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Knowledge Centre

Thu Apr 17 2025 14:29:00 GMT+0000

3 minutes read

Essential Strategies Against Social Engineering Attacks

Social engineering attacks exploit human psychology to gain unauthorized access to sensitive information. As the volume of cybersecurity attacks continues to increase, so too does the need to stay educated. The first line of defense is equipping individuals and organizations with the knowledge to recognize, reject, and report these attacks.

Recognize

Defending against social engineering attacks starts with simply recognizing them. Social engineering comes in multiple forms, with one of the most deceptive being phishing emails. Look out for unsolicited emails that use sensational claims to create urgency, include suspicious links or unexpected attachments, and try to pressure you into taking action quickly before you’ve had a chance to think.  

Reject

Preventing social engineering attacks is crucial to maintaining strong cybersecurity. The most effective strategy is rejecting these attempts using cybersecurity awareness, training, and robust security protocols.

Raising Awareness

Awareness is the cornerstone of prevention. Regular educational sessions and updates on the latest social engineering tactics can help individuals stay vigilant. Encourage employees to stay informed about common cybersecurity attacks and share their knowledge with their peers.

Employee Training

Conduct training programs that simulate social engineering attacks. These simulations can provide practical experience on how to recognize and respond to various scenarios. Training should also emphasize the importance of skepticism and critical thinking when handling unexpected communications.

Security Protocols

Implementing and enforcing strict security protocols can significantly reduce the risk of social engineering attacks. Consider the following measures:

  • Multi-Factor Authentication (MFA): Require multiple forms of verification before granting access to sensitive systems or information.
  • Regular Password Updates: Encourage the use of strong, unique passwords and mandate regular updates to minimize the risk of compromised credentials.
  • Access Controls: Limit access to sensitive areas and information based on role and necessity. Regularly review and update access permissions.
  • Email Filtering: Use advanced email filtering solutions to detect and block phishing emails and other malicious communications.
  • Incident Response Plan: Develop and regularly update an incident response plan to quickly address any social engineering attempts.

Verify Credentials

Always verify the identity of individuals requesting sensitive information or access. Use known and trusted contact methods instead of relying on the information provided in the initial communication. Establish a culture where verifying credentials is not seen as distrustful but as a standard security practice.

Encouraging Reporting

Create an environment where employees feel comfortable reporting suspicious activities without fear of retribution. Encourage them to err on the side of caution and report anything that seems out of place. Regularly review and assess reported incidents to improve security measures and awareness programs.

Report

If you encounter a suspected social engineering attempt, it is crucial to report it immediately. Prompt reporting can mitigate potential damage and help improve overall security.

If you suspect you’ve been a victim of a social engineering attack, it’s essential to take the following steps:

  1. Engage your Bank without delay. For Scotiabank business clients, reaching out to your Relationship Manager can expedite the protective measures needed to secure your account. It also allows Scotiabank to provide additional security controls to your account to help protect you and your assets with the Bank.
  2. Call your local law enforcement. Reporting the cyber-attack to the police not only aids in the immediate investigation but also helps to prevent the perpetrator from targeting others.
  3. Report it to the Canadian Anti-Fraud Centre (CAFC). CAFC stands as a pivotal ally in the fight against fraud. They offer indispensable resources and support, accessible via their hotline at 1-888-495-8501 or their comprehensive website.

Remember

Social engineering attacks pose a significant threat to businesses. By recognizing the signs, rejecting attempts through implementing robust prevention strategies, and encouraging prompt reporting, individuals and organizations can significantly reduce the risk of falling victim to these malicious schemes.

To learn more about protecting your business from cybersecurity threats, visit Protecting your business.