Cybercrime is no longer a distant risk. It’s a daily reality for businesses of all sizes. Reported losses from fraud exceeded $12.5 billion in 2024, a 25% increase from the previous year. With 79% of organizations experiencing payment fraud attempts, the question isn’t if your business will be targeted, but when.
At Main Street Bank’s recent cyber security seminar, a distinguished panel of experts shared practical strategies for how businesses can protect against cyber threats and fraud:
- Meg Speranza – Resiliency Program Manager, MassCyberCenter
- Emily Greenwood – President & Owner, EKG Networking, Inc.
- Peter Marshall – CPCU, CIC, AU, Marshall Insurance Agency, Inc.
- Patrick Tracey – Partner, Saul Ewing LLP Boston
- Sean Carter – President & CEO, NEACH
- Kevin R. Powers – Faculty Director & Lecturer-in-Law, Boston College Law School
Their insights form the foundation of this guide to cyber security and fraud management best practices.
The Rising Threat Landscape
Cybercriminals are becoming more sophisticated, and attacks are more frequent and costly.
- Check Fraud: Despite declining check usage, paper checks remain the top target for fraud. Each check passes through multiple hands, increasing exposure to theft and alteration.
- Business Email Compromise (BEC): Fraudsters impersonate trusted vendors or executives to trick employees into sending payments to fraudulent accounts, a leading cause of financial loss.
- Account Takeovers: Criminals exploit weak authentication and social engineering to gain access to business accounts.
Five Steps to Strengthen Your Cyber Security
1. Build a Multi-Layered Defense
Cyber security is about people, process, and technology. Start with strong internal controls:
- Implement strict payment verification protocols and never accept changes via email without independent confirmation.
- Use multi-factor authentication (MFA) for all critical systems.
- Deploy positive pay services for checks and ACH transactions.
- Encrypt communications with VPNs, especially for remote workers.
2. Invest in Cyber Insurance
Cyber insurance is not a luxury, but a necessity. A standalone cyber liability policy offers broader coverage, including:
- Legal and forensic support
- Crisis management and communications
- Ransomware and data breach response
Tip: Work with an experienced agent; don’t rely on generic online policies. Understand what’s covered and ensure your security practices match your application.
3. Train Your Team
Human error causes 88% of data breaches. Regular training helps employees recognize phishing attempts, social engineering, and emerging cyber threats.
Action: Make cyber security part of your culture with monthly check-ins, scenario-based exercises, and clear reporting channels. Remove the stigma around mistakes. Early detection saves money and reputation.
4. Prepare for AI Risks
AI is transforming both business operations and cybercrime:
- Fraudsters use AI in cyber security attacks to craft convincing phishing emails and voice impersonations.
- Adopt AI tools cautiously and implement governance policies and secure enterprise-grade solutions.
- Train employees on safe AI usage to prevent accidental data leaks.
5. Plan for Resilience
Every business is now a tech business. Ensure:
- Immutable backups of critical data
- A disaster recovery plan for continuity during outages
- Vendor risk assessments for strong security practices
Emerging Cyber Security Trends
Looking ahead, businesses should prepare for:
- AI-Powered Attacks: Expect more sophisticated phishing and impersonation scams using generative AI.
- Instant Payments & Mobile Risks: As payment systems move toward real-time transfers, fraud detection must keep pace.
- Regulatory Changes: States like California and Massachusetts are pushing for stricter data breach liability laws.
- Zero Trust Architecture: More organizations will adopt “never trust, always verify” models for network access.
- Cyber Security-as-a-Service: Managed detection and response (MDR) solutions will become essential for small and mid-sized businesses.
Watch the Full Seminar
Want the complete insights from our expert panel? Watch the full recording of the seminar below or listen to the audio for practical advice on how businesses can protect against cyber threats and fraud.
Protect Your Business Today
Main Street Bank offers tools and resources to help you stay secure:
- Positive Pay Services for checks and ACH transactions
- Fraud Prevention Training Modules
- Dedicated Cash Management Support
Final Thought
Cyber security is economic security. The cost of prevention is far less than the cost of a breach, both financially and reputationally. As one expert summarized: “The more proactive you are, the less reactive you’ll have to be.”
Event Photos
Check out some pictures from our 7th Annual Cyber Security for Businesses event.
