In the bustling digital age, businesses of all sizes need to be vigilant against cyber attacks.
Cyber-attacks are not just a concern for large corporations; small and medium-sized enterprises (SMEs) are increasingly finding themselves in the crosshairs. In this blog, we will explore eight reasons why your business might be targeted by cyber attacks, provide real-world examples and statistics relevant to UK companies, and share actionable tips to enhance your cybersecurity measures.
At Jera IT, Scotland’s highest-rated Managed Service Provider (MSP) specialising in cybersecurity, we understand the importance of proactive cybersecurity practices. Let’s delve into the reasons your business might be a target of cyber attacks and how you can protect yourself.
1. Financial gain
Cybercriminals are often motivated by financial gain. SMEs may be seen as easier targets compared to larger corporations due to perceived weaker security measures. In 2020, the UK saw a surge in ransomware attacks, with 46% of businesses reporting being targeted, according to a report by the National Cyber Security Centre (NCSC). Ransomware attacks often result in businesses paying substantial sums to reclaim their data.
Cybercriminals follow the money, and SMEs are seen as a low-hanging fruit due to their often less robust cybersecurity measures
Actionable Tip: Implement strong backup solutions and ensure that your data is regularly backed up. Educate your employees about ransomware and the risks of opening suspicious emails or attachments.
2. Data theft
Businesses store vast amounts of sensitive data, including customer information, financial records, and proprietary data. Cybercriminals target this data for resale on the dark web or to commit identity theft. In 2018, British Airways faced a data breach that exposed the personal and financial details of approximately 380,000 customers, highlighting the severe consequences of data theft.
Actionable Tip: Encrypt sensitive data both at rest and in transit. Use multi-factor authentication (MFA) to add an additional layer of security to your systems.
3. Intellectual property
UK businesses, particularly in sectors such as technology and pharmaceuticals, may be targeted by cyber attacks for their intellectual property (IP). Cyber espionage is a growing concern, with attackers seeking to steal trade secrets, research, and development data. In 2017, pharmaceutical giant Merck was hit by the NotPetya ransomware, causing significant disruption to its operations and highlighting the vulnerability of IP-rich companies.
Actionable Tip: Conduct regular vulnerability reports to identify and address potential vulnerabilities. Implement access controls to ensure that only authorised personnel have access to sensitive IP.
4. Supply chain vulnerabilities
Cybercriminals often target businesses through their supply chains. Attackers may infiltrate a smaller vendor with weaker security measures to gain access to a larger company’s network. The 2020 SolarWinds cyber-attack, which compromised numerous US government agencies and private companies, underscored the risks associated with supply chain vulnerabilities.
Actionable Tip: Conduct thorough security assessments of your suppliers and vendors. Ensure that they adhere to robust cybersecurity standards and practices.
5. Insider threats
Insider threats, whether malicious or accidental, pose a significant risk to businesses. Employees with access to sensitive information can inadvertently or intentionally compromise security. In 2019, an employee at the UK financial firm Capital One was responsible for a data breach that affected over 100 million customers.
Actionable Tip: Implement strict access controls and monitor employee activity for suspicious behaviour. Conduct regular employee training on cybersecurity best practices and the importance of safeguarding sensitive information.
6. Outdated systems and software
Many businesses neglect to update their systems and software regularly, leaving them vulnerable to cyber-attacks. Outdated software often contains known vulnerabilities that cybercriminals can exploit. The WannaCry ransomware attack in 2017, which affected the NHS and numerous other organisations worldwide, was largely attributed to outdated software.
Actionable Tip: Ensure that all systems and software are regularly updated with the latest security patches. Implement a patch management policy to stay on top of updates.
7. Lack of cybersecurity awareness
Human error is a leading cause of cybersecurity incidents. Employees who are not adequately trained in cybersecurity best practices may inadvertently expose the business to risks. According to a report by the Information Commissioner’s Office (ICO), human error accounted for 90% of data breaches in the UK in 2019.
Actionable Tip: Invest in comprehensive cybersecurity training for all employees. Regularly update training materials to reflect the latest threats and best practices.
8. Targeted attacks
Some businesses may be specifically targeted by cybercriminals due to their industry, reputation, or client base. For example, financial institutions and law firms often hold valuable data that can be lucrative for attackers. In 2020, UK-based foreign exchange company Travelex faced a ransomware attack that demanded a $6 million ransom, highlighting the risks faced by high-profile targets.
Actionable Tip: Implement advanced threat detection and response systems to identify and mitigate targeted attacks. Stay informed about the latest cyber threats and adapt your security measures accordingly.
Enhancing cybersecurity for small businesses
While the threats are real, there are several steps small businesses can take to enhance their cybersecurity measures and reduce their risk of falling victim to cyber-attacks.
- Develop a Cybersecurity Policy: Create a comprehensive cybersecurity policy that outlines the roles and responsibilities of employees, acceptable use of company systems, and procedures for reporting security incidents.
- Conduct Regular Security Audits: Regularly assess your cybersecurity posture to identify and address potential vulnerabilities. This can include penetration testing, vulnerability scanning, and risk assessments.
- Implement Multi-Factor Authentication (MFA): MFA adds an extra layer of security by requiring users to provide two or more verification factors to access systems and data.
- Back Up Data: Regularly back up your data and store it securely. Ensure that backups are tested and can be restored in the event of a cyber-attack.
- Educate Employees: Provide ongoing cybersecurity training to employees to raise awareness of common threats such as phishing and social engineering. Encourage a culture of security within the organisation.
- Partner with a Trusted MSP: Collaborate with a reputable Managed Service Provider (MSP) like Jera IT, which specialises in cybersecurity. An MSP can provide expert guidance, support, and monitoring to enhance your security posture.
“Cybersecurity is not a one-time effort but an ongoing process that requires vigilance and adaptation to emerging threats,” says Sarah Thompson, Chief Information Security Officer at Jera IT.
Conclusion
Cyber-attacks are a growing threat to businesses of all sizes, and SMEs must take proactive measures to protect themselves. By understanding the reasons your business might be targeted and implementing robust cybersecurity practices, you can significantly reduce your risk of falling victim to cybercriminals.
At Jera IT, we are committed to helping businesses in Scotland and beyond strengthen their cybersecurity defences. Our team of experts is here to support you every step of the way, ensuring that you stay one step ahead of cyber threats.
Investing in cybersecurity is an investment in the future of your business. Don’t wait until it’s too late—take action today to safeguard your business from cyber-attacks.
For more information on how Jera IT can help you enhance your cybersecurity measures, contact us today.