Take a Bite out of Cybercrime: Proven Strategies to Protect Yourself and Your Business

As cyberattacks grow in sophistication and frequency, it’s essential for consumers and business owners alike to double their efforts to protect themselves from bad actors.

The digital landscape is increasingly riddled with risks, from identity theft and financial fraud to costly cyberattacks. In fact, 2023 saw the highest number of breaches ever, with 3,205 publicly reported data compromises impacting 353,027,892 individuals—a 78% increase over 2022, according to the Identity Theft Resource Center.

Additionally, the global cost of cybercrime is expected to reach $9.2 trillion in 2024—a staggering $1 trillion more than last year. What’s more, analysts expect the figure to jump to $13.8 trillion by 2028. According to the U.S. Small Business Administration, nearly 88% of small business owners say they feel vulnerable to cyberattacks, but many lack the resources to implement advanced cybersecurity tactics.

The good news is that many cybersecurity principles apply universally. By adopting effective security practices in your personal life, you flex the muscle it takes to enhance defenses in your work life, too—whether you’re shopping online, managing sensitive business data, or handling other digital activities.

Cybersecurity action plan: Six keys to foster personal and business safety

In the digital age, strategies to protect your personal information can be adapted and scaled to safeguard your business, too. Here are six ways to help protect yourself and your business from cybercriminals:

1. Fortify your digital fortress

• At home: Use strong, unique passwords. Example: “Tr0ub4dor&3” is strong, “password123” is not. Change passwords regularly, too—every 120 days is recommended. Enable multifactor authentication whenever possible.
• In business: Protect business data with an enterprise password manager to securely manage hard-to-guess passwords within your team, and be sure to use a virtual private network (VPN) to create secure connections.

2. Stay alert to phishing and social engineering

• At home: Verify senders before responding to any email requests. Hover over email addresses to check for suspicious domains. Be wary of urgent requests or too-good-to-be-true offers.
• In business: Conduct regular phishing simulations to test and train employees. Implement DMARC, SPF, and DKIM email authentication protocols to prevent email spoofing.

3. Keep your systems updated and backed up

• At home: Set up automatic updates on all devices. Use reputable cloud services like Google Drive or Dropbox for continuous backup.
• In business: Implement a patch management system to track and apply updates across business systems. Use the 3-2-1 backup rule: 3 copies of data on 2 different forms of media, with 1 copy offsite.

4. Secure your financial footprint

• At home: Monitor your bank and credit card statements for suspicious activity. Set up alerts for all financial transactions above a certain threshold.
• In business: Keep payment systems separate from your everyday internet activities. Establish checks and balances for financial transactions using tools like transaction limits and secondary approval steps. Take advantage of security features like out-of-band verification.

5. Control access to sensitive information

• At home: Be cautious about sharing personal information online. Regularly check your credit report for signs of identity theft. Review privacy settings on social media accounts. Use a VPN when accessing sensitive data on public Wi-Fi.
• In business: Implement the principle of least privilege: Give employees access only to what they need, using role-based access control for business systems and data and conducting regular permissions audits. Use mobile device management solutions to secure company data on employee devices.

6. Stay ready with an action plan

• At home: Know how to report identity theft and financial fraud. Keep a record of important accounts and contact information in a secure location, such as an encrypted digital copy, for easy access if originals are compromised.
• In business: Develop and regularly test a business continuity plan that includes cyber incident scenarios. Consider investing in cyber insurance to help mitigate potential financial losses from a breach or hack.

Take charge for a safer digital future

The cybersecurity philosophies you embrace at home and in your business can help protect all the data you touch. As cyberthreats evolve, so should your defenses. Stay informed, continue learning and remain vigilant—and you can help safeguard your data while fostering a safer digital space for all.

Ready to step up your cybersecurity defense?

• Get more advice on personal information protection from the FDIC.
• Read the SBA’s top cybersecurity tips for small businesses.
• Protect your business accounts with Byline’s fraud and risk management solutions.