The shift to digital transactions and automating accounts payable (AP) are the two measures that businesses can take to mitigate B2B transaction fraud.
After the outbreak of COVID-19, the B2B transactions environment has changed dramatically. More security threats have occurred on the roadmap of B2B payments and file exchange making businesses vulnerable to business security. Below are some measures that businesses can take to protect the B2B transactions & file exchanges process-
Setting Exposure Boundaries
The precaution that organizations need to take in order to prevent intruders to sneak into the B2B transactions & file exchange trusted zones by developing a strong foundation by covering the digital entry points wherever the external information into the company safe zones, processing with the most susceptible points to the least. Even though the IT security teams of the organization follow practices such as encryption, permission models, secure access, authentication, etc. the internet-facing data and file exchange with the trading partner community require a higher level of security than a defense-in-depth strategy provides.
With the growing digitization, companies conduct large volumes of internet-based B2B transactions. For Managed File Transfer (MFT), the strong edge security implementation helps in identifying if the incoming payloads are safe and from trusted sources. Protecting B2B transactions and file exchange is a complex challenge with the large no. of trading partners transacting multiple times a day to the business as they use multiple routes and protocols and deliver information in numerous formats. Handling security with these B2B transactions is not easy for the MFT system and IT security teams. Enterprises must take precautions beforehand by applying security capabilities that as- multifactor authentication, validating incoming connections in real-time with sources with frequent updates, virus scanning in files before entering the trusted zone, and ensuring that no data ever lands on disk in the Demilitarized Zone (DMZ) in case of MFT.
Learn to Limit the spread
Even after too many precautions, the bad actor enters the business trusted zones. Therefore, preventing the security threats from spreading further and wreaking more havoc.
By permitting listed servers only to connect with the authorized systems, enterprises can secure the B2B transaction & file exchange security.
Another step that B2B companies can take is to not follow common protocols like FTP and apply proprietary protocols which guide them with the high-volume and security-rich enterprise file exchange. The endpoint restrictions and proprietary protocols are used with solutions architected for business-class secure B2B transactions and file transfer by limiting the security threats caused due to the spread and assisting in the recovery of the operating system.
After the identification of impacted systems, businesses must clean and restore the data space instantly. The restoration process could comprise a complete rebuilding of the system from the operating systems up, credentials and certification changes. Sometimes, the system recovery procedure needs to have multiple stores otherwise handling them individually on each server makes it complex very quickly and consumes more time.
A comprehensive approach to business continuity planning must include business model resilience. Businesses need to be aware of the risk that a poor business model creates to their ability to continue operating. Due to this, businesses must make sure their business models are just as resistant to certain other security threats as the rest of their operations.
B2B transactions are no longer conducted in the same way they once were. These days, automation is the main factor in how businesses get compensated. In the consumer market, electronic transfers have totally replaced paper checks, but B2B transactions have historically evolved more slowly. People may now communicate and connect from all over the world more easily because of disruptive transactions. However, the market has become swamped with options for companies looking for a robust B2B transactions platform.