The business threat comes from many different angles. Business managers are used to juggling these threats, off-setting one and tackling another. Regardless of the size of your business, information security matters. Get it wrong and your business can be vulnerable to cyber security threats.
Many factors come into play where business are concerned but end of the day nearly every single decision comes down to one thing: money. Even if you’re a charity, a financially savvy approach is paramount. For profit-making businesses, it’s the be all and end all.
Information Security, or lack thereof, poses an enormous threat to your bottom line. A report carried out in partnership with the Office of Cyber Security and Information Assurance in the Cabinet Office estimates the cost of cyber-crime in the UK to be in the region of £27 billion per annum, with an enormous £21 billion of this being lost from UK businesses (rather than individuals or the government). They reported that a “significant proportion” of this cost is a result of stolen Intellectual Property from UK businesses estimated at £9.2 billion per annum. What’s worse is that they suspect that the real impact of information security crime is even greater than this.
What businesses are hit the hardest in the financial stakes? They are software and computer services, financial services, the pharmaceutical and biotech industry, and electronic and electrical equipment suppliers. But, every single UK business is vulnerable when it comes to information security.
There are 2.5 million reported incidents of Cyber-Crime per year in the UK according to the Office of National Statistics, and that’s before all the incidents that go unreported.
The latest cyber security breaches survey 2022 by Gov.uk has revealed that 39% of UK businesses identified a cyberattack in the last 12 months with the most common threat vector being phishing attempts (83%). With average estimated cost of all cyber-attacks of £4,200 with only medium and large businesses the figure rises to £19,400. We dive in with some of the recent cyber-attacks and threats that CISOs need to key a close watch on for the remaining part of 2022 and beyond. – Cyber Attacks 2022.
The most common cyber security vulnerabilities are viruses disabling your IT in the click of a mouse. Close behind are the hackers themselves. Whilst the Internet booms in all areas of business then cybercriminals will be attracted to the potential gains. More than that, cybercriminals are now working in highly organised groups rather than a lone individual in their basement. They bring together a plethora of criminal skills to access your data and intellectual property. If you don’t take information security seriously, you’re leaving yourself open to attack.
We pretty much wouldn’t be able to imagine our daily lives without the Internet, let alone our business lives. Most businesses now are grounded, largely, with an online presence, online transactions, with data zapping via Wi-Fi or the cloud. Any activity that involves a computer, smartphone, web-enabled devices or the Internet leaves your business vulnerable.
Plugging the gaps is vital. It takes a systematic holistic approach if you’re not going to leave your business vulnerable in one area whilst tending to another. Cyber Security can’t be undertaken on a piecemeal basis – it must be fundamentally integral to your business processes and strategy to ensure no stone is left unturned. It’s no longer possible to tag cyber-security on to your IT manager’s job description and cross your fingers. It’s not going to work, it will leave you unnecessarily vulnerable. If you need help recruiting for a specialist we provide you advice help you build world-class teams and the nine vital steps to hiring niche talent.
You’re only as strong and as watertight as your weakest link. With Information Security this usually means your employees, they are your greatest asset that make your business who you are, but it only takes one ill-informed or untrained employee to bring it down.
For example, the Bristol and South Gloucestershire Circuit of the Methodist Church, was advertising for a recruitment vacancy back in 2015. Along with the usual inbox full of applications came another innocuous message entitled “Job Application – Please see attached CV”. Where an employee clicked the link and the virus breached the defences. Worse than that, the employee who opened the attachment was working from the charity’s back-up meaning the malicious software ran through everything like wildfire. All financial data was transformed into illegible code.
That’s a bad moment for any business just from your weakest link. Given that 53% of IT Security professionals say their CEO makes business decisions without considering cyber security that’s a huge vulnerability staring you in the face.
Each employee of a company should be trained in their responsibility and awareness of information security.
Your reputation is everything. With the world of social media, you simply cannot afford mistakes in any area of business because within hours everyone will know about it. There’s no hiding in the digital age of business. Given that your reputation is the key to your success in the future, it cannot be jeopardised.
This applies just as much to the inherent risk to your reputation because of information security as your Customer Service Manager having a bad day and swearing at your biggest customer. Your stakeholders must fundamentally trust your business. That trust will be washed away in seconds if you have a cyber security breach. It’s not a risk worth taking.
Whatever the size of your business, your cyber security matters. Unfortunately, many don’t realise this until it’s too late. Don’t bury your head in the sand. As well as being costly financially, the real impact extends much further. Don’t leave your business vulnerable when it comes to information security. Where Via Resource can help source the right candidate for you, get in touch now.