The Single Most Dangerous Assumption Businesses Make About Bank Security...That Can Cause Them To Lose ALL Their Money 

Here’s a shocker to most business owners.

Your bank often can NOT reclaim money stolen from your bank account due to fraud or cyber-crime. That means if money gets drafted from your business bank account from a hacker, phishing attack, identity theft or by any other means, you have little to no chance of getting it back.


This often comes as a surprise to businesses who think the FDIC will “save” them from getting their accounts wiped out, and can get the money back once taken. The reality is that the FDIC insurance is to protect you from bank failure, NOT fraud.  So if your debit card or account information gets accessed by a hacker and you don’t notice it within the same day, you can pretty much kiss that money goodbye.


Recent studies have shown that 83% of small businesses take no formal measures against cyberthreats even though almost half of all attacks are aimed at them.     
Here are 6 essential steps you can take right now to protect your business:

1. Enforce A Strict Company Password Policy.  This is a simple step, but it is still violated by many companies every day.  Make sure that you and your employees change passwords regularly, don’t use the same password for all accounts and require complex passwords.


2. Set Up A Firewall.  Small business owners tend to think that because they are “just a small business”, no one would waste time trying to hack into their network.  The fact is that hackers will target the weakest link.  Without a firewall, that “weak link” is YOUR company.


3. Designate A Banking-Only Computer.  Banking fraud is one of the biggest threats to small business.  According to the AFP Payments Fraud and Control Survey, sponsored by J.P. Morgan, 74% of businesses experienced payment fraud (or an attempt at fraud). By using a single computer solely dedicated to online financial transactions (no e-mail, web-surfing, Facebook, YouTube, etc.) it’s much harder for outsiders to gain access to your information. 

4. Use Credit Not Debit – Never and I repeat never use your debit card for on-line purchases for your business or yourself.  Period.  If you have in the past, go to your bank and get a new debit card and don’t use that card for anything that you order on line.

5. Back Up Your Files Daily.  It just amazes me how many businesses never back up their computer network.  You can lose data as well as money in a cyber-attack.  Thanks to many new cloud based technologies, you can even schedule offsite backups to occur automatically.  If the data in your business is important to you, make sure that you have more than one copy of it.


6. Educate Employees.  You staff is the first line of defense AND your biggest security hole at the same time. Uneducated employees are one of the most common causes of data breaches.  Make sure that they are aware of the do’s and don’ts for your company with regards to data security.

There is a multi-prong approach to protecting your business assets.  If you need assistance creating a strategy that works to truly protect your business, we can help.


About Tech 2020 Solutions
Tech 2020 Solutions offers complete turnkey solutions for the technologies that drive your business, stores and secures your data and helps you communicate in and outside of your company.

Offering multiple levels of on-site and remote support, monitoring and maintenance for your data, IT, phones and peripheral equipment needs including: general IT Support and Services, Cloud Storage and Applications, Network Security, Back Up, Mobile Solutions, VoIP Phone Systems, Unified Communications, Business Continuity, Disaster Recovery and other Scalable Technologies.


Visit www.Tech2020solutions.com to learn more about Tech 2020 Solutions, or call 516-876-8761 or email info@Tech2020solutions.com.

Power Up with John Hassler is a blog distributed by Tech 2020 Solutions, and written by John Hassler, President and Founder of the company.  To reach John, contact him at 516.876.8761 or via email at news@Tech2020solutions.com. Connect on Linked In and Facebook.