Data Privacy Day

Data Privacy Day, observed annually on January 28th, raises awareness about protecting personal and business information in our increasingly connected world. At Stellar Bank, we're committed to helping our customers safeguard their digital presence and sensitive data. Here's why Data Privacy Day matters and what you can do to protect yourself:

Cyber-attacks are one of the greatest threats to small businesses and the U.S. economy. The FBI Internet Crime Reportstates that the report of cybercrimes reached “potential losses exceeding $12.5 billion” in 2023 alone. Because small businesses usually lack the security infrastructure of large businesses, they are easier, more attractive targets.

When surveyed by the SBA, 88% of small business owners stated that their business was vulnerable to a cyber-attack. Small businesses often struggle with limited budgets that make professional IT services unaffordable, while time constraints and lack of technical expertise can make cybersecurity seem overwhelming. However, protecting your business doesn't have to be complicated or expensive – it starts with understanding basic threats and identifying your vulnerabilities so you can take practical steps to strengthen your security.

Common Cyber-Threats

The world of cyber-attacks is constantly evolving, so staying informed about the most common types is important. 

1. 1. Ransomware: A sophisticated form of malware that encrypts your files and demands payment for their release. Cybercriminals typically spread ransomware through:

1. 1. 1. 1. • Deceptive phishing emails with malicious attachments
            • Compromised websites
            • Security vulnerabilities in outdated software
            • Infected USB drives or external storage
   2. Identity Based Attacks: Attackers aren’t breaking in, they are logging in. In 40% of ransomware attacks, cybercriminals used legitimate credentials to gain initial access.  Weak or no credentials remain a key driver in initial access. A secure password manager should be used, and you should never write passwords down or store passwords in an unsecure document.
   3. Malware: Malicious software designed to infiltrate and damage computers, devices, and networks. It comes in many forms and can steal data, disrupt operations, or give unauthorized access to cybercriminals.
   4. Viruses: A type of malware that spreads by inserting its code into other programs or files. Like biological viruses, computer viruses replicate and spread across devices and networks, often lying dormant until triggered. They can steal sensitive information, corrupt files, or create backdoors for cybercriminals.
   5. Phishing: Using malicious emails that are disguised as legitimate in order to trick you into providing sensitive information or taking a potentially dangerous action. This could look like an email from your bank asking you to open an attachment to review some “suspicious” charges.
   6. Smishing: It’s like phishing, but through text messages [Short Message Service (SMS) phishing = smishing]. It could be an unexpected text message asking you to verify some information by opening a link.

Cybersecurity Best Practices

Protecting your personal and business financial information requires constant vigilance. Whether you're banking online, shopping, checking email or looking to safeguard your business, following cybersecurity best practices helps shield you from evolving threats. Here are essential resources you can explore to help strengthen your digital security:

• • Privacy Resources for Small Businesses from the National Institute of Standards and Technology (NIST)
  • A guide to online safety from the National Cybersecurity Alliance
  • Cybersecurity Best Practices from Department of Homeland Security Cybersecurity and Infrastructure Security Agency (CISA)
  • Cybersecurity tips for businesses and consumers from the Better Business Bureau
  • Cybersecurity tips for small business owners from the U.S. Small business Association  

> Learn more about how to ‘Take Control of Your Data’ during Data Privacy Week from the National Cybersecurity Alliance.

Stellar Bank Can Help Protect Your Data

Stellar Bank is committed to protecting you and your business's information —as well as arming you with the information you need to fight fraud. Read our Defending Your Small Business Against Cyber-Attacks and explore our personal and business fraud protection solutions.

Our dedicated team of bankers are here to help you, and your business thrive. 

Connect with a Stellar banker to get started.