How to protect your business from cyber theft and payment fraud
Protecting your business at every turn.
By ATB Financial 2 September 2020 3 min read
Cyber attacks from just one type of malware cost Canadian businesses a collective $2.3 billion every year, according to a 2020 report by cyber security consultancy Emsisoft. Malware, or harmful software programs, can infiltrate your network, hijack your systems and steal your identity, yet many businesses aren’t fully aware of what it is or how to combat it.
The more concerning issue is that no matter the size of your enterprise, you’re at risk of falling victim to this insidious combination of computer virus and worm. What’s worse is malware can remain in your network for months—even years—stealing highly sensitive information, damaging data and spying on your business before being detected.
“The first line of defense is understanding what malware is and how it works,” says Aisha Kitchlew, ATB senior manager, fraud investigations and cyber crime.
As noted above, malware is malicious software written to damage devices, networks or servers. Malware can be downloaded by clicking on links within phishing emails, visiting compromised websites, downloading pirated software, installing malicious apps or using infected USB flash drives.
Here’s how the most common malware work:
The technology around malware is becoming increasingly sophisticated. However, there are telltale signs to should raise red flags—and call for action:
“As a security best practice, always keep your devices up to date with all of the latest software,” notes Kitchlew. “Applying the latest patches ensures devices are protected against the latest detected vulnerabilities and threats.”
Make sure your devices are encrypted. When people are working from home, there’s a greater chance their device may be lost or stolen. Ensure passwords are set and proper password hygiene is maintained.
It takes awareness, commitment and a team effort to defend your business from malware and cyber criminals. With the right education, awareness and documented protocols for addressing an attack, you can operate with confidence, and focus on your business.
Protecting your business at every turn.
Cheque fraud is the number one type of payment fraud. Here are some helpful tips.
Read articleWhile we want this information to be useful for you, we make no promise, representation or warranty about its accuracy or completeness. We don’t accept any liability or responsibility whatsoever for any loss arising from any use of this document or its contents. This information is not kept up-to-date. Without our prior consent, this document may not be reproduced in whole or in part, or referred to in any manner, including any information, opinions and conclusions it contains. This document is provided for information purposes only and is not intended to replace or substitute for professional advice.
Our ATB Business Solutions team will be happy to assist.