Corporate account takeover. Phishing scams. Wire fraud. These are just a few of the cyber security threats businesses face every day. The consequences of a breech can be substantial, with recent reporting showing an average median cost of $30,000, while larger organizations have faced losses in the millions.

With these threats on the rise, it is more important than ever to protect your business against cyberattacks. At Platinum Bank, we have multiple products and processes in place to protect our clients’ data. Here are some steps you can take to protect your assets.

Banking Products That Protect against Cyber Security Threats

ACH Filter

An ACH filter prevents unauthorized debits from leaving your accounts. When you set up an ACH Filter, you create a list of pre-approved debits and credits. If any requested debits or credits fall outside this range, you are notified that your permission is required to proceed. That way, you have complete control over the money leaving your accounts. 

Positive Pay

Positive pay is a sister product to ACH filter. It works in the same way, but for written checks. You provide your bank with an approved list of checks to go out each month. If any activity falls outside the approved items, you make the determination if it should be paid or declined.

Out-of-Band Authorization for Wire Fraud Prevention

Out-of-band authorization protects your accounts against wire fraud. If your bank receives a request for wire funds transfer, out-of-band authorization requires the bank to confirm the transfer with you. They must contact you with the phone number on your bank account rather than any number provided in the wire transfer request. 

Processes and Policies That Protect against Cyber Security Threats

Multifactor Authentication

Multifactor authentication, also known as two-factor authentication, is an increasingly popular tool for protecting banking and other sensitive online accounts.

When you use multifactor authentication to access your online accounts, you will complete an extra step between logging in and accessing your data. Once you’ve provided your username and password, the system will send a verification code to you by email, text, or through an authenticator app. You need to enter that code to access your online accounts. Since it requires access to a separate account or a physical device, multifactor authentication provides very strong protection against cyber threats, so it is ideal to activate it whenever possible. 

Upgrade Passwords to Passphrases

When it comes to passwords, the longer and more complicated, the better. That is why many cyber security experts recommend upgrading passwords to passphrases. A good passphrase is long but easy for you to remember. The length will make it more difficult to bad actors to hack it.

Use a Password Manager

Another option is to use a password manager to randomize your passwords. These apps allow you to manage all of your passwords for all of your online accounts from a single dashboard. The manager can assign unique passwords made up of random letters, numbers, and symbols to your accounts. If you use a password manager, it is very important that you secure the manager with a strong passphrase and multifactor authentication. 

Perform Regular Cyber Security Audits

Annual outsourced audits of cyber security protocols are important components of any business’s cyber security plan. Many IT companies offer cyber security audits, where they run tests on security measures and even test employee compliance with cyber security policies.

How Platinum Bank Protects Banking Customers

Platinum Bank offers ACH Filter, Positive Pay, and out-of-band wire fraud protection to our clients. Internally, we implement and continuously improve on our own cyber security program, which includes automated processes to flag suspicious activity, dual controls for wire requests, and a multilayered security program. Our staff regularly participates in cyber security training to combat phishing attacks and other cyber threats.

At Platinum Bank, we are committed to keeping our clients’ data safe. Get in touch with us today to help ensure your business is protected.

Planning for 2021 may feel like a daunting task. Your team is working remotely, and 2020 has thrown a wrench in your strategic plans. Is it possible to be successful this year? Absolutely, if you focus on your people, remain adaptable, and embrace a growth mindset.

1. Focus On People

Business has always been about people, and 2020 was no different. In many industries, employees were empowered by the flexibility remote work provided. Where and how people work has changed dramatically over the last few months. As you plan for 2021, consider remote work arrangements a top perk for in your retention and recruitment efforts.

While remote work opportunities have a lot of upside, they also present challenges including fatigue and fragmentation. It can be difficult to find ways to motivate team members while they’re physically disconnected. Make sure your leadership team is deploying strategies for keeping your workforce engaged and inspired. This may include remote social outings and finding opportunities to celebrate shared successes.

2. Remain Adaptable

2020 has not been a typical year in any sense. This is especially true for entrepreneurs and business owners. Some organizations experienced rapid growth in 2020, while others struggled to overcome daunting challenges. In either case, using 2020 data to budget for 2021 may be misguided.

Consider reframing how you approach your 2021 budget. Plan for the long-term but focus on short-term objectives. Toss out rigid goals and benchmarks and embrace a more flexible approach. Build in the ability to take advantage of emerging opportunities and adapt to changing external forces. Acting quickly on an opportunity where your competitors may hesitate could help you capture market share.

3. Embrace Growth

For companies that have the desire and ability to pursue new business, opportunities will abound in 2021. Cultivate a growth mindset at all levels within your organization. Focus on small gains and avoid becoming distracted by the fluctuations in the larger economy. Consider building formal or informal partnerships with other business leaders you trust. Meeting regularly to share insights will help you find solutions to your challenges.

2021 will reward executives who pursue an aggressive growth strategy. Small businesses have the competitive advantage of being able to fail fast and adjust without being bogged down by bureaucracy. Pour energy into your people, remain adaptable, and embrace growth and 2021 will be a banner year.

Looking for help pursuing new opportunities in 2021? Let’s have a conversation about how we can work together to grow your business.