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Even so, you will want to subject your own bank to some due diligence. "Perform risk assessments when evaluating potential banks," suggests Sims. "Draft a list of questions with your biggest concerns and run them by each office? There are other forms of what is called "multifactor authentication" in which the bank must receive a back-up confirmation from your business in the form of a voice phone call or email, before honoring a wire transfer. Some 36% of attacks in the first half of 2012 were directed at businesses with 250 or fewer employees. organization." How good are the bank's Internet defenses? How do the bank's practices—and the security features it offers business accounts—compare with other institutions? For example, does it offer a two-step validation in which an ACH transfer must be approved by a second representative at your Sims suggests researching each prospective bank using publicly available tools such as Google, SEC, Dun & Bradstreet and others. "Analyze each bank's stock performance if publicly traded," he says. "Read through some of the comments in public message boards. Hint: Many of the posters are employees." Sims also advises visiting websites such as darkreading.com to see if there are any reports regarding incidents at your prospective bank. Use specially crafted Google searches to find breaches. For example, try using: intitle: "bank name" intext: hackers or breach. Big bank, small bank: Which is better? Each has its benefits. While all financial institutions are required to abide by federal regulations, larger banks may have more security resources and experience. However, smaller banks may have fewer accounts to monitor and may give each one more attention. Since no banks of any size indemnify business accounts, you may want to look into getting your own coverage. Ask your broker for information about fraud insurance that has a rider for fraudulent bank transfers. from your account. Can you get any back? While it's highly unlikely that a victimized business will recover all of its stolen money, portions can often be saved. "Fraudulent transactions frequently are reversed, so most victims get some money back," says Krebs. The secret to recovering your cash? Act fast. "Time is your enemy," says Krebs. "The longer the time that elapses since a breach, the more money you are likely to lose." Don't wait until the last minute to figure out whom to call in the event of a money loss. Put together a list of vital financial and legal contacts and keep it handy. Quick action on your part, though, must be matched by your financial institution. "You have to have a cooperative bank that pulls things together quickly," notes Krebs. Once your funds have been withdrawn as cash—often at overseas money transfer offices—they are gone for good. ■ WHEN HACKERS STRIKE Suppose, despite your best efforts and smart practices, a hacker siphons money Phillip M. Perry is a New York Citybased freelance writer. We want your name on our bottles and jars! Customize our products to meet your needs. s ,OW MINIMUMS s %XTENSIVE VARIETY OF PRODUCT OPTIONS s 1UICK TURN AROUND TIMES s )N HOUSE 53! PRODUCTION 1.800.223.7426 ©2010 Erico Industries, LLC . Dallas, TX 75234 www.ericoind.com 60 March 2013 | beautystorebusiness.com