EXPERT ADVICE: FIVE WAYS YOUR BANK CAN PREVENT FRAUD!

BY BOX LAKE NETWORKS - A KBA ENDORSED VENDOR!

Following these cybersecurity recommendations isn’t just a good idea – it’s often a must-do if you want to have cyber insurance coverage and keep your regulators happy. These practices aren’t just about staying safe from fraud; they’re about showing that you’re serious about protecting your data and systems. Insurers and regulators usually insist on these practices because they improve your defenses against cyberattacks, lower your risks, and keep you in line with industry regulations. Sticking to these guidelines is essential for keeping your network secure and meeting the expectations of both insurers and auditors.

1. Implement Multi Factor Authentication

MFA adds an extra layer of security by requiring users to provide multiple forms of verification before gaining access to their accounts or systems. This additional step significantly reduces the risk of unauthorized access, even if passwords are compromised through phishing attacks or data breaches. By adding a mobile device notification or security token MFA drastically enhances security against cyber threats, brute force attacks, credential stuffing and account takeovers.

2. Use a Password Management Tool

Everyone knows the importance of unique and strong passwords - but how do your employees keep up with their passwords? Even if your passwords are unique and complex, storing passwords incorrectly can create a risk for fraud. Password databases and password managers are tools to combat this risk. Password databases provide a secure and organized way to store and manage numerous passwords for various accounts. Password managers not only generate and store complex passwords but also offer features like encryption, multi-factor authentication, and secure sharing, to enhance overall security. By utilizing these tools, organizations can better protect their digital identities, confidential data, and financial assets, contributing to a safer and more resilient network.

3. Phishing Testing and Training

One wrong click can impact your business, even if you have appropriate security measures in place. Employee susceptibility to phishing attacks can be significantly reduced through testing and training solutions. These solutions mimic real phishing scams and monitor how employees react to potentially dangerous emails. Successes or failures by those receiving these test emails provide learning opportunities that can arm your employees with the knowledge to spot real phishing emails.

4. Enhanced Security (SIEM, MDR, XDR)

Staying one step ahead of fraud demands proactive measures and advanced security precautions, so here come the acronyms. Implementing robust solutions like Security Information and Event Management (SIEM), eXtended Detection and Response (XDR), and Managed Detection and Response (MDR) can significantly strengthen a company’s defense against evolving threats. These technologies offer real time monitoring, threat detection, and rapid response capabilities, enabling your bank to detect suspicious activities and breaches before they escalate into a crisis. By embracing advanced security measures, your bank can proactively protect against fraudsters aiming to exploit vulnerabilities.

5. Create and Maintain an Accurate Asset Inventory

Maintaining an up to date inventory of everything on your network serves as a vital defense against fraud by providing comprehensive visibility and control over your whole system. With a clear understanding of everything that touches your network you can promptly identify any unauthorized or suspicious activities. When remote monitoring and management tools are put in place, they offer a proactive approach to threat detection. This proactive approach enables swift detection of threats and fraud such as rogue devices or unauthorized access attempts. These inventories also serve to ensure that software updates and patches are applied promptly, reducing the risk of exploitation.

Box Lake Networks is proud to have been endorsed by the Kentucky Bankers Association for IT Managed Services for 5 years. We partner with numerous banks throughout the state to provide either full or partial management of their IT infrastructure. Our primary goal is to deliver high-quality support solutions and consulting services that align with banking regulations, ensuring seamless operations for your bank. We offer solutions for all of the fraud-prevention strategies listed here and would be happy to talk to your bank about proactively preventing fraud.