With cybercriminals targeting companies of all types, it has never been more essential to secure your business, protect your staff, and safeguard your customers. Below, we discuss the types of cyber threats businesses face and key security measures that can help protect your company.
Cyber threats are on the rise, impacting businesses across diverse sectors, from tradespeople and restaurants to eCommerce and beauty salons.
According to data from IT Governance, in September 2021 alone, 97 cyber incidents resulted in the breach of over 91 million records, with compromised data including personal details like names, birthdates, locations, and more. This brings the year’s total to nearly a billion breached records.
Cyber threats can stem from a wide range of malicious actors, including cyberterrorists, hackers, industrial spies, and even disgruntled employees or competitors. Here are some of the most common threats your business may face:
Phishing is a leading form of cyber attack, with 83% of UK businesses reporting incidents in the Cyber Security Breaches Survey by GOV.UK. Phishing attacks involve deceptive emails or messages designed to trick employees into sharing sensitive information like login credentials. These attacks are often highly convincing, making it challenging to distinguish them from legitimate communications.
Tips for spotting phishing scams:
Be cautious of emails from unverified addresses or emails from known contacts that seem out of character.
Verify email addresses, especially when being asked to provide account details or click on links.
Avoid opening attachments that haven’t been scanned by security software.
Cloud jacking occurs when a cybercriminal gains unauthorised access to a business’s cloud-based systems. Once they have access, attackers may manipulate confidential information, monitor communications, or even take over entire systems. By creating fake communications, they can mislead employees into downloading malicious files or transferring funds to fraudulent accounts. Protecting cloud environments with multi-factor authentication and other security measures is essential to prevent these costly breaches.
With the rise of remote work, businesses are more exposed to network attacks than ever. Professionals working remotely or on unsecured networks are often vulnerable to phishing and malware attacks due to a lack of enterprise-grade security measures on mobile and personal devices. Businesses should prioritise secure communication protocols, even for mobile devices, to reduce risk.
Cyber attacks can sometimes come from within the organisation. Insider threats, whether intentional or accidental, affect nearly 34% of businesses globally. These incidents often involve unauthorized access to sensitive information or systems by employees who may be negligent or acting maliciously. Advanced cybersecurity tools can detect unusual activity, while regular security training can help prevent such incidents by educating employees about potential risks.
The National Cyber Security Centre recommends following ten essential steps to build a robust cyber defence:
Risk management: Implement a risk-based approach to secure data and systems effectively.
Engagement and training: Foster a collaborative approach to cybersecurity that fits the needs of your team.
Asset management: Maintain a comprehensive inventory of your systems and data.
Architecture and configuration: Ensure systems are designed, built, and configured with security in mind.
Vulnerability management: Regularly update systems and applications to guard against vulnerabilities.
Identity and access management: Control access to data and systems strictly.
Data security: Protect data at every vulnerable point.
Logging and monitoring: Set up monitoring systems to detect and address any suspicious activity.
Incident management: Have a response plan ready for potential cyber incidents.
Supply chain security: Work closely with your suppliers to maintain secure interactions.
In addition to following these steps, businesses can take further measures to protect their operations:
Install antivirus software on all devices used within the organisation.
Use secure, trusted browsers for online activities.
Regularly back up data to prevent loss in case of a breach.
Conduct regular security audits to identify and address network vulnerabilities.
Businesses, whether small or large, are potential targets for cyber threats. Taking steps to secure your business is crucial for protecting your future and the interests of your team, clients, and stakeholders. Alongside these practices, consider a comprehensive cyber insurance policy, which can provide financial support and assistance if your business falls victim to a cyber attack. Cyber insurance offers coverage for data breaches, cyber extortion, hacker damage, and more.
For more details on how to protect your business with cyber insurance or to request a quote, get in touch today.
Small businesses can often be seen as easy targets for cyber criminals due to limited cyber security resources. Cyber insurance from Clear Business could help cover the costs and provide guidance during a cyber security breach.
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