The digital landscape is changing at a rapid pace and whilst this offers limitless opportunities to businesses, it can also create a number of challenges. One of the biggest of these challenges is the threats posed by cyber crime.
Fraud and cyber crime can affect businesses of any size. However, whatever your budget, there are steps you can take to protect your business against potential dangers. Ahead of the Superfast Business Wales Cyber Security Events, we spoke to Barclays’ Business Digital Eagle, North West and North Wales, Graeme Brand, about the reality of how cyber crime and security impacts small and medium sized enterprises (SMEs) and the actions you can take to stay aware, safeguard your business and how to respond if you do fall victim to a cyber-attack.
Why should smaller businesses worry about cyber security?
Isn’t this more of an issue for large businesses?
The prominence of the internet has changed the way companies of all sizes conduct their business. It has opened the doors for many SMEs to streamline their processes and generate additional opportunities in areas which previously might have appeared out of reach. However, it is not without some downsides, a major one being the growth in prominence of cyber crime.
Recent government research states that 74% of small and medium sized businesses suffered an information security breach in 2015 with the average cost of the worst breach between £75,000 and £310,800. Businesses must recognise the threat that cyber crime can pose to them, their reputation and subsequently their bottom line.
Why do small and medium sized businesses struggle with cyber security? What are the main barriers or challenges facing them?
Any cyber security strategy should include awareness training to be effective. The biggest risk as technology becomes more sophisticated is human failure.
A recent survey supported by Barclays of nearly one thousand IoD members, showed a worrying gap between awareness of the risks and business preparedness. Whilst 9 in 10 (91%) business leaders said that cyber security was important, only around half (57%) had a formal strategy in place to protect themselves and just a fifth (20%) held insurance against an attack. Worryingly, official efforts to tackle cyber crime seem to be failing to get through to businesses, with nearly 7 in 10 (68%) IoD members never having heard of Action Fraud Aware, the UK’s national reporting centre for fraud and internet crime.
How would a business know if it’s been hacked? What signs should businesses look out for in terms of a cyber-attack?
A cyber security expert will be able to provide bespoke guidance for any individual businesses. The scams are numerous and wide-ranging, for example, receiving changes to any payment details attached to a transaction should be treated with suspicion. In addition, if SMEs are sent an unencrypted email or asked for personal data by email, or anything that feels even remotely dubious, then they should pick up the phone and verify it directly with the party in question.
What actions can businesses on a budget take now to start better protecting themselves against potential cyber threats?
The inclusion of cyber security and anti-malware protection will not only safeguard your business, but also provide an additional layer of protection for you, your customers and subsequently cement your long-term relationship with them. Staff education and awareness is a key method to ensuring you do not fall victim to a cyber-attack. There are free online resources which can support an SME’s journey in becoming more cyber secure from Government sources such as CERT UK and Get Safe Online.
How can businesses ensure all of their staff are on-board with cyber security measures?
Some of the actions that businesses can take to get cyber smart include creating a cyber security strategy that raises awareness amongst staff of the common cons used to commit cyber crime, installing software that keeps them and their customers’ details safe and keeping all software up to date.
With the growth of mobile devices being used by businesses, how has this impacted on cyber security and the need for businesses to protect themselves?
The dependence on technology and the Internet in most businesses is now critical. Businesses and individuals should check that all mobile phones and tablets have antivirus software installed. It is also important for businesses to be aware of potential threats from cyber criminals when using public Wifi hotspots when using mobile devices out of the office and ensure that they’re using a secure connection or Virtual Private Network.
Barclays is hosting a number of events specifically for businesses providing guidance on how they can protect themselves from cyber crime. For further information please speak to your Barclays Business Manager and more details about how to be cyber smart can be found by going to www.barclays.co.uk/fraudsmart.