Business Banking

3 Ways to Protect Your Business from Hackers

Is your company safe from cyberattacks?

You don’t want your company to be the target of hackers.

From ransomware to phishing and data breaches, the prevalence and severity of cyberattacks are growing. And it’s not just large businesses that are under siege. Recent studies show that more than 20% of small- to mid-sized businesses have suffered at least one cyber incident in the past year, and over 50% have experienced a breach at some time.1

For many businesses, the impact can be devastating. The average cost of a cyberattack has exploded to nearly $200,000,2 and some 60% of small companies go out of business within six months of falling victim to a data breach or cyberattack.3

Here are three tips to help protect your business from hackers:4

  1. Assess your risks. There is a range of free tools available to small businesses through the Federal Communications Commission and Department of Homeland Security that can help you identify potential vulnerabilities and risks to your business, as well as reduce the risk of a supply chain attack.
  2. Use antivirus software and update it regularly. Antivirus software scans your files to find, block, and remove viruses and malware and prevent identity theft.
  3. Protect your data and secure your network. Regularly back up your files, automatically if possible, and store the back-up separately. If you have a WiFi network, make sure it is password protected, and safeguard your internet connection with a firewall.

As you develop your cyber defense strategy, remember that your Washington Trust Commercial Banker relationship manager is available to help you protect and grow your business.

1 The Sectigo® State of Website Security and Threat Report
2 Hiscox Cyber Readiness Report 2021
3 National Cybersecurity Alliance
4 Stay safe from cybersecurity threats, U.S. Small Business Administration. Retrieved 1/3/2022.

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