Protecting Your Business Against Emerging Cybersecurity Threats

As cybersecurity threats evolve and data breaches hit national headlines, businesses become increasingly vulnerable to online attacks. From ransomware and business email compromise (BEC) to unsecured Internet of Things (IoT) devices, defending against these cybersecurity risks is critical for protecting business operations and securing sensitive data.

GNCU’s Vice President of Information Security, Stephen Root, and Information Security Analyst, Kira Luin, recently discussed strategies businesses can proactively adopt and deploy to defend against ongoing cyber threats. Below are their key takeaways—supported by the latest data—and actionable steps you can take to help your business safeguard its digital assets in today’s cybersecurity landscape.

1. Ransomware: Stop It Before It Spreads

The threat: Ransomware attacks are a leading concern for businesses. These attacks typically start with phishing or compromised passwords, allowing hackers to access an internal network, move laterally within it, and eventually encrypt files and applications. The result is often a ransom demand, leaving the impacted files locked by hackers until the organization pays to decrypt the affected data.

The facts: Ransomware attempts surged significantly in 2023, especially targeting industries reliant on digital systems.

Steps to Mitigate Ransomware:

  • Employee Awareness: Security training is essential to prevent phishing; train your team to recognize phishing emails and avoid dangerous clicks.
  • Multi-Factor Authentication (MFA): Enforce MFA and strong passwords for all systems to mitigate unauthorized access.
  • Network Security: Set up firewalls and monitor system logs to detect unusual activity.
  • Backup Systems: Keep air-gapped backups to prevent the loss of crucial data and set your business up for fast recovery options without paying cyber ransoms.

2. Business Email Compromise: Defend Against Deceptive Emails

The threat: Business Email Compromise remains one of the costliest cyber threats for businesses. In BEC attacks, cybercriminals often pose as company executives or trusted contacts to trick employees into transferring funds or sharing sensitive information.

The facts: Global phishing attacks grew by 58.2% last year, with finance and insurance sectors amongst the hardest-hit industries.

Strategies to Combat BEC:

  • Enhanced Email Security: Implement domain protections such as SPF, DKIM, and DMARC to prevent spoofed emails.
  • Training and Awareness: Educate employees on identifying phishing tactics, including impersonations, to reduce incidents.
  • Monitoring for Anomalies: Set alerts for changes to email forwarding rules (a common sign of unauthorized access) and monitor logs for other suspicious activities.

3. IoT Security: Minimize Your Vulnerabilities

The threat: The growing adoption of IoT devices introduces new vulnerabilities for many businesses. These devices often have insecure default settings and limited encryption, making them easy targets for cyber hackers.

The data: IoT devices are increasingly targeted as businesses adopt AI, which expands their digital footprint and can inadvertently expose vulnerabilities, specifically when targeted in phishing attacks.

Best Practices for IoT Security:

  • Secure Device Configurations: Change default passwords and disable unnecessary features.
  • Segment Networks: Isolate IoT devices from core business systems.
  • Prioritize Encrypted Products: Use IoT devices with built-in encryption and regularly update device software to avoid outdated vulnerabilities.

4. QR Phishing: Think Before You Scan

The threat: QR codes have become popular for quick and easy website access, but attackers have exploited this by creating malicious QR codes that direct users to phishing sites.

The trend: Experts note a growing trend in QR-based phishing scams, as attackers use QR images in emails or websites to bypass security filters.

Mitigation Tips for QR Phishing:

  • Verify QR Code Sources: Only scan QR codes from trusted sources.
  • Double-check URLs: Confirm that the URL matches the intended site before navigating.
  • Use a Secure QR Scanner: Mobile apps like Trend Micro QR Scanner provide additional safety by screening QR codes for potential threats.

5. Incident Response Plan: Be Ready to Act

The threat: Preparing for cybersecurity incidents can be the difference between a quick recovery and prolonged downtime. Fast, well-coordinated action during a cyberattack can save your business time, money, and its reputation. A strong and clear incident response plan (IRP) helps ensure your team knows what to do when an attack inevitably occurs.

The advice: Experts suggest that businesses regularly simulate phishing attacks to identify vulnerabilities, test their responses, and improve their IRP as real-world attacks become increasingly sophisticated.

Elements of an Effective IRP:

  • Preparation and Training: Ensure roles are defined and response teams are well-trained.
  • System Monitoring and Detection: Regularly review and analyze logs to spot issues early.
  • Containment and Recovery: Outline clear steps to isolate affected systems and recover data.
  • Clear Communication Protocols: Establish internal and external channels for quick updates and added transparency.
  • Post-Incident Analysis: Conduct a review to learn from each incident and improve your response strategy.

Cybersecurity Is an Ongoing Process

Building a secure business environment in today’s rapidly developing digital landscape is an ongoing commitment. Cybersecurity requires constant vigilance and regular updates. By implementing these measures, businesses can build a strong foundation for online security and protect themselves against emerging cyber threats.

At Greater Nevada Credit Union, empowering our employees and members with tips to stay safe and vigilant against these ever-evolving threats remains one of our top strategies for securing our assets and operations. The more you know, the better prepared you’ll be to protect yourself and your business from lingering cyber attacks.

How to Prepare Your Business for the Holidays

Working woman at gift shop. She is checking online shop with laptop and using mobile phone to receive new orders from customer.

The holiday season is a crucial time for businesses, especially for small businesses in Nevada. With increased consumer spending and the festive spirit, it’s essential to make sure your business is ready to maximize this opportunity. Here’s a comprehensive guide on preparing your business for the holidays to ensure you’re set for a successful season.

Plan Your Holiday Marketing Campaigns Early

The first step in preparing your business for the holidays is to start your marketing campaigns early. Develop a clear plan that includes special promotions, holiday-themed products, and engaging content. Utilize social media, email newsletters, and your website to spread the word. Consider collaborating with local influencers or participating in community events to increase your visibility. Explore free and user-friendly tools like Canva to create captivating and professional-looking content.

Stock Up on Inventory

Ensure you have enough inventory to meet the holiday demand. Analyze your sales data from previous years to predict which items will be popular. Don’t forget to consider any new trends or products that could be in high demand. Having adequate stock will help you avoid missing out on sales and keep your customers happy. If you need financial support for inventory, explore our Business Loans.

Enhance Your Online Presence

With more people shopping online, it’s vital to have a robust online presence. Ensure your website is user-friendly, mobile-optimized, and can handle increased traffic. Offer convenient online shopping options such as click-and-collect, and ensure your product descriptions and images are top-notch. Additionally, consider adding live chat support to assist customers in real-time, enhancing their shopping experience. Our Merchant Services can help streamline your online transactions.

Train and Prepare Your Staff

Your team plays a significant role in delivering excellent customer service during the busy holiday season. Provide training sessions to ensure they are prepared to handle the increased workload and customer inquiries efficiently. Consider hiring temporary staff if necessary to help manage the extra demand. Ensure everyone is familiar with your holiday policies, promotions, and any new products.

Create a Festive In-Store Experience

Decorate your store to create a festive atmosphere that encourages customers to shop and spend more time in your establishment. Play holiday music, offer complimentary refreshments, and organize special in-store events or promotions to attract and delight your customers. A warm, inviting environment can significantly enhance the shopping experience and increase sales.

Offer Attractive Promotions and Discounts

Holiday shoppers are always looking for deals. Plan out attractive promotions and discounts that will entice customers to choose your business over competitors. Consider bundling products, offering limited-time discounts, or providing free gift-wrapping services to add extra value. Highlight these deals prominently in your marketing materials and in-store displays to draw attention.

Communicate with Your Customers

Keep your customers informed about your holiday plans, special offers, and any changes in your business hours. Use email marketing, social media, and your website to communicate effectively. Personalized messages can make your customers feel valued and increase their loyalty to your brand. Additionally, consider sending holiday greetings and thank-you notes to show appreciation for their business.

Prepare for Post-Holiday Sales

The holiday season doesn’t end on December 25th. Be prepared for the post-holiday rush by planning end-of-season sales and promotions to clear out remaining inventory. This is also a great time to thank your customers for their support and gather feedback to improve for the next year. Offering incentives for future purchases can also encourage repeat business.

Optimize Your Shipping and Delivery Processes

Efficient shipping and delivery are crucial during the holiday season. Ensure your shipping processes are streamlined and that you have enough packaging materials and staff to handle the increased volume. Offer various shipping options, including expedited shipping, to meet customer needs. Clearly communicate shipping deadlines to avoid any last-minute issues and ensure timely delivery.

Monitor Your Finances

Finally, keep a close eye on your finances throughout the holiday season. Track your sales, expenses, and cash flow to ensure you stay within budget and meet your financial goals. Adjust your strategies as needed based on performance, and set aside some funds for unexpected expenses. A well-managed budget will help you navigate the busy season more smoothly. Our Business Checking Accounts can help you manage your finances effectively.

By following these tips, you can ensure that your business is well-prepared for the holiday season. Start planning early, stay organized, and most importantly, embrace the festive spirit to make the most of this profitable time of year.