Busey Bank | Insights for Ransomware Awareness Month: Protecting Your Business

In 2024, a staggering 65% of financial organizations worldwide reported experiencing a ransomware attack, highlighting the pervasive threat this cybercrime poses to businesses across all sectors. During Ransomware Awareness Month this July, it's imperative for business owners to understand the nature of ransomware, implement protective measures and recognize how partners like Busey Bank can assist in safeguarding their operations.

What Is Ransomware and Why Should Businesses Be Concerned?

Ransomware is a type of malicious software that encrypts a victim's data, rendering it inaccessible until a ransom is paid to the attacker. These attacks can cripple business operations, lead to significant financial losses and damage reputations.

Additionally, attackers are increasingly targeting backups during their assaults. In 2024, 90% of financial services organizations hit by ransomware reported that cybercriminals attempted to compromise their backups, with nearly half of those attempts being successful. This trend underscores the evolving sophistication of ransomware tactics and the critical need for robust cybersecurity strategies.

Proactive Measures to Shield Your Business

To mitigate the risk of falling victim to ransomware, business owners should consider the following strategies:

1. Employee Education. Regularly train staff to recognize phishing attempts and suspicious activities. Human error remains a leading cause of data breaches.
2. Regular Backups. Implement the 3-2-1 backup strategy: maintain three copies of your data, on two different media, with one copy stored offsite. Ensure backups are encrypted and tested regularly.
3. System Updates. Keep all software and systems up to date to patch vulnerabilities that could be exploited by attackers.
4. Access Controls. Limit user access to only the data and systems necessary for their roles. Employ multi-factor authentication to add an extra layer of security.
5. Incident Response Plan. Develop and routinely update a comprehensive incident response plan to ensure swift action in the event of an attack.

How Busey Supports Your Cybersecurity Efforts

At Busey, we understand the critical importance of protecting your business from cyber threats. Our commitment includes:

1. Secure Banking Solutions. We offer secure online and mobile banking platforms with advanced encryption and authentication measures to protect your financial transactions.
2. Fraud Monitoring. Our systems continuously monitor for unusual account activity, enabling prompt detection and response to potential threats.
3. Business Education. We provide resources and workshops to educate our clients on best practices for cybersecurity and fraud prevention.
4. Customized Support. Our team works closely with you to assess your specific needs and recommend tailored solutions to enhance your cybersecurity posture.

Partnering for a Secure Future

Ransomware poses a significant threat to businesses, but with informed strategies and the right partnerships, you can fortify your defenses. This Ransomware Awareness Month, take proactive steps to protect your business and reach out to us to learn how we can assist in securing your operations.

Busey’s Treasury Management team brings a wealth of expertise and experience to the table, offering tailored solutions designed to enhance your organization's security. To learn more about how Busey can help you safeguard your business, visit busey.com/treasurymanagement.

If you are already a Busey customer, please contact your Busey Relationship Manager or Treasury Management Specialist with any questions or for additional details on our fraud protection solutions. You can also check out Busey’s Fraud Prevention FAQs in order to learn more about how to protect yourself, your information and your business from fraudulent activity.