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Protect Your Business from Ransomware

Cash Management | Fraud Prevention

Updated June 8, 2021

Ransomware is a type of computer malware that blocks access to a victim’s data unless a ransom is paid, typically in bitcoin. The most common targets for Ransomware have been small-to-medium businesses, school districts, municipalities, healthcare agencies, and financial institutions. Ransomware attacks have become more frequent, with the number of attacks increasing nearly 200% since 2017.

Ransomware can be the result of many different things, but often, it comes from a phishing email, a malicious download or vulnerability related to out of date software. Awareness is key to prevention.

To protect your company’s systems, consider the following best practices:

  1. Do not click on suspicious links and do not download unknown software.
  2. Install virus protection and keep software up to date.
  3. Verify that a backup of critical data is stored at a separate location.

Additional steps will help your business to respond quickly should a Ransomware attack occur:

  1. Establish an Incident Response team to coordinate regaining access to your systems and data.
  2. Invest in Cyber Insurance in the event that an attack does happen. Report the incident to the authorities.

To help keep your information secure, please follow these tips:

  1. Instead of clicking on a link in an email, open a new internet page and type in the website.
  2. Double check any requests for information:
  • Is the email address johnsmith@gmail.com or johnsm1th@gmail.com or johnsmitth@gmail.com?
  • Does the request sound reasonable?
  • Is there a sense of urgency or a threatening tone used in the request?
  1. Avoid disclosing any unnecessary personal information. This info can be later used in a targeted phishing attack sent to you to make it sound more believable so you’ll click on a link and download malware.
  • Some messages are made to look like they are coming from your bank. The Bank will never ask for your password in an email, text, or voicemail. Never provide your password to anyone via email, text, or voicemail.
  1. When in doubt about a request received via email, text, or voicemail, call the person back at a known number to verify the request. Do not rely on a phone number provided in an email or text.

Helping you protect your financial information is important to us. For additional information on ways to prevent, detect, and respond to threats to your accounts, please visit: EnterpriseBanking.com/security.

If you would like to speak to an Enterprise Banker about Cash Management products and services to further help protect your business, please call us at 877-671-2265

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