Is your business cyber secure?

Cybersecurity presents a considerable risk to businesses all over the world, of all shapes and sizes. Cyber attacks occur roughly every 39 seconds and have accelerated in pace by almost 300% since the Covid-19 pandemic. Almost one in five (17%) of all data breaches involve malware infections, with malware attacks costing companies an average of $2.6m. And, while individuals can be victims of cyber attacks, the vast majority (95%) of incidents involve businesses and organisations. 

Regardless of where in the world your business operates from, how big it is or what industry it serves, cybersecurity should be top of your priority list. 

Cyber attacks can include those where customer data is stolen - often resulting in a fine from your country’s information commissioner - the loss of historic files and information, financial breaches or even a complete freezing of your company’s infrastructure, both operational and systems. 

Whatever form they take, cyber attacks are stressful, time-consuming and expensive to deal with. 

Here are the top five cyber risks your business should be aware of:

Phishing

Phishing is one of the most commonly reported cyber crimes, and can lead to significant financial losses. Phishing scams aim to trick you into handing over information such as credit card or bank details, usually by sending a legitimate-looking email or text purporting to be from a service you use. 

You can protect yourself from phishing by being vigilant. Never click on any links you’re unsure of and always check the sender’s email address; often this will differ slightly from a legitimate email account. If you’re unsure, contact the organisation directly to ascertain if the communication is genuine. 

Malware

Malware is short for malicious software, which often goes hand-in-hand with phishing and sees attackers gain access to your systems. From there, hackers can do anything from deleting files and data to stealing information. 

There are lots of malware protection solutions on the market, but it’s important not to rely on these solely. Make sure your systems are updated regularly and that you have an active security software in place. 

Ransomware

Ransomware is a form of malware that freezes your systems and demands a ransom payment to release it. This can be catastrophic for businesses - not only will you be unable to operate while your system is hacked, but you may need to pay a considerable ransom to get it back. Often, official advice is not to pay the ransom but for some businesses this may be unavoidable. 

Be proactive with your cybersecurity and ensure you are making use of all the options available to you. Your hosting provider will be a good place to start. 

Business email hacking

Business emails can be hacked, causing problems for your company. This might be in the form of hackers sending emails purporting to be from you and targeting your customers or employees - for example asking for payments to be made to a fraudulent bank account. 

It’s important to ensure that employees are aware of the risks of cyber crime and are vigilant at all times. Strong passwords which are changed regularly, and aren’t repeated throughout the organisation, are a good first defence. 

Denial of service

These are attacks that disable a website or server by overwhelming it with traffic, taking your business offline. Often this is followed by a ransom demand, forcing your business to pay to relieve the pressure on your server. 

Keeping good server hygiene and working with a reputable web hosting company is the best defence against denial of service attacks. 

To find out more about what cyber risks impact your business and what you can do about them, speak to your Miss Group account manager.