Publish Date: October 22, 2024
Category: Tips & Resources
In today’s digital age, it’s not just your business’ physical assets you need to protect. From managing day-to-day operations to storing sensitive data, organisations are more reliant than ever on digital tools and technologies. As a result, proactive cyber security for businesses has never been more important.
Cyber attacks don’t just affect large companies – small businesses, often perceived as easier targets, are just as vulnerable. According to the latest Cyber Security Breaches Survey (2024), half of all businesses (50%) and around a third of charities (32%) report having experienced some form of cyber security breach or attack in the last 12 months. If that’s not enough to get you thinking about your business’ cyber security measures, we don’t know what is…
Read on to learn more about what cyber security is, why it should be a priority for businesses, the best cyber security practices for businesses, and the risks of not having sufficient protection in place.
What is Cyber Security?
Cyber security (also known as ‘cybersecurity’ or ‘computer security’) refers to the tools, practices, and systems used to protect computer systems, networks, programmes, and data from unauthorised access, attacks, or damage.
For businesses, this means employing effective measures to prevent cyber attacks, mitigate security risks, and recover quickly from potential incidents.
Why Cyber Security is Important for Businesses
Cyber threats are continually evolving, with attacks becoming more frequent, sophisticated and targeted. A successful cyber attack can be devastating for any business, with consequences ranging from operational disruption and financial losses, to reputational damage. Additionally, non-compliance with industry regulations and data protection laws can result in hefty fines and legal repercussions.
Even attacks that do not result in operational, financial, reputational, or legal consequences can still have an impact on organisations. Indeed, the Cyber Security Breaches Survey (2024) notes that almost a quarter of businesses (24%) and two-fifths of charities (41%) that suffered a breach or attack were impacted in ways such as needing to redirect staff resources to deal with the breach or having to take up new measures to prevent or protect against future incidents.
So, what exactly are these cyber threats, and how can you safeguard your business against them? Keep reading to find out.
Common Business Cyber Security Risks
To protect your business effectively, you first need to understand the threats it faces. Here are some of the most common cyber security risks to businesses today:
1. Phishing Attacks
Phishing remains one of the most widespread threats. These attacks usually take the form of fraudulent emails designed to trick employees into revealing sensitive information, such as login credentials.
2. Ransomware
Ransomware is malicious software that locks a company’s systems or data until a ransom is paid. This can lead to significant operational downtime and financial losses.
3. Insider Threats
Insider threats involve employees, contractors, or third parties with legitimate access misusing their privileges, either intentionally or through negligence.
4. Data Breaches
Data breaches expose sensitive information, including customer data and intellectual property. These breaches often occur due to poor security practices, such as weak passwords or outdated systems.
5. Malware and Viruses
Malware and viruses are harmful software programmes designed to damage systems, steal information, or take control of business networks.
Cyber Security Best Practices for Businesses
As discussed, no organisation is immune to cyber threats. Whether you’re running a large corporation or a small business, implementing appropriate cyber security measures is as important as having locks on your office doors (in fact, we’d argue more so).
Here’s a summary of cyber security best practices for companies, based on the latest guidance from the National Cyber Security Centre (NCSC).
Cyber Security for Medium to Large Businesses
For medium to large organisations that have someone dedicated to managing their cyber security, the NCSC outlines 10 steps to reduce the likelihood of cyber attacks occurring and minimise the impact when incidents do occur:
1. Risk Management
Take a risk-based approach to securing your data and systems. This might involve carrying out a risk assessment to identify and address security vulnerabilities, or completing Cyber Essentials certification to ensure you have basic controls in place to protect your organisation against the most common cyber threats.
2. Engagement & Training
Collaboratively build security that works for people in your organisation. By cultivating a culture of vigilance and providing cyber security training for staff, you can enhance understanding of potential vulnerabilities and empower employees to recognise and respond to security risks effectively.
3. Asset Management
Know what data and systems you have, and what business needs they support. By identifying critical assets and understanding where vulnerabilities may exist, you can ensure you have sufficient protection in these areas.
4. Architecture & Configuration
Design, build, maintain, and manage systems securely. By ensuring good cyber security is built into your systems and services from the outset (and then properly maintaining and updating these systems and services) you ensure your business can adapt and respond effectively to emerging threats and risks.
5. Vulnerability Management
Keep your systems protected throughout their lifecycle. This might involve enabling automatic updates for operating systems and software, using automated vulnerability scanning systems to help identify and assess vulnerabilities, or incorporating manual testing methods such as penetration testing to verify the security of your systems.
6. Identity & Access Management
Control who and what can access your systems and data. This includes measures such as implementing user access controls to manage user permissions, multi-factor authentication to protect against password guessing and theft, and continuous monitoring for suspicious behaviour to detect unauthorised access.
7. Data Security
Protect data where it is vulnerable. This might involve measures such as data encryption, backing up your data (including cloud backups), and continuous monitoring for unusual queries, attempted bulk exports of data, and administrative access to detect possible compromises. You should avoid storing data that you don’t need, and consolidate data where possible to make it easier to secure and manage.
8. Logging & Monitoring
Design your systems to be able to detect and investigate incidents. By implementing measures such as continuous threat monitoring (also known as ‘Managed SIEM’) you can identify and respond to cyber attacks in real-time, ensuring security risks and incidents are dealt with quickly and effectively.
9. Incident Management
Plan your response to cyber incidents in advance. A comprehensive incident response plan outlining the actions to take in the event of a cyber attack or breach is critical to ensuring your organisation can recover and restore its services with minimal disruption to your business operations – helping to minimise its effect, limit damage, and protect your organisation against the risk of future security incidents.
10. Supply Chain Security
Collaborate with your suppliers and partners. Most organisations rely upon suppliers to deliver products, systems, and services, and an attack on your suppliers can be just as damaging to you as one that directly targets your own organisation. By understanding your supply chain, embedding security within your contracting process, and providing assistance when necessary to suppliers and partners, you can help improve security for all parties involved – including your own business.
Cyber Security for Small Businesses
For small businesses, the NCSC outlines 5 quick and easy steps to significantly reduce the chances of your business becoming a victim of cyber crime:
1. Backing Up Your Data
Make regular backups of your important data, and test that they can be restored. This will reduce the inconvenience of any data loss from theft, fire, other physical damage, or ransomware.
2. Keeping Your Smartphones (& Tablets) Safe
Smartphones and tablets (which are used outside the safety of the office and home) need even more protection than desktop equipment. To keep your mobile devices (and your business) safe:
- Always use PIN/password protection or face/fingerprint recognition;
- Configure devices so that when lost or stolen they can be tracked, remotely wiped, or remotely locked;
- Keep your devices (and all installed apps) up to date;
- Don’t connect to public Wi-Fi hotspots when sending sensitive data; and
- Replace devices that are no longer supported by manufacturers with up-to-date alternatives.
3. Preventing Malware Damage
To help prevent damage caused by ‘malware’ (malicious software, including viruses):
- Use antivirus software on all computers and laptops. Only install approved software on tablets and smartphones, and prevent users from downloading third party apps from unknown sources;
- Patch all software and firmware by promptly applying the latest software updates provided by manufacturers and vendors. Use the ‘automatically update’ option where available;
- Control access to removable media such as SD cards and USB sticks. Encourage staff to transfer files via email or cloud storage instead; and
- Switch on your firewall (included with most operating systems) to create a buffer zone between your network and the internet.
4. Avoiding Phishing Attacks
In phishing attacks, scammers send fake emails asking for sensitive information (such as bank details) or containing links to bad websites. To avoid falling victim to them:
- Ensure staff don’t browse the web or check emails from an account with Administrator privileges;
- Scan for malware and change passwords as soon as possible if you suspect a successful attack has occurred; and
- Check for obvious signs of phishing, like poor spelling and grammar, or low quality versions of recognisable logos. Does the sender’s email address look legitimate, or is it trying to mimic someone you know?
5. Using Passwords to Protect Your Data
Passwords (when implemented correctly) are a free, easy, and effective way to prevent unauthorised people from accessing your devices and data. Best practices include using PIN/password protection whenever possible, turning on multi-factor authentication for important websites like banking and email, avoiding predictable or common passwords, and changing your passwords regularly.
TIP: If you want to improve your small business cyber security further, we recommend seeking Cyber EssentialsCyber Essentials certification; a simple but effective UK Government-backed scheme, designed to protect organisations of all sizes against the most common cyber threats.
The Benefits of Cyber Security for Businesses
Investing in cyber security brings multiple advantages. Key cyber security benefits for businesses include:
Protect Your Business
Safeguard sensitive data, intellectual property, and financial information.
Customer Trust
Demonstrate your commitment to protecting customer data, helping to enhance client relationships and build brand loyalty.
Regulatory Compliance
Ensure compliance with industry regulations such as GDPR to avoid fines and other legal repercussions.
Business Continuity
Minimise downtime and ensure your business can continue operating smoothly in the event of a cyber incident.
The Impact of Ignoring Cyber Security
Failure to implement adequate cyber security measures can have far-reaching consequences:
Economic Impact
Cyber attacks can result in huge financial losses due to data breaches, ransom payments, and operational disruptions. The cost of recovery efforts and potential fines for non-compliance can cripple even large companies.
Reputational Impact
A cyber breach can severely damage your business’ reputation. Clients may lose trust in your ability to protect their data, leading to lost business and long-term reputational damage.
Legal and Compliance Risks
Failure to protect sensitive data can lead to lawsuits and fines, especially if your business handles personally identifiable information or is subject to industry-specific regulations like GDPR.
Be Proactive, Not Reactive: Protect Your Business Today with Shonsys
Here at Shonsys, we provide tailored consultation and cyber security solutions for businesses of all sizes. Our mission? To ensure your IT systems are secure and safeguarded, leaving you to concentrate on what matters most.
As an NCSC Assured Service Provider Cyber Advisor, we’re fully equipped to deliver trusted security services. But we go beyond just credentials – arming your team with the knowledge and tools essential for defence through consultancy and training.
So, don’t wait for a cyber attack to act – explore our cyber security services, or get in touch to discuss your needs with one of our cyber security specialists.
