In today’s world, it’s almost impossible to do business without a digital presence, yet being online puts you at risk from cybercriminals who use technology to harm your business.
Cybersecurity attacks are surprisingly prevalent. In fact, data released by the Department for Science, Innovation & Technology shows there were more than 2.3 million instances of cybercrime across all UK businesses during the year beginning April 2022.
In this guide, we’ll explain what cyberattacks are, their impacts, and how you can protect your business from them.
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What is a cyberattack?
A cyberattack is a criminal activity in which a cybercriminal hacks a computer system or network with the intention of stealing data, destroying it or holding it for ransom.
What are the impacts of cyberattacks?
Cyberattacks can have several impacts on your business, ranging in scale in terms of both severity and timeline. These include:
- Loss of productivity
- Loss of revenue
- Legal action
- Paying ransoms
- Reputational damage
- Damaged customer relationships
Which businesses are at risk from cyberattacks?
It’s easy to make the mistake of thinking that cybercrime only affects other businesses but the truth is that all businesses are likely to be targeted by cybercriminals at some point. In fact, according to a survey published by Statista, almost 20% of UK businesses experience a cybersecurity breach once a month.
That being said, there are industries in which businesses are at especially high risk. These include healthcare, IT, legal, HR and manufacturing.
How can you protect your business from cyberattacks?
There are a number of measures you can implement to better protect your business from cybercriminals. Some fundamental steps you can take include:
- Train your employees
It’s estimated that most corporate security breaches are due to human error. Delivering regular and comprehensive cybersecurity training is the best way to reduce the risk of your employees mistakenly facilitating cyberattacks. This should address the key mistakes that they could make on the job, as well as major topics such as phishing awareness, password security, and insider threats.
- Explore cover
The costs of dealing with a cyberattack can be more than many businesses can bear, going far beyond simply replacing devices, repairing databases, and strengthening security measures. As your understanding of cybersecurity risks grows, you may find it valuable to check if you have the right level of cyber insurance that protects your systems from being attacked.
- Develop a policy
A comprehensive cybersecurity policy can help every member of your organization better understand their responsibilities regarding cybersecurity. It should outline acceptable and impermissible behaviors around using data, devices, communications, and the internet.
Cyberattacks are a huge threat to your business but, by implementing the measures above, you can build a strong foundation for your business’s cybersecurity.