Cyber security may not be on your priority list when you’re just starting. Marketing, sales, registration, and legal paperwork often take the top spot.
While those are indeed important tasks, you can’t neglect securing your business with cyber security. In the UK government’s 2023 cyber security breaches survey, 31-32% of micro to small sized businesses across the country identified breaches and attacks in the past 12 months.
For micro to small sized businesses in the UK, the survey found they paid an average explicit cost of £1’100, a big expense when your resources are thin.
In this article, we explain the importance of building trust from day one in your business and how you can achieve that.
4 Reasons Why Small Businesses Need Cyber Security
Some business owners believe cyber security is needed only for the big guys, the large corporates. After all, they’re the ones who get targeted and have large databases to protect. But that’s not true. Half of small businesses globally experienced at least one cyber attack.
Small businesses in London and surrounding areas such as Essex and Sussex are no exception to the global nature of our digital world and the cyber threats at play. Let’s explore why you need to take steps to secure your SME:
Hackers target small businesses
As already mentioned, small businesses face cyber attacks regularly. But why would they target me, you’d ask.
Well, because you’re collecting valuable data and have resources to protect. Once they get hold of the data, they can demand money for its return or sell it to other malicious actors. These types of attacks are called ransomware attacks.
Take into consideration that according to CyberEdge’s 2023 Cyberthreat Defence Report, 73% of UK organisations were targeted by ransomware attacks in the last 12 months, a 15% increase on the year before.
Financial security
Cyber attacks can have severe financial implications for small businesses. Ransomware attacks, in particular, can lead to extortion attempts, demanding significant payments for releasing critical data. Implementing cyber security measures helps prevent such attacks and safeguards against financial losses resulting from disruptions to operations, legal consequences, or extortion attempts.
Legal and compliance requirements
The third reason is to fulfil the legal requirements.
Due to the rise in cyber attacks, there are legislations in place that make it mandatory for small businesses to protect the data they collect and process.
There’s the GDPR law that applies to all English and European companies.
Then, there are NIS Regulations, the DPA (Data Protection Act 2018), and the Computer Misuse Act 1990.
If you’re in a sector like finance, FCA compliance is a must.
You’re responsible for complying with these laws from day 1.
Consumers demand cyber protection from companies
The need for cyber security is coming from consumers as well.
Trust is a cornerstone of any business, and customers expect their data to be handled securely. A cyber security breach can erode customer trust and confidence, potentially leading to a loss of clientele.
Small businesses, which may have a more intimate relationship with their customer base, stand to suffer significantly from any perceived mishandling of customer information.
Build Trust with the Latest Cyber security Measures
In this age of fierce competition where consumers are presented with numerous alternatives, you must gain and keep their trust.
When it comes to cyber security, there are a few ways to gain trust faster. Here are some following measures to take:
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Privacy policy and SSL certificates
Businesses with websites and apps must have a privacy policy on their assets. The GDPR law explicitly states that.
When you have a privacy policy that asks for consent from your online visitors, this demonstrates trust. They feel more confident in interacting with your website or app.
Another trust-building element is an SSL certificate or Secure Sockets Layer certificate. Websites with an SSL certificate are seen as more trustworthy, even by Google.
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Data Encryption
Encrypting sensitive data, both in transit and at rest, adds an extra layer of protection. Encryption mitigates the impact of a breach by making stolen data unreadable. So, even if sensitive data is stolen, bad actors will have a hard time decrypting the data.
Implement encryption protocols for email communications, stored files, and sensitive databases. Opt for end-to-end encryption for better protection.
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Strong Passwords and Multi-Factor Authentication (MFA)
Enforcing strong, unique passwords and implementing MFA enhances account security. According to Microsoft, MFA can block 99.9% of account compromise attacks. This simple measure adds an extra layer of protection, making it more challenging for unauthorised users to access critical systems and data.
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Periodic Software Updates and Patch Management
Out-of-date software is a common entry point for cyber attacks. Regularly updating and patching software helps close known vulnerabilities.
Implement automated patch management processes to ensure timely updates. With automated processes, you don’t have to worry about updating your digital assets to the latest security measures.
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Employee Training and Awareness
Educating employees about cyber security best practices is a fundamental and cost-effective first step. According to the Cyber Edge Group 2023 Cyberthreat Defence Report, 82% of breaches involved human elements, emphasising the importance of user awareness.
Conduct regular training sessions to help employees recognise and respond to threats like phishing attacks.
Boost Your Cyber Security Now!
As an IT services and support provider for businesses across London and the south east, we can’t stress enough the importance of protecting your business from day 1. So, take action today. Contact us today to learn more.
Not sure where you stand against cyber threats? Claim your Free Cyber Health Report to understand the lay of the land with cyber protection in your business.
