Ignoring these 4 critical steps leaves your company vulnerable to a cyber attack

Here is a sobering truth: 95% of cyber attacks can be traced back to human errors. The more employees you have, the higher your risk of this happening Victims of cybercrime. We all imagine Legion Hackers Trying to rip through our firewalls, and yes, occasionally, some will get through. But the more-common truth is that unsuspecting employees unknowingly give those cybercriminals access to corporate systems and data, or they are influenced by these hackers to take dubious (or illegal) actions.

Even worse are the deliberately deceptive actions of the men sitting between the keyboard and the chair. Some employees try to cheat the system by changing amounts, bank account details or other data to benefit their personal financial situation. Then, there are other outsiders, such as when a supplier or partner sends the company forged or altered documents, such as fake bank account details or vendor invoices with incorrect amounts.

None of these incidents is an indictment of company leaders, security practices or judgment. They only show that technology alone cannot stop everyone cyber attack. the key to Maximum protection And reducing exposure to these attacks is about combining technology with the human touch.

Related: Cybercrime will cost the world $8 trillion this year – your money is at risk. Here’s why prioritizing cybersecurity is critical to reducing risk.

1. Secure data starts and ends with humans

Many cyber attacks succeed for simple reasons but Preventable human error or an inappropriate reaction stem. For example, an employee can reveal a username and password after clicking a link in a Phishing email. They may open an email attachment that inadvertently installs ransomware or other similarly destructive malware onto the corporate network. Or they can choose easy-to-guess passwords. These are just a few examples that can allow cyber thieves to attack.

to reduce Human error-related risksConsider implementing the following steps to ensure your business remains well protected.

• Strengthen employee awareness and training: Organize periodic training on Cyber ​​Security Best Practices, recognizing phishing emails, avoiding social engineering attacks and understanding the importance of secure data handling. In 2022, around 10% of cyber attack attempts were foiled Because employees reported them, but they can report such attempts only if they recognize them.
• Create a culture of safety: Ensure that everyone in their role is actively protecting company assets by promoting open communication about security issues, recognizing employees who demonstrate sound security practices, and including security in performance evaluations.
• Use more stringent access controls: Access controls limit who can see or change sensitive company data and systems. Enforcing “principle of least privilege” access controls and educating employees about the risks of account sharing can limit unauthorized access and data leaks.
• Use a password manager: Strong passwords are difficult to crack but challenging to remember. Password manager software can create and store hard-to-guess passwords without users having to “write them down.”
• Enable Multifactor Authentication (MFA): MFA adds an extra layer of security by requiring an additional verification method — such as a fingerprint or one-time code — in case a bad actor steals an employee’s password.
• Apply fraud detection procedures to incoming documents: These processes attempt to identify forged documents (such as fake invoices) before the receipt is processed.

2. Reduce exposure to cyber attacks and fraud with technology and automation

While most cyber attacks lack awareness, training, validation and procedures for success, you still need technical barriers to keep determined hackers out of your systems. Finance and accounting offices are top targets for cyber attacks and FraudstersAccounts Payable (AP) systems are therefore prime targets if they gain access.

in fact, 74% of companies Tried or actual experience Payment fraud. Accounts Payable fraud exploits AP systems and associated data and documents with malfeasance such as:

• Creating fake vendor accounts and fake invoices for them.
• Changing payment amounts, banking details or dates on valid invoices.
• Tampering with checks.
• Reimbursement of fraudulent expenses.

Related: What is Phishing? Here’s how to protect against attacks.

3. Keeping bad people away

Of course, you want your IT department to use technology to thwart unauthorized attempts to access networks and systems in the first place. In addition to the venerable firewall, some trusted systems include:

• Intrusion Detection and Prevention System (IDPS) Monitors network traffic for malicious activities or policy violations and can automatically take action to block or report these activities.
• Artificial Intelligence (AI) Using machine learning algorithms to analyze volumes of data, identify patterns and make predictions about potential threats plays a significant role in cyber security. It can identify attack vectors and respond to cyber threats quickly and effectively in a way that humans can’t match.
• Data encryption Ensures that only authorized parties with the correct decryption key can access file content, protecting sensitive data at rest (stored on devices) and in transit (over the network).

4. Protection against insider fraud

Whether a cybercriminal gets past all those hurdles or an unscrupulous employee turns to AP fraud, various types of automation can detect and prevent cyberattacks from succeeding.

• Automated monitoring of employee activities: This Can help identify suspicious behavior and potential security threats. The software tracks user activity, analyzes logs for signs of unauthorized access, and regularly audits user access rights. Of course, employees should know that they are being monitored and to what extent.
• Automating the payment process end-to-end on a single platform: It takes human error (and human malice) out of the equation, unless there are exceptions. Encrypted receipt/intake of electronic invoices from suppliers, automated matching of invoices to orders, and electronic payments — all without human intervention — are examples of how automation eliminates the opportunity (and temptation) for AP fraud.
• Document-level change detection takes this security a step further: This automated technology can detect when an insidious cyberthief with access to underlying systems attempts unauthorized access to, changes to, or deletes sensitive documents, including orders, invoices, and payment authorizations. These tools alert administrators and provide detailed audit trails of document activity, helping to detect and prevent AP fraud, whether from outside or inside.
• Finding Unusual Data Patterns: Alert AP staff to investigate further before allowing invoice processing and payment. Using machine learning and AI, automated systems can compare data with historical data, flag suspicious changes in bank details, the seller’s legal name and address, and unusual payment amounts.

Related: How AI and machine learning are improving fraud detection in fintech

It is almost impossible to completely protect yourself against cyber theft and AP fraud, especially when most of the vulnerabilities and faults are human. You should focus your security efforts on the perfect balance between sophisticated technology and the humans between the keyboard and the chair. Proper and consistent training can reduce the human errors that allow cyber attacks to succeed. And technology and automation can help prevent attacks from reaching people in the first place. But the right combination of the two, however, is the key to defeating fraudsters.