Business Banking Security Best Practices
Following basic sound security practices is your best defense against cyber crimes. While Frontier Bank cannot replace your IT professional, implementing these practices will help protect your business computer systems from a possible cyber attack. Please defer to your IT professional to best manage your business' computer operating system.
Update Virus Protection and Security Software
Ensure that all anti-spyware, anti-malware, spam filters, firewalls, and security software on all workstations, including laptops, used for your online banking and payments are robust, and kept up-to-date. All desktops, laptops, and servers should also be updated with the necessary security patches from the operating system vendor. Use the options in your security software to run scans and load updates automatically.
Establish Dedicated Workstations
If possible, restrict the use of certain workstations and laptops to be utilized solely for online banking and payments. Malicious software that enables cyber criminals to hijack online banking sessions and other nefarious activities is frequently introduced into a computer through innocent looking spam e-mail, e-mail attachments, or hyperlinks. Therefore, a dedicated workstation that is never used for e-mail or web browsing is much less likely to encounter malicious malware.
Use Robust Authentication Methods
Set up methods to access your online accounts via multi-factor authentication (e.g. something you know and something you have, such as a token or other similar device). Use strong passwords which include a combination of numbers, letters, and symbols. Passwords should be unique to each user and should be changed frequently to make it more difficult for intruders to access your data.
Initiate Payments Under Dual Control
Ensure that all payments, such as ACH originations and wire transfers, are initiated from your bank accounts only after the authorization of two employees. For example: one employee creates the payment file and a second employee authorizes the release of the file. Out-of-band confirmations, such as an email or phone call, should also be established to validate these types of sensitive transactions.
Monitor and Reconcile Accounts Daily
Monitor and reconcile your accounts daily against expected credits and withdrawals. Set up readily available Account Alerts to notify you of important activity, such as significant account balance fluctuations. If unexpected activity is seen on your account, notify the bank immediately. In addition, Frontier Bank offers several fraud protection products. Positive Pay is an online tool that can help your business reduce check fraud and check errors. For more information please click here.
Protect Your Data
Encryption should be part of a broader security policy that your business should implement and enforce in order to ensure that all sensitive data is protected from unauthorized access or theft. It is also important to protect data from loss by regularly backing up critical data and storing extra copies of this data off site. Since it is easy for storage backups to get lost, stolen or harmed in transit, encrypting these backup copies is also a good idea. In addition, you should be mindful of extra physical security considerations for laptops, PDAs, and other portable devices which are popular targets of thieves.
Have a Response Plan Ready
Have a plan ready to identify and respond to breaches in your security systems. Educating your employees on what to do, including immediately notifying Frontier Bank should be at the top of your plan.
Stay Informed On Curent Threats and Best Practices
For additional information on ways to take proactive, strategic steps to protect your business data please refer to the Better Business Bureau publication: Data Security Made Simpler. It's written specifically for small business owners, focusing on the most common data security issues small business owners face. We encourage you to download this material and incorporate these guidelines into your normal business practices. http://www.bbb.org/data-security/Data_Security_Made_Simpler.pdf.
To help businesses evaluate the effectiveness of their security program, Frontier Bank has developed an easy self assessment test. To access the Business Banking Security Self Assessment click here.
Additional resources for staying current on threats as well as information for signing up for alert services can also be found at: