Global Treasury
Management

Cybercrime and yourcompany payments

What to know and how to prepare
Cybercrime is a reality forbusinesses. In fact, 2023 set
the record for the most publicly
disclosed security compromises atU.S. companies in a single year.1
Safeguard
your business
Financial losses
Reputational damage
Theft of sensitive data

3,205
incidents

1,860
incidents

1,801
incidents

2021

2022

2023

Businesses face risks every day fromthreat actors around the world who deploy
ransomware, phishing, malware, imposter
fraud, and other techniques.
Prevention and early detection help yourbusiness avoid these risks.

9 Steps to help protect your payments
Best practices

Know your risk landscapeThe more you know about current threat
actors and potential vulnerabilities, thebetter you can help protect your company,
your customers, and your payments.

Protect your dataand network

Actions
Stay up-to-date on the latest cybersecurity
threats and trends
Assign responsibility to dedicated resourcesin your company
Leverage publicly available data such as
government websites

Look beyond desktops and servers; include
laptops and mobile devices

Start by identifying the critical systems
and devices you need to protect, thencreate an in-depth defense with a multiple,
continuous layers.

Block as much suspicious activity as possible

Backup critical data

Review procedures around customer data,
employee data, and key transactions

Maintain redundant data in a secondary,secure location; backups will help
your company continue to operate if
an attack occurs.

Test how quickly you can recover ifsomething goes wrong

Set up alerts and respond quickly to any
potential issues

Make backups a part of your business
continuity plan (BCP)

Establish and test yourBCP playbook

Identify gaps and test your responses

Don’t wait for an incident to figure out how
to respond; create your processes proactively
and train your team on a regular basis.

Reach out to your bank for recommendations

Learn and improve continuously

Understand yourcomputer network
ecosystem

Review and understand your entire
network footprint

Evaluate all the access points to yournetwork and data, then consider how to help
prevent an impact outside your organizationfrom potentially cascading to you.

Set and enforce standards for third parties
with network access

Assess risk factors when connecting withcustomers and trading partners

Update your softwareand antivirus

Maintain adequate software and antivirus
programs across your organization

Fraudsters will actively exploit businesses
that fall behind on their threat protections.
Minimize your risk for viruses, malware, andother incursions with up-to-date solutions.

Monitor alerts and reports to prevent anddetect malware and viruses

Be wary of businessemail compromise
Thanks to artificial intelligence (AI) andsocial engineering, cyber criminals candeploy even more sophisticated phishingattempts that target company employees.

Consider a managed
services provider
Outside experts can provide additional
resources and help you build peace of mind
in your fraud-fighting capabilities.

Remain vigilant
Watchful and educated employees
remain one of the best defenses against
suspicious activity, payments fraud, andsecurity breaches.

Install updates and security patches proactively

Watch for SMS text messages with bogus links
Protect against impersonation by limiting
what employees can share online
Alert customer support about imposters
trying to reset passwords and credentials

Supplement your on-staff team with contract
network security service providers
Set up ongoing monitoring and apply best practices
Be prepared to respond swiftly if incidents occur

Share regular updates on potential threats
Conduct frequent training with all employees
Make it fast and easy to report emails, calls,
or other activity that’s out of the norm

1. Identity Theft Resource Center, Q3 2023 Data Breach Report.
© 2024 Wells Fargo Bank, N.A. All rights reserved. Member FDIC.
Global Treasury Management products and services are provided by Wells Fargo Bank, N.A. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company. Wells Fargo Bank, N.A. is not liable
or responsible for obligations of its affiliates.
Wells Fargo provides best practice information related to cyber risk and/or topics for educational and information purposes only. This document is not intended to and should not be relied on toaddress every aspect of the risks discussed herein. The information provided in this document is for the purpose of helping customers and clients better protect themselves from cyber risk andhighlight industry best practices for operating in a more secure manner. This document does not provide a complete list of all cyber threats or risk mitigation activities, nor does it document
all types of best practices. Wells Fargo is not providing cyber-related advice or consulting services and customers and clients should decide whether to engage a cybersecurity firm for specificquestions or advice. It is the responsibility of our customers and clients to determine their best approach for mitigating cybersecurity risk through implementation of best practice aligned to thelevel of risk.
Deposits held in non-U.S. branches, subsidiaries or affiliates are not FDIC or CDIC insured. Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.
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