Safeguarding Your Financial Information: A Comprehensive Guide Against Cyber Threats

1. Update all devices

This includes every device connected to the business. You will also need to install the latest operating systems and security software for all devices, including mobile phones if used for business purposes. More than half (53%) of UK adults actively engage in mobile banking. If mobile devices are not properly secured this opens up a large hole when safeguarding your financial information

2. Secure Passwords & Practices

Using a secure password manager can be a simple way to ensure all your employees have secure accounts, different passwords for each account/system they use, and that they have varied elements including uppercase/lowercase letters, numbers, and special characters.

3. Set up alerts when account activity occurs

These can be email or text alerts set up for all accounts, especially bank accounts, to notify you of any suspicious activity. This way you can monitor all your accounts easily.

4. Train your team on phishing finance scams

One of your biggest threats is human error. You can put multiple security procedures into place to deter a cyber attack on your finances, but the only thing that can protect your business from a cyber threat through accidental human error is to properly train your team on how to spot scam emails, texts and calls. We recommend consistent cyber training, rather than training your team once or twice a year. Consistent cyber testing and training means your employees are always looking out for a potential threat every time they click.

5. Ensure the Wi-Fi network your employees are using is secure.

As of 2024, 44% of UK workers currently work remotely and 1 in 4 workers utilise a hybrid working model. With this huge leap we have been seeing in the way we work, businesses need to ensure their working practices are being adhered to. If one of your employees is unaware of the implications that can arise from working from an unsecured network, this could pose a very large threat to your business.

6. Enable Strong Authentication

All of your devices should have a different password, or facial or fingerprint recognition to the employee using them. Multi-Factor Authentication (MFA) should be enabled wherever possible. It adds an extra layer of security by requiring multiple forms of verification (e.g., password + SMS code or fingerprint)

7. Encryption

End-to-End Encryption: Use services that offer end-to-end encryption for communication and data storage. This ensures that only authorised employees can access information.

8. Device management

You should also ensure all devices can be easily managed from one system. If any devices were lost or stolen, you can easily manage the data stored on the device from an external source. This can be imperative if password security was surpassed.

9. Zero trust infrastructure

A zero-trust infrastructure is a security model where organisations never automatically trust any user or device, regardless of their location or network connection. Instead, it verifies and validates every access request based on strict policies and continuous monitoring.

10. Backup your data

Regularly back up your financial data to a secure location. In case of a cyber incident, you’ll have a copy to restore from.

When using an unsecured network, the likelihood of a cyber attack increases significantly.

Cybercriminals exploit vulnerabilities in unsecured networks to gain unauthorised access and steal sensitive information. Here are some risks associated with using unsecured networks:

1. Data Interception: On unsecured networks, your data (such as passwords, banking information, or personal details) can be intercepted by malicious actors. They can eavesdrop on your internet traffic and potentially use it for identity theft or other nefarious purposes.

2. Man-in-the-Middle (MITM) Attacks: Cybercriminals can position themselves between you and the network, intercepting and altering your communication. This allows them to capture sensitive data or inject malicious content into your browsing sessions.

3. Lack of Encryption: Unsecured networks often lack encryption, making it easier for attackers to access your data. Encryption helps protect your information by encoding it during transmission, but without it, your data is vulnerable.

4. Rogue Hotspots: Cybercriminals may set up rogue Wi-Fi hotspots with names similar to legitimate ones. When users unknowingly connect to these rogue networks, their data becomes accessible to the attacker.

4. Malware Distribution: Unsecured networks are breeding grounds for malware distribution. Cybercriminals can inject malicious software into your device, compromising its security.

To mitigate these risks, always follow these precautions if you have to use public or unsecured networks:

• Avoid Sensitive Transactions: Refrain from conducting sensitive transactions (such as online banking or shopping) on unsecured networks.

• Use a Virtual Private Network (VPN): A VPN encrypts your internet traffic, providing an additional layer of security when using public Wi-Fi.

• Turn Off Sharing: Disable file and printer sharing on your device to prevent unauthorised access.