Most business owners know how to think about physical security. They install security cameras over their cash registers, change locks when key employees leave and take cash to the bank whenever it reaches a certain amount. Unfortunately, many business owners don’t know that computer & network security are as important to the survival of their business as physical security.
Many businesses see more money pass through their networks than through their cash registers. Online banking logins, wire transfer instructions, credit card transactions and ACH transactions all flow through a typical business network. Unfortunately, hackers and cyberthieves target all of these types of transactions and more. Some hackers have shown a particular predilection for hacking email servers to learn how businesses conduct wire transfers, then creating new wire transfers of their own.
When a small business loses money to cybertheft, their bank is often not required to reimburse them. According to NPR, Regulation E, which requires banks to reimburse consumers for unauthorized transactions, does not apply to business bank accounts.
Good network security is key to reducing the risk of cybertheft. Unpatched systems and gaps in your firewall can allow hackers to enter and monitor your passwords and transactions. Once they have your passwords or know how you make transactions, they can create transactions of their own, sending your money to their bank accounts. Email servers, colocated servers and local computers are all targets for hackers in search of money.
Network security is critical to protecting your business from cybertheft. To learn more about improving and maintaining your network security, please contact us.
