Cyber crime is on the up. It currently costs UK businesses over £20bn a year and that figure is projected to keep on rising. And the effects are not only financial – sensitive data may be lost, services disrupted and business reputations are at stake too.
The techniques that criminals use to cause all this damage are getting more sophisticated. But so are the ways to counter them. There is no one-size fits all approach but here are ten simple steps which could help you and your business stay safe – and operational.
1 – Awareness
Everyone in the business should be aware of their responsibility to keep data safe and systems secure. Straightforward policies and simple training sessions will quickly embed a healthy cyber security culture.
2 – Remember the basics
Cyber crime is evolving but the old tricks still work. Scams and fraud can be avoided by following the advice on the Action Fraud website specifically around unsolicited emails, suspicious phone calls, phishing and theft of bank details.
3 – Passwords
Cyber security is now about much more than good password protocol but it’s still a crucial place to start. Passwords should be unique, strong and private. Multi-factor authentication adds another layer of security.
4 – Software
All elements of software should be kept up to date: operating systems, browsers and applications. Anti-virus and anti-malware software keep the latest threats at bay and a firewall will monitor malicious network traffic.
5 – Network
A chain is only as strong as its weakest link. Most of us now have the opportunity for hybrid working, meaning that the resilience of all the networks we use to connect is now under scrutiny. Ensure any network that you join has strong encryption protocols (eg WPA3) – free public wi-fi should be avoided. Consider using a VPN when working remotely.
6 – Mobile devices
Your phone or tablet is also part of your business network and is particularly susceptible to rogue texts and messages. Keep its software updated and passcode protected and secure – otherwise it’s a potential gateway to the heart of your business.
7 – Backups
Even without a cyber threat it’s best practice to have a data resilience system in place beyond simply backing up on the cloud – meaning that if the worst were to happen then critical company data and IP is protected.
8 – Encryption
Encrypting sensitive data – when it’s both sent and stored – is another layer of protection. It may also be a legal obligation or a key requirement in a client contract.
9 – Recovery Plan
If the worst were to happen it’s important that everyone knows what to do and plans are in place to minimise disruption. Communication should be clear and reassuring and rehearsals can help put minds at ease. There are several insurance offerings on the market that are designed for cyber attack mitigation.
10 – Keep up to date
Cyber crime continues to get more lucrative and sophisticated, but it can be combatted with a coherent and dynamic strategy that recognises that the threat is ever-changing. Training needs to be refreshed as threats evolve while systems should be regularly tested and augmented.
Rolling out a resilient cyber security strategy is an integral part of running a business – however large or small. There are plenty of online resources to help get started and stay informed.
At Capify, we’ve been helping businesses for over 15 years balance the competing priorities that they face. With loans between £5,000 and £500,000 our flexible finance solutions can help businesses invest in the systems and expertise to help protect their operations.
