One type of breach is called Corporate Account Take Over (CATO). CATO is a form of business identity theft where cyber thieves gain control of a business’ bank account by stealing passwords and other credentials in an attempt to divert funds.
Cyber thieves usually obtain passwords by initiating a fake email requesting wire or ACH transactions. Thieves portray themselves as a Bank representative or business owner and direct an employee to change account information.
There are many ways to protect your business from this type of cyberattack, with the top 6 listed below.
- Be aware that Wisconsin River Bank will never send an email requesting a wire or ACH transaction.
- Update your software, including apps, web browsers, and operating systems, at least updating annually or whenever prompted.
- Back up important files offline, either on an external hard drive or in the cloud, and store paper files securely.
- Password protect laptops, tablets, and smartphones to keep fraudsters out.
- Encrypt devices and other media that have sensitive personal information.
- Implement multi-factor authentication to access computer networks, critical business
apps, smart phones, and laptops.
Other steps to protect your business include training staff on the proper use of passwords, having a plan in place to protect data, and implementing employee procedures to verify the validity of information requests from third parties.
We have many resources available to help protect your business. For more information, please contact us.