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Risky Business: Protecting Your Family Business from a Cyber-Attack

This blog post is inspired by a FBN-NA webinar, Cyber Threats: Could Your Family Be Hacked? The speaker of the webinar, Edouard Thijssen, highlighted important things you should know about cyber security, and we figured we’d share them with you. 

A cyber-attack is an attempt by hackers to damage or destroy a computer, computer system or electronic communications network. Identity theft, fraud, viruses, website defacement, and intellectual property theft are just a few of the crimes committed by cyber-criminals. For family businesses, cyber-attacks pose a very real threat. Our guidelines below give a snapshot of how to protect both yourself and your family business.

Simple Steps to Protect Your Information

Passwords
If you’re someone who uses the same password for multiple accounts, or even different variations of the same password, then you should probably rethink your strategy. Trust me, I get it. Using the same password is convenient and easy, but doing so puts you at high risk for an attack. If you have trouble keeping track of different passwords, try to keep a small pocketbook of them. For a safer method, use a virtual password manager. This article by pcmag.com shows you the best password managers out there.

Sharing Private Files
Be careful what you share over e-mail. You’re an easy target for cyber-criminals if you rely on e-mail to share important documents like the minutes from your family meetings, financial records, or other sensitive info. Instead, share private documents safely and easily using a file-sharing service like dropbox.com.

Unfamiliar Social Media Invites and E-mails
Before clicking “accept,” take a few moments to make sure that the person who just sent you a friend request is actually who they say they are. Google them and confirm their identity. If they have no mutual connections with you, be wary. If you receive unfamiliar e-mails, surveys, or messages with strange attachments, take caution before opening them. Viruses are often attached to suspicious e-mails, and opening them could give hackers the access they need to steal your information and use your account to hack other people. Be sure to think before clicking on strange looking links from people you know, as they may have been hacked.

Taking Further Initiative

  • Assign the family member with the most knowledge of cyber security to the role of Chief Security Officer. This doesn’t have to be a full-time position, but rather one that implements regular reviews of cyber security within the family business. IT consultants can also be hired to help with cyber security.
  • Assess the potential risk that a cyber hack poses. What information are you trying to protect, where is it stored, and who has access to it? Asking these questions will make protecting your family business more focused.
  • Make cyber security part of your company culture. Develop a cyber security plan and policy, and keep all family members informed through training sessions and regular security checks. If the entire family business is proactive in regards to security, you’ll be able to better protect your information.

If you do experience a cyber attack, make sure to address the situation immediately. Figure out the extent of the damage, and then take the necessary steps to fix the problem. Our upcoming June 4-5 conference, From Risk to Resilience, touches upon cyber security, among many other topics relating to risk. For more about the conference, click here.

 

What steps do you take to improve cyber security and decrease cyber risks within your family business?

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