Stay safe this holiday season: Protect your business from cyber threats & scams
As the holiday season approaches, we know many of you are gearing up for well-deserved breaks, festive celebrations, and some much-needed time with family. However, it's also the time of year when cybercriminals become especially active, using the holiday rush to target businesses with scams and fraudulent activity.
Common scams to watch out for
Phishing emails and fake invoices
Be extra cautious of emails that seem urgent or too good to be true, especially those claiming to be from suppliers, partners or commonly the IRD. Scammers can sometimes intercept invoices and change the bank account numbers on invoices to trick you into paying money into the wrong account.
Always verify the sender’s email address and, if in doubt and if there has been a change in bank account on an invoice, always call your supplier to confirm over the phone.
Fake gift card scams
Cybercriminals may impersonate people you know, requesting that you purchase gift cards for employees or clients. These emails or messages may look legitimate, but the key is that they often demand urgent action or secrecy. Always confirm any such requests by calling the person directly using a known number, rather than replying to the email or message.
Ransomware attacks
Cybercriminals often take advantage of businesses being understaffed or distracted over the holidays to launch ransomware attacks. These attacks can lock you out of your systems and demand a ransom for access. Keep your financial records and accounting software securely backed up and ensure any cloud accounting platforms are using multi-factor authentication.
Top tips to stay safe
Verify all payments
Double-check invoices and payment requests. If something seems off, pause and confirm directly with the supplier or your accountant.
Update your software
Ensure that your business's systems, (including accounting software), firewalls, and anti-virus software are up-to-date. Many breaches happen due to outdated systems with known vulnerabilities.
Use strong, unique passwords
A good password can make all the difference. Use strong passwords for online banking, accounting platforms, and payroll logins by using a combination of upper- and lower-case letters, numbers, and symbols. Avoid using the same password across multiple accounts and change these passwords regularly. A secure password management software can make this easier for your team.
Educate your team
Make sure everyone handling accounts or payments understands the warning signs of scams and what to do if something looks suspicious. Prevention is the best line of defence.
Enable two-factor authentication (2FA)
If you haven’t already, implement 2FA on your on your accounting software and banking portals. This adds an extra layer of security beyond just your password.
Backup your data
Keep secure backups of financial and business data, ideally both in the cloud and locally. This helps ensure your records and your accounting systems can be restored quickly if something goes wrong.
Stay safe and financially secure
The holidays should be a time for rest and celebration, not for dealing with cyber scams. Taking a few simple precautions now can protect your business, your finances, and your peace of mind through the busy season and beyond!