Everyone knows that fraud, in all its forms, is expensive. According to the Association of Certified Fraud Examiners, the typical organization loses 5% of its revenue any given year to fraud. Assuming you don’t want to hand over 5% of your financial institution’s revenue to fraudsters each year, here are some tips to tighten your electronic controls and prevent cyber attacks, which affect the majority of companies on a daily or weekly basis.

1. Ensure all computers are running the most up-to-date operating system, web browser, and software

Every time a software manufacturer releases a new version, it will include fixes and updates that “plug holes” and prevent hackers from accessing your systems. Be sure to update all your systems and software to the latest versions whenever available, and install patches regularly. Just one outdated computer provides a criminal with easy access to your institution’s and members’ records, files, and financial information.

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