Cyber Defense eMagazine December 2019

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95 between 10 and 49 people, estimated at around 130,000 companies nationwide, were the victim of some form of cybercrime in 2018. Where You Are Most Vulnerable The most common form of cyber attacks are phishing attacks through fraudulent emails or by being directed to fraudulent websites. 49% of cyber attacks that target small businesses are fraudulent emails and 72% of businesses have been affected by fraudulent emails. The main defence against this form of cyber attack is strong staff training in regards to cyber security. Phishing attacks are so successful because only 25% of small businesses give their staff formal cyber security training, leaving the rest vulnerable to social engineering attacks. Small businesses that are based in the North West, the South East and the West Midlands are more likely to suffer from cyber attacks than the rest of the country. 25%, 23% and 21% of small businesses based in these areas reported cyber attacks respectively. However, by understanding the risk of cybercrime and the common nature of cyber attacks you will be in a much stronger position to protect your business. Covering the Risk of Cyber Attacks Many small business owners mistakenly believe that they are not at risk of cyber attacks and therefore make little to no effort to prepare for one. Only 39% of small businesses in the UK have formal policies covering cyber attacks and only 14% have formal incident management processes in the event of an attack. By not having a clear strategy in place to manage the impact of a cyber attack, small businesses significantly hamper their ability to detect and prevent any breaches. One out of three small businesses has admitted to not installing any security software over the past two years. 40% of small businesses also do not regularly update their cyber security software or back up their data and IT systems. In addition, 66% of businesses that are the victim of cyber attacks fail to make any changes in their policies or systems that would prevent further breaches. In fact, over half (56%) of small businesses that have suffered a cyber security breach proceed to be the victims of further attacks. The Rising Cost of Cyber Attacks The average cost of cyber attacks on UK small businesses continues to rise each year. In fact, the total cost of cyber attacks has more than doubled since 2017 with the average attack now costing businesses £6,160. The direct costs to small businesses include ransoms paid or hardware that has to be replaced, however, this is just the beginning. Cyber attacks can cause further damage through loss of business thanks to down periods for recovery time or loss of trust from the damage done to your reputation.
96 After suffering a cyber attack many small businesses lose many of their customers and face difficulty attracting future customers and some fail to recover from the impact of cybercrime. A Relentless Threat Cybercriminals pose a relentless threat to small businesses, a threat that is often not taken seriously. However, it is only by understanding the threat that is posed by cyber attacks that you can adequately protect yourself from them. The chances of a business falling victim to a successful cyber attack continue to increase dramatically and business owners should make efforts to strengthen their system security. If you are concerned that your business might be at risk of a cyber attack or think that it may have already been targeted by one then contact a cyber security specialist for advice on how to safeguard your business from cybercrime or how to best manage an incident. About the Author Dan Baker is a Content Writer that works with SecureTeam, a cyber security consultant that provides a range of cyber security solutions to small and medium businesses across the UK. Dan can be reached online at dan@addpeoplepr.co.uk or at our company website https://secureteam.co.uk/
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Page 139 and 140: 138 Meet Our Publisher: Gary S. Mil
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Cyber Defense eMagazine December 2019

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