Incorporating the digital realm into your business framework is imperative in today’s era. Regardless of your organisation’s size, prioritising the safeguarding of your data and digital assets is crucial, especially when dealing with highly sensitive and personal information. If your company has an IT support department, it is likely they can advise on what steps to take to reduce the risks of a cyberattack.
As our reliance on the internet grows, the escalating threat of cyber attacks makes it more vital than ever to establish robust protection measures for your business.
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How Prominent are Cyberattacks in the UK?
According to the 2023 Cyber Security Breaches Survey by the UK Government, cyber security threats are still prevalent among businesses and charities of all sizes.
In the broader context, 32% of businesses and 24% of charities acknowledge experiencing breaches or attacks within the last 12 months. Notably, the incidence rate is considerably higher for medium businesses at 59%, large businesses at 69%, and high-income charities with an annual income of £500,000 or more at 56%.
How Much Can a Cyberattack Cost?
Among entities that reported breaches or attacks, there is an estimated average cost for the single most disruptive incident in the past 12 months. This cost is around £1,100 for businesses of any size. However, for medium and large businesses, the average cost rises to approximately £4,960, while for charities, it stands at about £530.
Is It Possible To Reduce the Risk of a Cyberattack?
There are some simple and effective steps that businesses and charities can take to stay safe from common online threats. The most common ones include keeping antivirus software updated, using cloud backups, having strong passwords, limiting administrative rights, and using network firewalls.
Here we have outlined some practical steps that you can easily implement in your daily operations to maintain the cybersecurity of your business.
Regularly Back Up Your Data
One of the most effective measures to ensure the online security of your business is consistently backing up your data, whether on a cloud server or an external hard drive. Given the digital nature of our work, including invoices, client details, and payments, losing everything due to device failure or a cyber attack would be catastrophic. Regular backups instil confidence that your data will remain safe and secure even in the face of worst-case scenarios. Ensure these backups are up-to-date to avoid potential loss of recent versions.
Implement Multi-Factor Authentication & Robust Passwords
Multi-factor authentication (MFA) is a straightforward method to fortify your business’s online defences, requiring multiple proofs of identity for account access. While it may seem inconvenient, this extra layer of security significantly deters cybercriminals. When it comes to passwords, prioritise strength and uniqueness. Strong passwords act as a cost-effective barrier against unauthorised access, and the effort is well worth the enhanced security.
Encrypt Csritical Information
Encryption involves converting data into a secret code before transmission, ensuring important information remains secure. Applying network encryption through router settings or using a virtual private network (VPN) on public networks is a straightforward way to achieve this. Encryption minimises the risk of theft, tampering, and damage, providing an additional layer of protection.
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Secure Your Devices
Insufficient security software on business devices can expose you to external threats. Utilise anti-virus software, anti-spam filters, and firewalls to safeguard devices and streamline communications. Firewalls act as gatekeepers, filtering virtual traffic between your computer and the internet. Implementing these tools fortifies your devices, making them less susceptible to various cyber threats.
Be Vigilant Against Phishing Attacks
To maintain cybersecurity, stay vigilant against phishing attacks. Before interacting with incoming communications, particularly emails, be on the lookout for signs such as spelling errors, unprofessional email addresses, and generic greetings like ‘Dear customer.’ These are common indicators of phishing attempts. Avoid clicking on suspicious links or visiting dubious websites. Verify the sender’s trustworthiness by searching their email address or contacting the organisation separately. It’s always better to be on the side of caution to protect your organisation and uphold data security.
As businesses increasingly integrate the digital landscape into their operations, safeguarding data becomes paramount, particularly in the face of rising cyber threats. By incorporating these measures into daily operations, organisations can significantly reduce the risk of cyber-attacks and protect their digital assets in an increasingly interconnected world.
