You may not consider your small businesses a target for cyber attacks due to size or because you do not think you have anything worth stealing. However, small businesses have valuable information cyber criminals seek, such as employee and customer records, bank account information and access to the organization's finances, and access to larger networks. Check out other resources here.
“How could we prevent this from happening?” The simple answer is “you cannot”. The cyber criminals are spoofing the President’s email address, and they are gleaning who your CFO is from your website. They are using the website and social media to target you and the only way to prevent this from being a problem truly is to have a two-step authentication process within your accounting department. For example, before a wire transfer is initiated you must make a voice phone call to the person who is requesting the wire transfer. If for some reason a voice call is impossible then a text message to the CEO’s phone would substitute. Although the wire transfer scam does seem to be the most popular right now, there are certainly other ways that cyber criminals are looking to separate you from your hard-earned dollars.
One of the best things that you can do to protect your credit cards is to designate a card for personal use and another card for business. This will allow you to quickly recognize any unusual transactions and also make tax time much easier. Checking regularly for unusual transactions or setting your banking system to send an email every time a transaction is processed will make you immediately aware if there is an unrelated charge.
Training your staff to be skeptical of all requests is probably the single greatest antidote to cybercrime today. There are inexpensive solutions available online to help you with this and TCS can also assist you with these types of solutions.
Today most cybercrime is coming from external sources. Just a few years ago most of these crimes were perpetrated by employees inside the company. If you are not currently doing employee background checks, I would suggest that you begin immediately.
Last but not least. Another form of protection is insurance. Insurance carriers are beginning to offer this type of coverage, and I would suggest that it deserves a serious look. There are limits to what these policies will cover, but they might take the sting out if you are an unfortunate victim of cyber crime.
Security on your network is a layered approach there is no one security feature which is going to protect you from the evil guys. Learn more about the first line of defense towards cyber security.