October 2nd 2024
WHY EVERY BUSINESS NEEDS CYBER SECURITY
During periods of rising costs and dwindling new business, organisations are tasked with reducing operational costs to keep their business above water. Reducing your IT security budget might be your first port of call, but weakening your defences will do more harm than good.
Read on to discover why cyber security is business critical and how following best practices will help you minimise unexpected costs.
Are Cyber Attacks Common? [2024 Statistics]
Cyber criminals attack businesses daily, especially when cyber defences are at their lowest. To these criminals, SMEs are low-hanging fruit, making opportunistic attacks against smaller businesses much easier.
The latest cyber crime statistics are enough cause for concern:
- 58% of small businesses and 70% of medium have identified a cyber breach or attack
- 84% of reported attacks were phishing attempts in the form of email and scam websites in the last 12 months
- 37% of attacks involved impersonation of businesses and staff in emails or online in the last 12 months
- The average cost of cyber crime is estimated at around £1,120 per victim
- A total of 7.78 million cyber crimes occurred across the last 12 months
(Source: Cyber security breaches survey 2024, Gov.uk)
Why Is Cyber Security Important?
1- Cyber Crime Is Advancing
Cyber criminals aren’t slowing down their attacks anytime soon. With more SMEs running businesses online, they’re more at risk than ever. Predeveloped ransomware (known as ‘ransomware as a service’) and automated tools allow criminals of any skill set to execute an attack.
With artificial intelligence (AI) usage at a high, businesses can expect the volume and impact of cyber attacks to drastically increase over the next two years.
2- Businesses Depend on Technology
The first step of any digital transformation journey is incorporating technology and online solutions to streamline operations. From as little as your email address to your company devices and cloud storage, your business’s digital footprint opens up plenty of opportunities for a criminal to infiltrate you.
Your in-house or outsourced IT team must implement the right protection, including regular patch management, anti-virus and anti-spam management. These essential controls will limit the chances of a successful cyber attack.
Want to protect your business from 98.5% of cyber attacks? A Cyber Essentials certification gives you the framework for keeping crime at bay.
3- Human Error Is the Root of Concern
While cyber crime is advancing, the most common cause of a cyber breach is human error. This could be falling for a phishing attack via email or using the same password for every system they use.
We’re all human, and mistakes happen. But if it risks your reputation, the chances are that security awareness is not on your team’s radar. Implementing training, dark web monitoring tools and a BYOD policy will help your team work safely online.
4- Your Supply Chain Puts You at Risk
Most businesses rely on a supplier network to grow and maintain their products or services. The longer your supply chain, however, the more people have access to company systems and data.
Only 15% of medium businesses (vs 8% for small) have reviewed the potential security threats from their wider supply chain. The lack of procedures in place is a significant concern, posing serious supply chain attacks later down the chain. Robust cyber security is no longer optional when choosing a supplier - it’s a necessity.
Become Cyber Secure with Lily
As a Managed Service Provider, Lily can assist with all your cyber security and IT support needs. Whether we’re your outsourced IT provider or just bridging in-house gaps, our team will ensure you stay protected.