Cybersecurity Practices To Fend off Business Fraud

Rockland Trust recently hosted a webinar to help businesses prevent fraud attacks using cybersecurity strategies. This virtual event couldn’t have been more timely, as recent data reveals just how frequently business fraud occurs and the devastating consequences it can have on organizations and employees. In fact, according to PwC’s 2022 Global Economic Crime and Fraud Survey, 51% of the organizations they surveyed experienced fraud in the past two years. So, what can businesses do to protect themselves?

Kevin Ricci, Partner at Citrin Cooperman, joined Stacey Coyne, VP, Institutional Banking and Treasury Management Team Leader at Rockland Trust, for an interactive conversation on the current cybersecurity landscape and how businesses can take action. We recommend watching the full video for more context, details and visuals.

Here are a few topline takeaways to protect your business and avoid becoming a fraud statistic:

• Cybercriminals aren’t choosy. Businesses in all industries and of all sizes experience fraud attempts. That’s why it’s so important to stay vigilant and know what steps to take to successfully ward off threats.
• Threat actors fall into different categories and have different motivations. “Social engineering” attacks, or those that hinge on human interactions and error, are especially common (and particularly dangerous).
• The first 24 hours after a financial fraud attack are critical. After this period of time, it becomes much harder for financial institutions to recover lost funds.
• When it comes to combatting fraud, it’s always best practice to double-check. Be sure to call to verify people’s identity and intentions, and don’t hesitate to follow your instincts when things seem fishy. It’s always better to be proactive than be forced to be reactive!

8 Ways to Protect Your Business From Fraud

Taking the time to become cyber-aware and implement preventative strategies is well worth it considering what’s at stake: your business’ finances, reputation and time.

If you’re interested in getting a better handle on where your business may have cybersecurity gaps, contact Kevin Ricci at kricci@citrincooperman.com for a 50% discount on the SCORE Report risk assessment. You can also contact a Treasury Management Officer at RTCCashManagement@RocklandTrust.com to discuss solutions to layer your security and safeguard your hard-earned funds.