Businesses operate in an environment where the cyber security threats loom larger than ever before. From small startups to global corporations, no organisation is immune to the risks posed by cybercriminals. As technology continues to advance, so do the tactics to exploit vulnerabilities in digital systems. In this blog, we explore the various cyber security threats that businesses face, along with strategies to alleviate these risks effectively.
Hook, line and sinker
Based on findings from the Cyber Security Breaches Survey conducted last year, it was revealed that in 2023, 79% of businesses in the UK reported encountering a phishing attack. For those who may not be familiar with the term, phishing is an online fraudulent scheme wherein perpetrators distribute deceptive communications, typically in the form of emails, with the intention of duping individuals into divulging sensitive information or unwittingly installing malware onto their devices.
A key tactic to shield your business from phishing attempts is thorough employee training. Stress the importance of trusting their instincts; if something seems off, prompt reporting is crucial. Even if the email appears harmless, it may be a disguise, report it. After all, it’s better to be safe than sorry!
Main cyber security threats
UK small businesses face a range of cyber security threats, many of which can have serious operational, financial, and reputational consequences. Some of the main threats include:
- Phishing Attacks – These are fraudulent attempts to trick employees into revealing sensitive information such as login credentials or financial details. They often come in the form of convincing emails or messages that appear to be from legitimate sources.
- Ransomware – A type of malicious software that encrypts a business’s data and demands payment (usually in cryptocurrency) for its release. Small businesses are increasingly targeted due to often weaker defences.
- Malware and Viruses – These can infiltrate systems via downloads, compromised websites or removable media, causing data loss, system outages or unauthorised access to sensitive information.
- Weak Passwords and Poor Access Controls – Many small businesses fail to enforce strong password policies or multi-factor authentication (MFA), leaving systems vulnerable to brute-force attacks or unauthorised access.
- Insider Threats – Whether malicious or accidental, employees or contractors with access to systems can pose a significant risk if security protocols are not properly managed.
- Unpatched Software and Systems – Outdated software and unsupported operating systems create vulnerabilities that can be exploited by cybercriminals.
- Business Email Compromise (BEC) – A form of targeted phishing where attackers impersonate senior executives or suppliers to trick staff into transferring funds or disclosing confidential information.
Raising awareness, investing in cyber hygiene training, and implementing basic security measures like firewalls, endpoint protection, regular updates, and backups are essential steps for UK SMEs looking to protect their digital assets.
Beware of malware
Talking of malware, ‘465,501 never-before-seen malware variants were detected last year, an average of 1,279 per day’. Just as human viruses evolve, so do online viruses, so it’s better to have a multi-layered security approach, so your business can build a strong immune system.
A wise initial step is to invest in robust antivirus software capable of safeguarding all your business devices, spanning from computers to tablets and mobile devices. Once you have that ticked off, make sure the systems are kept up-to-date, and implement firewalls, to monitor and control incoming and outgoing network traffic. Your employees will rarely have to do this, as your brilliant IT team can do this remotely. And if you don’t have an internal department to support with this, don’t worry! There are plenty of IT support teams ready to assist your business.
Don’t overlook Denial-of-Service (DoS) attacks
Amidst the multitude of threats competing for attention, it’s easy to overlook the significance of Denial-of-Service (DoS) attacks. However, if your business delves into the orbit of the Internet of Things (IoT), where physical objects communicate with internet-connected devices, it’s crucial to pause and take note of this vital information. Let’s break it down: DoS attacks are cyber intruders straining to manipulate a network or machine. Their motives? Anything from stealing data to stirring up chaos. According to the 2023 Sonicwall Cyber Threat Report, there were a soul crushing 112.3 million IoT malware attacks in 2022, up 87%. By using web filtering tools, you can block access to sketchy websites that are notorious for spreading malware. This keeps your team from inadvertently downloading malware while browsing the internet.
By prioritising strong security measures and staying in the loop about new threats, your business can lower its risk and safeguard its most important assets and reputation. This proactive approach keeps operations running smoothly and builds trust, playing a vital role in maintaining Britain’s efficiency in the digital era. Great! Now that you’re aware of the security your business requires, talk to your supplier about exploring the solutions to protect your business data.
Struggling to understand or make progress with your cyber security requirements? No need to fret!
Speak to our team of experts to see how we can support your business with any cyber security threats today!