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Cybersecurity Getty Images Cybersecurity Awareness Month is a reminder that the risks facing business owners today look very different to what they did a few years ago. Fraud attempts are no longer simple or opportunistic. They’ve become smarter, more targeted, and powered by new technologies like artificial intelligence (AI). For small businesses, this presents a unique challenge that you cannot afford to ignore. While you might not see yourselves as prime targets, cybercriminals view smaller companies as prime entry points because you may lack the same defensive resources as larger institutions. But let me be clear: resilience is not about size; it comes from focus and preparation. Your bank is a partner in this fight, but the first line of defense against financial loss begins with you. Fraud Attempts Continue to Rise Fraud attempts have shifted from one-off random attacks into multi-stage, long-term strategies. As shared recently in Alloy’s 2025 State of Fraud Report , 71% of today’s fraud attempts are committed by organized crime rings. Cybercriminals may steal data today and strike months or even years later. As the frequency of banking scams has increased 65% in the last year, now it is more important than ever to understand how attacks have advanced and what to look out for to secure your business. Fraudsters can now mimic a business’s caller ID, create replicas of legitimate websites and invoices, and even mimic a familiar voice. All to create a sense of trust and legitimacy to gain sensitive information. This includes impersonating businesses you may work with, including your vendors and your bank. Business impersonation has become one of the most realistic and effective forms of phishing because it plays on instinct—panic first, think later. While AI helps to make these schemes feel authentic, the first defense is awareness and reading the signs. If something ‘feels off’, it likely is. How to Build Stronger Controls Every business should regularly assess how transactions are managed, which employees and vendors have access to sensitive systems, and what controls are in place to detect suspicious activity. It’s equally important to create an environment where employees understand their role and feel empowered to protect the business. MORE FOR YOU Training employees to spot red flags and knowing when to escalate becomes a collective asset; and leadership sets this tone. Cybersecurity should be discussed as part of everyday risk management, not treated as an occasional IT issue. The most secure businesses are those that work to stay vigilant as a team. Strong relationships with financial institutions play a central role. By having a trusted banker or advisor who understands the business and can recognize irregular activity is invaluable. Fraud is no longer a matter of ‘if’ but “when,” and those personal connections allow faster and more coordinated responses to emergencies. Move Beyond Outdated Payment Methods To stay protected, business leaders need to rethink and understand how money moves through their organizations, and the potential flaws of their processes. Modern financial tools are not only more accessible and convenient, but they offer more protection. Together, these methods give small businesses the same level of sophistication and protection once available only to larger institutions. For example: ACH and wire transfers secured with multi-factor authentication verify every transaction before funds move. Positive Pay helps detect altered or counterfeit checks before they clear. Bill Pay platforms protect account details and create a controlled environment for routine payments. Banks are embedded in this evolution, working alongside businesses to strengthen defenses. Behind the scenes, banks monitor transaction behavior, verify business credentials, and flag anomalies through internal protocols. While those “extra steps” can make account openings or security checks feel cumbersome, they are essential measures to keep businesses safe. Business owners should take time to ask questions, review their financial products, and evaluate how their processes work. Simple consistency in these practices may determine whether an attempted breach becomes a minor inconvenience or a major disruption. Have a Cyber-Resilience and Recovery Plan When an attack occurs, speed matters. Contacting your bank, freezing compromised accounts, changing credentials, and documenting every step can help investigators and financial institutions contain the threat and begin recovery. The most successful outcomes come from knowing what to do before an incident happens. Even the most prepared organizations can experience a cyber incident. What sets apart lasting damage from a temporary disruption is how efficiently a business responds. A clear, actionable recovery plan should identify which systems are critical, who to contact immediately (remember your bank), and how to resume operations quickly. For business leaders, the goal isn’t to eliminate risk, but manage it thoughtfully, protect what’s been built, and ensure that innovation and growth continue with confidence. The future of your business depends on it. Editorial StandardsReprints & Permissions
