Wed. Dec 6th, 2023
    How Businesses Can Stay Secure During Busy Holiday Seasons

    During the holiday season, businesses experience a surge in sales and customer engagement. However, this period also brings an increased risk of cybercrime. According to a National Retail Federation forecast, this year’s holiday spending is expected to exceed $957.3 billion, an increase of 3% from last year. Cybercriminals and scammers are well aware of this opportunity and do not take time off for the holidays. Therefore, it is crucial for businesses to be vigilant and reassess their vulnerabilities and safeguards.

    All types of businesses can be targeted by cybercriminals, but small and medium enterprises (SMEs) are particularly at risk. SMEs often have limited resources and lack the dedicated cybersecurity measures that larger enterprises may have. A report on cybercrime by the Australian Industry Group found that SMEs were more likely to fall victim to scams due to their time constraints and budget constraints for robust cybersecurity solutions.

    To mitigate the risk of cybercrime during the holiday season, businesses need to strengthen their cybersecurity defenses. This includes implementing staff security training, reinforcing financial control procedures, and using online protection tools. One vital control measure is the use of two-factor authentication and the practice of using strong passwords.

    Furthermore, organizations should verify supplier details independently before processing payments. This step ensures that businesses are not falling prey to business email compromise (BEC) attacks, where cybercriminals impersonate staff members to deceive employees into making fraudulent payments.

    Creating a security culture within the organization is also crucial. Employees should feel comfortable reporting suspicious messages or potential security breaches. Regular staff training on cybersecurity best practices is essential to reinforce this security culture.

    The use of digital tools can significantly enhance cybersecurity efforts. Payment protection solutions, such as Eftsure, offer security and automation for accounts payable and receivable, reducing the risk of payment error, fraud, and cybercrime. By leveraging technology to streamline processes and eliminate human error, businesses can level the playing field against cybercriminals.

    In conclusion, the holiday season presents a prime opportunity for cybercriminals to exploit vulnerabilities in business systems. However, with the right cybersecurity measures in place, businesses can protect themselves and their customers from the devastating financial and reputational consequences of cybercrime.

    Frequently Asked Questions

    1. What is two-factor authentication?

    Two-factor authentication is an additional layer of security that requires users to provide two forms of identification before accessing an account or system. This typically involves a combination of something the user knows (such as a password) and something the user has (such as a unique verification code sent to their mobile device).

    2. What is business email compromise (BEC) attack?

    A business email compromise (BEC) attack is a sophisticated form of cybercrime where attackers impersonate a company’s staff members to deceive employees into making fraudulent payments or divulging sensitive information. These attacks often involve social engineering tactics and can result in significant financial losses for businesses.

    3. How can businesses create a security culture?

    Creating a security culture entails establishing a work environment where employees are educated about cybersecurity risks and encouraged to prioritize security in their day-to-day activities. This can be achieved through regular staff training, clear communication of security policies, and creating channels for reporting suspicious activities without fear of reprisal.

    4. How can payment protection solutions like Eftsure help businesses?

    Payment protection solutions like Eftsure offer security and automation for accounts payable and receivable processes. They help businesses verify supplier details, detect payment errors and fraud attempts, and provide an added layer of protection against cybercrime. These tools streamline payment processes and reduce the potential for human error or oversight.