6 tips for protecting your business from cyber attacks

Cyber attacks are a growing threat to businesses of all sizes. In fact, the annual average cost of cybercrime is predicted to hit more than $23 trillion in 2027, up from $8.4 trillion in 2022, according to Anne Neuberger, the U.S. Deputy National Security Advisor for Cyber and Emerging Technologies. Therefore, protecting your business from these threats is important to enforcing the safety of your data, your customers, and your reputation. 

Here are six simple tips to help you shield your business from cyber attacks

1. Educate your employees on the importance of cybersecurity

One of the most effective ways to prevent cyber attacks is through employee education. Many cyber threats, such as phishing scams and malware, rely on human error to succeed. So by training your staff to recognize these threats, you can reduce the risk of falling victim to cyber attacks.

• Conduct regular training: Regularly update your employees on the latest cyber threats and how to avoid them. Use real-world examples to illustrate the potential risks.

• Promote safe practices: Encourage employees to use strong, unique passwords and to change them regularly. Teach them to avoid clicking on suspicious links or downloading unknown attachments.

• Implement policies: Create clear policies regarding data security and ensure all employees are aware of them. This can include guidelines for handling sensitive information and protocols for reporting potential security breaches.

2. Use strong passwords and two-factor authentication (2FA)

Make sure all employees use strong, unique passwords for their accounts and change them regularly. Despite the simplicity of this practice, weak passwords remain a significant vulnerability. 

Implementing two-factor authentication as an extra layer of security by requiring a second form of identification, such as a code sent to a mobile device, in addition to a password, makes it much harder for cyber criminals to gain access to your systems.

3. Keep your software updated

Outdated software can have vulnerabilities that cyber criminals can exploit. Therefore, you should regularly update all software, including operating systems, applications, and antivirus programs. Enable automatic updates where possible to ensure you always have the latest security patches.

4. Back up your data regularly and be aware of major cyberthreats

According to IBM, 20% of all cyberattacks recorded in 2023 involved ransomware. Ransomware is a malicious software that seizes control of a victim’s sensitive data or device, demanding a ransom in exchange for unlocking it or preventing further damage. 

Regular data backups are essential to protecting your business in case of a cyber attack. So make sure to store backups in a secure location or use a reliable cloud service. In the event of a ransomware attack or data breach, having recent backups can help you quickly restore your systems and minimize downtime.

5. Implement a firewall and antivirus protection

A firewall is a security tool designed to oversee, filter, and manage network traffic according to set security guidelines. Its main function is to establish a protective barrier between a trusted internal network and potentially harmful external networks.

A secure firewall can help block unauthorized access to your network, while antivirus software can detect and remove malicious programs. Ensure that both are properly configured and regularly updated. These tools form an important part of your defense against cyber threats.

6. Use secure payment methods

One effective way to enhance your business’s security is by using virtual cards for transactions. Virtual cards offer a secure alternative to traditional credit cards and can help protect your business from cyber threats.

• Limited use: Virtual cards can be set for single-use or limited use, reducing the risk of fraud. Even if the card details are compromised, they cannot be used beyond the set limits.

• Controlled spending: You can set spending limits and expiration dates for virtual cards, giving you greater control over your transactions and reducing the potential for unauthorized charges.

• Greater privacy: Virtual cards do not expose your primary credit card information, protecting your financial details from being accessed by cybercriminals.

WEX virtual cards help keep your business safe

WEX offers virtual card solutions that can help keep your business safe by offering more secure payment methods. By integrating WEX virtual cards into your payment processes, you can take advantage of their advanced security features and gain better control over your spending.

Customizable solutions to fit your business needs 

WEX virtual cards can be customized to meet your specific needs, whether it’s setting spending limits, usage restrictions, or expiration dates.

Better security

WEX provides strong security measures to protect your virtual card transactions, including encryption and real-time monitoring for suspicious activity.

Simplify your financial management processes

WEX makes it easy to manage your virtual cards, track spending, and generate detailed reports, helping you maintain control over your financial operations.

Incorporating virtual cards into your payment strategy is a smart move to bolster your business’s cyber security. With WEX’s comprehensive virtual card solutions, you can protect your business from cyber threats and ensure safe, efficient transactions.

For more insights and updates on corporate payments, check out:

• Your guide to virtual card rebates
• Current trends in finance
• Accounts payables: Terms you need to know

Learn more about how WEX payment solutions can be tailored to your business, so you can accelerate and streamline operations while creating lasting growth and success for your organization.

Stay up to date on the latest in business payments by subscribing to our blog! Simply hit the “Subscribe” button above or submit your email address in the form below.

The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax, and investment advisers.

Source:
U.S. Department of State
IBM
Cisco