for your business.
It’s particularly important to take time with verification when dealing with payment changes. Just as you would carefully inspect materials before using them in your work, take time to verify any unusual payment requests or changes to payment information. A legitimate business partner will understand and respect your need to be thorough.
Managing Business Communications
In today’s world, business messages can arrive in many ways – by phone, fax, mail, text, chat messages, or email. These different communication methods are like different doors to your business – each one needs its own type of security. When you receive an unexpected or unusual request through one method, it’s wise to verify it through another. For instance, if you receive an unusual email from a regular customer, call them at their known phone number to confirm.
When using shared communication devices, establish clear routines for handling business messages, much like you would have standard procedures for handling orders or deliveries. Make sure employees understand the importance of handling business communications carefully and know when to bring unusual situations to your attention.
Protecting Your Customers’ Trust
Your customers place their trust in you when they share their information, and protecting that trust is as important as delivering quality work. Treat customer information with the same care you give to crafting your products or providing your services. Keep their details secure, limit access to those who truly need it for their work and be thoughtful about how you discuss customer matters.
Other Practical Security Tips
For those with minimal technology, ensure you have solid physical security in place over property and records.
For those using computers and systems to manage your business, ensure you perform software updates, keep secure data backups, enable strong passwords and multi-factor authentication, implement secure file sharing systems, and apply sound access controls.
Practical Steps Forward
Keep your business information secure, implement technology and security best practices, and trust your judgment when something doesn’t seem quite right. Taking time to verify unusual requests demonstrates wisdom and good stewardship of your business. Rea is here to help you protect your business. If you have questions about specific situations or would like guidance on your technology or cybersecurity, reach out to our Rea Information Services team.
