Cybersecurity might not be the most thrilling aspect of running a business, but it’s absolutely crucial. Today, even small, local shops are finding themselves targeted by scammers, hackers, and fraudsters. You might think these issues only affect large corporations, but the truth is, cyber threats are increasingly impacting small, local businesses.

From fake invoices and email scams to hacked accounts and frozen systems, these attacks are becoming more cunning and costly. So, how can you tell if your business is truly protected? What should you be on the lookout for? What steps can you take right now to stay ahead of the game?

In this guide, we’ll help you assess your cyber safety, highlight the types of threats to be aware of, and show you how Banterra Bank can assist you in securing your finances with smart tools designed specifically for business owners like you.

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Step 1: Start With A Cybersecurity Self-Check

Before you invest in new systems or strategies, it’s worth taking stock of where you are today. Ask yourself:

  • Are all company computers running updated antivirus software?
  • Do you use different passwords for different platforms?
  • Is multi-factor authentication (MFA) enabled for financial logins?
  • Do your employees know how to spot a phishing attempt?
  • Are your business files regularly backed up (and not just on your desktop)?

Did you answer “no” to any of these? You’re not alone, and this guide is your next step toward fixing that.

Step 2: Recognize The Top Cyber Threats To Small Businesses

The best way to protect your business is to know what you’re up against. Here are some of the most common (and costly) cyber threats facing small businesses today:

Phishing Attacks

These are fake emails or texts that look legit — maybe from your bank, a vendor, or even your own company — made to trick you into clicking a bad link or sharing sensitive info.

Watch for:

  • Urgent messages (“Your account is locked!”)
  • Strange email addresses or slight misspellings
  • Unfamiliar attachments or links

Example: You get an email that looks like it’s from your payroll provider asking you to “log in” via a link... only it’s a fake site.

Business Email Compromise (BEC)

Hackers impersonate a trusted contact, like a CEO or vendor, and ask an employee to wire money or send account info. They can even spoof executive email addresses, so at first glance, it seems like it’s really coming from them.

Common scenario:

“Hi, I’m tied up in a meeting. Can you send $8,000 to this vendor ASAP?” (Hint: it’s not really your boss.)

Ransomware

This nasty software locks up your business data and demands a payment (often in cryptocurrency) to unlock it. Even if you pay, there’s no guarantee you’ll get your data back.

Caused by:

  • Clicking infected links
  • Opening email attachments
  • Unsecured remote desktop tools

Example: One click on a suspicious file and your POS system, customer files, and accounting software are all frozen.

Payment Fraud And Fake Invoices

Scammers pretend to be a regular vendor and send a “new” invoice with updated payment info. You think you’re paying the right person, but the money’s going elsewhere.

Solution:

Always verify bank detail changes with a direct phone call.

Credential Theft

Stolen usernames and passwords can be used to log in to email, payroll systems, or even bank accounts.

Example: Reusing the same password across platforms leads to a breach when one account is compromised.

Malware And Spyware

Hidden software records keystrokes, monitors screens, or disables systems behind the scenes.

Example: A seemingly harmless PDF download infects your office computers and silently siphons data.

Visit Our Cybersecurity Resource Page

Step 3: Protect Your Business With These Essential Practices

Now that you know what you’re up against, here’s what you can do about it starting today:

Cyber Hygiene Basics

  • Use strong, unique passwords for each system
  • Turn on multi-factor authentication (MFA) wherever available
  • Update software and operating systems regularly
  • Don’t use public Wi-Fi for business activity without a VPN

Employee Awareness

  • Conduct regular phishing training and simulated tests
  • Create a culture of “see something, say something” for suspicious emails or payment requests
  • Empower employees to verify wire requests or invoice changes with a phone call — not just email

Backup & Recovery

  • Schedule automatic, encrypted backups
  • Store copies off-site or in the cloud
  • Regularly test your recovery process to ensure it actually works

Device & Network Security

  • Install business-grade antivirus and anti-malware on all devices
  • Use firewalls and secure your Wi-Fi networks
  • Restrict admin access only to those who need it

Step 4: Secure Your Business Banking And Payments

When it comes to cybersecurity, your banking activity is one of the most vulnerable areas and one of the most important to lock down.

Here’s How To Protect It:

  • Reconcile accounts daily and flag anything unusual
  • Use dual approval for wires and ACH transfers
  • Limit employee permissions based on job roles
  • Never send payment information via unencrypted email

Banterra Helps You Stay Secure

As your local business banking partner, Banterra Bank provides advanced security tools through our Treasury Management platform. The upgraded online banking system was designed exclusively for business customers, offering big-bank security with the personalized service of your local community bank.

Step 5: Create A Cybersecurity Incident Plan

Even with the best defenses, no system is invincible. That’s why having a plan matters.

Your Plan Should Include:

  • Who to notify (internally and externally)
  • What systems or vendors to shut down if breached
  • How and where to access secure backups
  • How to communicate with customers if data is impacted

This plan should be revisited yearly, preferably as part of your mid-year business review.

Step 6: Stay Updated And Educated

Cyber threats evolve and so should your defenses.

Keep Your Business Ahead By:

  • Subscribing to CISA cybersecurity alerts
  • Scheduling annual IT checkups with a professional
  • Reviewing your banking permissions quarterly
  • Keeping employees up to date with training refreshers

Banterra Can Help: Our team is always here to talk through your concerns, help you configure your online banking settings securely, and connect you with tools that protect your payments and people.

Contact Us Today

Resources & Further Reading

Frequently Asked Questions

What’s The First Thing I Should Do?

Update software, enable MFA, and train your team to spot phishing.

Does Banterra Help With Fraud Monitoring?

Yes. Our tools include alerts, approvals, and guided training programs.

How Do I Sign Up For Fraud Training?

Look for “Fraud Awareness Training” in our Business Blog or contact your banker.

Final Thoughts: Cyber Safety Is Smart Business

Cybersecurity isn’t just an IT issue — it’s a business risk and reputation issue. By staying informed, training your team, and using trusted financial tools, you can prevent costly attacks and protect what you’ve worked so hard to build.

Banterra Bank is here to help. With our business-focused online banking tools, local support, and secure systems, you’ll get the confidence of knowing your business banking is in safe hands. Connect with our team today.