Cybercrime aimed at businesses and organizations continues to be a problem. In 2019, over 80% of organizations reported being targets of a phishing or payments fraud1 attack, and those are just two ways criminals can strike. When you add the dangers of malware, ransomware and malicious bots, it’s clear that your organization faces a variety of security risks.
Identifying and stopping cyber fraud is not just a problem for your company’s Information Technology (IT) team anymore. IT security alone is not sufficient to guard against today’s threats. Companies often overlook the “people” factor, yet it is a critical element in building a strong cyber defense.2
So, as a business owner or CEO, why should you be concerned if you’re unaware of any immediate security threats? Because cybercrime is a real business risk and cybersecurity is an ongoing business issue.
Think about your organization as a whole and ask your team some important questions: What are the most important business functions that could be disturbed by a cyber attack? Are we addressing all business activities that could be threatened by a cyber attack? 3
Depending on the type of attack, cybercrime can have very costly and long-term impacts that affect your company and your clients,4 such as:
Three Layers to Build Into Your Cybersecurity Plan
Your cybersecurity plan must be multi-layered. Your defense should start with a solid technological foundation, then address other issues: Creating secure internal processes; educating your staff about cybercrime; and protecting your banking assets.
Hancock Whitney offers ways to add layers of security that will help you recognize and prevent fraudulent transactions. We can help you identify cyber-risk and show you how to be more vigilant against payment fraud.
Learn more about how to protect your business from cyber fraud at our Treasury Services Cybersecurity Awareness web page, and contact your Treasury Services Support Team at 1-866-594-2304 anytime you need assistance or answers to cybersecurity questions.