The days of cyber attackers only targetting large businesses are in the past. In the modern world, ensuring that your cyber security is up to scratch is almost akin to making sure you have strong locks on your office doors.
The rapidly growing amount of vulnerable data being stored in business networks means that the stakes of network breaches and infections are growing. So please read through our top 5 things you need to know about cyber attacks to make sure you are informed on the risks facing modern business.
Top 5 things you may not have known about Cyber Security.
1. Hackers are becoming more prolific.
Did you know that in the past two years 21% of UK businesses have suffered a data breach as a result of a malicious cyber attack? As business cyber networks continue to expand, the chances of a system having a vulnerable entry point become higher. Furthermore, due to hardware and software being relatively standardised hackers can exploit the same entry point in multiple companies.
2. The cost of a cyber attack can be substantial
Did you know that data breaches cost UK organisations an average of £2.78 million through reperations, loss of business (whilst their networks were down) and payment for ransomeware attacks? This is without mentioning the hit to future business due to loss of customer confidence and reputation.
3. Cyber attacks are now the biggest data security incident in business
The business world is further transitioning to relying on networks and the cloud from physical data storage methods. This, combined with the fact that many companies still have not have adequate cyber security solutions, has only encouraged hackers to become more prolific. It is imperative that your company takes the steps to discourage hackers from choosing you as a target.
4. Hackers are starting to target smaller companies
Did you know that 48% of UK businesses identified at least one cyber security breach or attack in the last 12 months? This rises to two-thirds among medium firms (66%) and large firms (68%). Due to the large number of breaches in high profile businesses in the last couple of years (NHS and Barclays for example) many of the larger businesses in the UK have invested heavily in cyber-security solutions. Hackers are now looking at small-to-medium companies who may still have a large amount of vulnerable data on file and potentially do not have the same level of cyber-security as larger corporations.
5. Spam and Phishing emails are becoming more sophisticated
Did you know that hackers are becoming more and more adept at impersonating large familiar brands in an attempt to get you to click on their links? For example, in a recent post, Apple alerted customers to a current phishing email in which they sent a fake invoice for a large app purchase. The link to cancel the payment, most peoples first reaction believing they had been hacked, was malicious and contained spyware downloads amongst other things.
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The increasing amount of cyber attacks and the increase in data protection legislation coming into force next year (see GDPR) it is now more important than ever for businesses to take a proactive approach to cyber security.
Look out for our next email in which we will discuss some of the steps YOUR business can take to mitigate the risks of breaches.
*Statistics provided by Experian, IBM, ICO and Gov UK