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Author: Kieran Marshall
Businesses of all sizes have been going through some serious changes over the past couple of years. Work practices are evolving, new tech is popping up, and exciting innovations are boosting your team’s productivity. But there’s a flip side: these advances are also exposing new opportunities for cybercriminals to exploit weak points in your security setup.
With cyber attackers now armed with even trickier methods and launching attacks on a massive scale, organisations are finding themselves dealing with a surge in threats.
According to the 2023 Cyber Security Breaches Survey published in April, 59% of medium businesses, 69% of large businesses, and 56% of high-income charities (£500,000 or more in annual income) have been hit by at least one successful cyberattack in the last year. That surge in risk comes with a bunch of new challenges.
Everyone knows that a successful cyberattack can lead to serious trouble. Breached data, services knocked offline, and ransomware demands can seriously mess things up – financially, operationally, and reputation-wise.
Our clients had their sights set on tackling these risks last year. Now, organisations are all about shoring up their defences, embracing solutions like Microsoft Defender for Business, Endpoint Detection & Response (EDR), and Extended Detection & Response (XDR).
But apart from the immediate chaos caused by an attack, the rise in cybercrime brings some other sneaky stuff into play. These additional concerns could affect businesses beyond the direct consequences of an attack.
Let’s dive into some of the lesser-known outcomes of this cybercrime surge and see why they matter to businesses like yours.
Business Insurance Renewal Headaches
A bit of a change has happened when it comes to our clients’ business insurance renewals.
Insurance companies know that cybercrime is ramping up, and they want to get the real scoop on the risk they’re taking on when they renew policies.
That might mean giving more detailed info about the defences you’ve got set up in your organisation. Are you gathering intel on threats? Do you have control over your domains? Are you managing your endpoints (PCs and mobile devices) like a pro?
These insights help insurers do their math and set coverage costs. You might need a hand from your IT partner to answer these questions in sufficient detail.
Plus, this could shed light on any weak spots in your security game. If insurers are raising eyebrows about something and you’re not ready, it’s a signal to get cracking and prioritise the fix.
Broadening the Attack Range
You might already have some shields up for data and apps within your immediate zone. But as cyber defences get fancier, crooks are getting more creative about how they hit you. And it’s not just about your employees. Your customers, partners, and suppliers are all in the firing line too.
There’s a lot of impersonation and trickery going on. Bad guys want to copy your brand and fool unsuspecting people. Imagine a scam where a cybercriminal poses as a bank. They copy the bank’s style in a slick-looking email and build a fake website that’s almost identical. They send this out to people, asking them to visit the site and update their info. Users click away, thinking it’s all legit, while the cybercriminal is snagging their data – all without the victims having a clue.
Even though these attacks happen outside your organisation, you’re the one dealing with the fallout. So, it’s crucial to plan out how to handle these threats and maybe even bring in new security tools to save your brand and reputation.
Navigating Legal and Compliance Maze
Cybersecurity and following the rules go hand in hand. They are (or should be) at the top of every business leader’s list, needing constant attention and care.
A lot of businesses are in industries where strict rules apply. Retailers, for instance, need to stick to trading standards, and banks have to follow MiFID II and MiFIR rules. And don’t forget about GDPR – everyone needs to comply with data privacy and protection.
No matter the specific rules for your business, the spike in cybercrime and its risks just adds more layers of complication. If you’re not doing enough to shield your users, customers, and data, you could find yourself in hot water.
So, it’s vital to keep checking the big threats to your business and match up your security to stay compliant. Getting ahead of the game is a must.
Your Team as the Last Line of Defence
Even with solid defences, some shady emails and threats might sneak through. As cybercrime heats up, more and more infiltrations are ending up in your users’ hands.
This is where your users come in. They’re the last line of defence, and they need to know what to do.
Doing regular security training, vulnerability scanning, penetration testing, and trying out simulated attacks can prep your users for the real thing, lowering the risk of a breach.
Boosting Your Security Stance
To really face down these risks and dodge any nasty consequences, you’ve got to look hard at your security plan. Adding in some stronger safety measures is the way to go.
Our experienced team can help you see just how much more cyber risk you’re dealing with. We’ve got your back for insurance renewals and rules you need to follow, and we can set you up with fresh defences and training to protect your users, customers, and partners from the advanced attacks out there.
If you’re curious or want to chat about what you need, don’t hesitate to get in touch with us.