Due to the large shift in storing data digitally rather than using paper in the past decade, we’re seeing a huge rise in cyber crime. Cyber crime affects everyone, especially businesses no matter the size. In March alone, businesses all over the country experienced such crimes. Various hospitals and schools, WHSmith, Acer and even the UK Pension Protection Fund are some of many victims of cyber attacks. Internet users worldwide have experienced approximately 15 million data breaches. These breaches started rapidly increasing during the 2020 pandemic as cyber criminals were taking advantage of the fact that so many businesses were transitioning to remote workplaces. It really is a scary digital world we live in, but we’re here to make it less scary. This blog post will make you more cyber aware along with ways you can reduce your business’s risk.
What are the Common Cyber Threats in SMEs?
The biggest cyber threat right now for SMEs is malware. Malware is a specifically designed software that aims to damage, disrupt or gain unauthorised access to your digital systems. The three most common malware attacks are ransomware, viruses and spyware.
Ransomware is where hackers will encrypt your sensitive data and hold it for ransom, basically putting all your business operations to a halt until the issue is dealt with. This type of malware is the third most popular type that hackers use for data breaches. In a lot of cases, unfortunately paying the ransom doesn’t always result in them decrypting your data and leaving your business alone.
A virus is computer code that will harm your technology in many ways such as corruption and deletion of files, slowing down your performance, excessive pop-ups and damaging your programs. Your devices can catch viruses in many ways, some examples are by sharing files, opening infected emails and downloading dangerous software.
Spyware is dangerous software that will collect your data without you knowing until it’s too late as it’s difficult to detect. This allows cyber criminals to oversee business operations and perform data breaches. This is commonly caused by phishing emails.
Phishing is a technique used by cyber criminals that allows them to deceive an individual into giving them sensitive information and data. A very common example of this is where hackers are able to text or email friends, family and colleagues pretending to be someone they know in order to gain access to databases. Another common method is via sending emails with links that are infected with malware.
Does my Business Need a Cyber Action Plan?
In the digital age, cybersecurity has become a critical concern for businesses and individuals alike. Cyber threats have grown more sophisticated, frequent and severe over time, posing a significant risk to the security of our personal data, financial information, intellectual property, and national security. The United Kingdom is no exception, as it has faced a surge in cyber attacks in recent years, ranging from phishing scams and ransomware attacks to state-sponsored cyber espionage.
In response, the UK government has introduced several initiatives to tackle cybersecurity challenges, such as the Cyber Essentials scheme and the National Cyber Security Centre (NCSC). However, having a cybersecurity action plan is crucial for businesses and organisations to protect themselves against cyber threats and minimise the potential damage.
One of the main reasons why having a cybersecurity action plan is essential is that cyber attacks are becoming more prevalent and sophisticated. With the increasing reliance on digital technology, cybercriminals have become more organised, well-funded, and skilled in exploiting vulnerabilities. Without a proactive approach, businesses and organisations can easily fall prey to cybercriminals and suffer data breaches, financial losses, and reputational damage.
A cybersecurity action plan helps to identify potential cyber threats and vulnerabilities in advance, enabling businesses to take preventive measures to mitigate them. This includes implementing robust security measures such as firewalls, antivirus software, and encryption, as well as regular backups of critical data. A cybersecurity action plan also ensures that employees are trained to be vigilant against phishing attacks, social engineering, and other common forms of cyber threats.
Another important benefit of having a cybersecurity action plan is that it helps to comply with legal and regulatory requirements. In the UK, businesses and organisations are required to comply with the General Data Protection Regulation (GDPR) and the Network and Information Systems (NIS) Directive, which mandate specific cybersecurity measures to protect personal data and critical infrastructure. A cybersecurity action plan can help ensure compliance with these regulations and avoid penalties for non-compliance.
Moreover, having a cybersecurity action plan can help businesses and organisations to maintain customer trust and confidence. Data breaches and cyber attacks can cause significant reputational damage, erode customer trust, and lead to a loss of business. By demonstrating a commitment to cybersecurity through a proactive approach, businesses can reassure their customers that their data is safe and secure.
In conclusion, the importance of having a cybersecurity action plan in the UK cannot be overstated. With the increasing threat of cyber attacks, businesses and organisations must take proactive steps to protect themselves against potential cyber threats. A cybersecurity action plan can help identify vulnerabilities, implement preventive measures, comply with legal and regulatory requirements, and maintain customer trust. Investing in cybersecurity is not only a smart business decision but also a crucial aspect of safeguarding our personal data and national security in the digital age.