UK Businesses In Shared Workspaces Could Be More At Risk Of Cyberattacks

The increasing popularity of shared workspaces across the UK could be exposing thousands of businesses to cyber threats, according to research by Co-space.

The report revealed that 43% of UK businesses, which is around 612,000 companies, have suffered a cyberattack or security breach in the last 2 months.

These stats come alongside the growth in co-working spaces, where office space is more affordable and flexible than ever before. The problem? Shared wifi, communal devices and open systems make these companies more vulnerable to hackers.

Flexible Work, Bigger Risk

As part of the report, Co-space analysed government data to work out how the shift to co-working spaces has resulted in increased cyber risks for businesses.

Whilst co-working spaces come with a lot of benefits – namely affordability, flexibility and networking – they also leave businesses vulnerable. The use of communal wifi, shared servers and communal devices mean that businesses without good cybersecurity become more vulnerable.

“Workplace scams have become more sophisticated, and shared workspaces can unintentionally provide an attractive entry point if businesses are not properly protected,” said William Stokes, CEO of Co-space. “Protecting data is now part of protecting productivity.”

This research comes at a time where Microsoft has announced it will end support for Windows 10, affecting 21 million British users and leaving them exposed to vulnerabilities. This means that around the world, 400 million devices will no longer get regular security updates.

The Cost Of A Cyber Attack

According to the Cyber Security Breaches Survey published by the government, the average cost of their most disruptive breach in the last 12 months was £3,550 for businesses and £8,690 for charities.

This is a big bill to pay, especially if it happens to small businesses multiple times a year. No surprise then that so many companies and charities are investing more time and money in improving their cybersecurity.

Which Sectors Are Most At Risk?

As part of the report, Co-space also analysed data around which industries were the biggest targets for cybercriminals.

Information and communications came in top at 69%, followed by scientific and technical services (55%) and the finance and insurance sector (48%).

These are all industries that contain a lot of sensitive financial and client data, making them natural targets for phishing, ransomware and identity theft.

To help combat this, co-working spaces must do more to protect their clients, but businesses also need to upskill their staff in identifying suspicious activity and working quickly to stay cyber secure.

How Can Businesses Protect Themselves?

As part of the report, Co-space has recommended a number of ways that businesses can work to protect themselves, including:

Training staff to recognise phishing and suspicious messages.

Using VPNs, strong passwords and two-factor authentication across all systems to prevent easy access.

Regularly updating software to make sure it stays protected with the latest technologies.

Verifying all payments and invoices via trusted secondary channels.

Segmenting wi-fi networks to separate business data from guest access.

Monitoring connected devices, including printers and IoT equipment, to spot any unusual activity quickly.

William Stokes continued: “The real risk isn’t the workspace itself, but complacency. When teams share networks, devices or platforms, even one moment of inattention can open the door to an attacker. Strong security discipline, two-factor authentication and simple awareness of suspicious activity can prevent far more damage than expensive software ever will.”

A Shared Responsibility

When it comes to the most common cyber threats experienced by businesses, ransomware, spyware and identity theft top the list.

But the message from Co-space is clear: protecting businesses from these threats is a shared responsibility across all employees.

“The real risk isn’t the workspace itself, but complacency. Awareness, discipline and shared accountability are the strongest lines of defence.” said Stokes.

Co-working spaces and flexible working isn’t going away, but without teams and spaces working together, the UK’s growing network of shared offices could become the next big target for cybercriminals.