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Protect Financial Operations from Cybercriminals

Best Practices to Secure Financial Operations

Author: Stephanie Nelson/Monday, November 20, 2023/Categories: Dynamics SL, Dynamics GP, Information Technology, Security, Tech News

Companies rely on electronic transactions for their financial operations.  This includes paying vendors, suppliers, and partners electronically, which requires having accurate banking information on file.  With the rise in cyberattacks and fraudulent activities, it has become crucial for businesses to maintain strict security measures to protect their finances.  In this blog post, we'll review essential steps to better protect your business.

Implement Two-Factor Authentication (2FA) wherever possible to add an extra layer of security to user accounts.  This ensures that even if someone obtains a user's password, they won't be able to access the account without the second authentication factor.

Shut down PCs at the end of the day as a preventive measure against unauthorized access to a specific computer.  Additionally, not turning off PCs in the evening has been associated with instances where ACH information for a vendor was altered.

Call the business to verify changes in banking information.  Use a phone number that is independently verified as belonging to the business.  Avoid using phone numbers provided in the request itself, as they could be fraudulent.

Avoid Urgent Requests for Information: Be skeptical of any email that demands immediate action, especially if it threatens consequences for non-compliance.  Reach out by phone and communicate with a familiar contact at the business to confirm the request.  Take your time to verify the email's authenticity.

Don't Trust Unsolicited Attachments: Be cautious of email attachments, especially if you didn't expect to receive them. Phishing emails may contain infected attachments or files that can harm your computer or compromise your data.  Before opening any attachments, verify their source and legitimacy.  Once again, call a trusted source at the business to confirm the request.

Establish a Verification Protocol: Create a clear and documented process within your organization for verifying changes in vendor banking information.  Ensure that everyone involved in payment processing is aware of this protocol.

Regularly educate your employees about cybersecurity best practices, including how to recognize, phishing emails (email addresses mimic legitimate organizations but contain subtle differences, such as misspellings or extra characters), social engineering attempts (hackers pose as trusted sources, such as a bank or a tech support representative), and other common cyber threats.

Remember that cybersecurity is an ongoing process, and cyber threats evolve constantly.  Stay vigilant and adapt your security measures to address new challenges as they arise.

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