With the increase in online business operations and employees working from home, companies are at greater risk of internet fraud. To help keep your business from what could be a potentially ruinous incident, follow these tips.

Perform Employee Background Checks

Even with all the security measures listed below, your business can still fall victim to fraud if you hire someone who engages in criminal activity. It’s smart to do your due diligence when hiring and check references as well as perform background checks on candidates.

Invest in Secure Equipment for Employees Working Remotely

Whether you have employees working from home full time or just now and then, you want to make sure they’re not accidentally leaving your business open to fraudsters and other criminals. Rather than having workers use their personal computers and phones, it’s better to provide them with the equipment they need, such as:

• Laptops
• Mobile phones or tablets
• Printers
• Internet access
• Paper shredders

Educate Workers About Common Scams

Often businesses become fraud victims via phishing emails and other common scams. Teach your staff about these attempts to steal passwords or client data. When in doubt, never open or answer suspicious emails or other online solicitations that could contain malware, viruses, ransomware, and the like.

Separate Bank Accounts

Always keep your business accounts separate from your personal banking. This way, if your business account is compromised, it won’t affect your ability to pay your personal bills. Even better, open both checking and savings accounts for your business, and move excess money into savings or similar secure locations, so if your checking account is compromised, the bulk of your money remains safe.

Consider a Dedicated Computer for Banking and Financial Transactions

If you have the budget or a computer to spare, always use the same computer when performing online banking and other financial transactions, and don't use that computer for other functions like email or social media. Change the passwords frequently, and limit who has access to that computer.

Make Your IT Infrastructure Secure

Once you get your online system set up, it may be worth it to hire an IT consultant (if you don’t have someone in-house) to check your cyber security. Consultants in IT security can evaluate and set up protocols for:

• Passwords
• System updates
• Firewalls
• Anti-virus, malware, and spyware software
• Data backups
• Customer information storage

They can detect places where your business is weak to prevent an attack before it happens.

Carry Cyber Insurance in Case of Emergencies

Even with the best of care, sometimes a cyber emergency can occur, whether through hacking, a data breach, ID theft, or a natural disaster. Cyber insurance can help protect your business in these instances. To start a cyber insurance policy or review your business insurance coverage, call Erik L. Anderson Insurance Agency at 410-686-5400, or get in touch online so we can tailor coverage to your business.