Now more than ever, businesses both large and small must proactively strengthen their cyber security defence to prevent data breaches and the high cost that comes with it. In 2022, a successful ransomware attack took place every 40 seconds, with an attempt occurring nearly every 11 seconds.
With cybercrime set to cost companies worldwide an estimated $10.5 trillion annually by 2025, improving cyber security defences has become a key theme in 2023.
Gartner predicts that by 2025, 60% of organisations will use cybersecurity risk as a "primary determinant” when choosing who to conduct business with. So, not only will your cyber security defences affect your internal security but also your future growth plans.
So, what attacks should you be aware of and what cyber security defences can you toughen up to deter those hackers and keep your data safe?
Social engineering is a form of attack which uses manipulation techniques to make security mistakes, reveal confidential data or offer up your personal information.
The attack: The attacker will research you and use information you have provided online such as on social media, Personal identifiable information (PII), contacts, location data, billing info, education and employment.
The cyber security defence: You need to be in control of your data.
Phishing, vishing and smishing are delivery methods for an attack, which use time pressure and emotions in an email or message. This causes us to react and will trigger a fight or flight response.
The attack: Attackers want you to share personal details such as passwords and bank details, open malicious links, or send money to them.
The cyber security defence: Firstly, take 5 minutes to STOP fraud before actioning anything. Make sure you have an email security solution like Mimecast to stop business emails being compromised.
Broadly speaking, account security refers to any action businesses take to defend their users' accounts and their business networks from cyber attacks.
A primary example of this is passwords. They might be simple to you but 59% of people reuse the same password, according to Spycloud. These are easy to remember, but also exceptionally easy for hackers to hack.
The attack: Bad passwords are the easiest way to compromise a system.
The cyber security defence:
Keep 3 passwords outside of password manager (email, password manager, MFA account) in ensure that you don’t lose complete access!
A secure connection is a connection that is encrypted by one or more security protocols, allowing data to be transferred safely. By contrast, an unsecure connection refers to one that is not encrypted. You are most at risk when using public Wi-Fi and insecure websites. In fact, 1 in 4 Wi-Fi hotspots are insecure.
The attack:
The cyber security defence:
Malware is a malicious form of software which interferes with the normal function of software and hardware; it typically includes viruses and can infect any device.
The attack: The most common attack is ransomware where hackers cease control of computer systems using code. Often hackers will demand you pay a ransom to get your data back.
The cyber security defence: Keep devices updated.
The Internet of Things is a network of physical objects with processing ability, sensors, software or other technologies that facilitate the connection and exchange of data with other devices and systems via the Internet.
The attack: Smart devices can be infected with bots (malware).
The cyber security defence:
Prevention is the key to reducing the risk of a cyber breach. By investing in cybersecurity software, using a VPN, and being aware of the common attack methods, businesses can continue to operate without interruption, whilst having strong defences in place to reduce any risk. If you are a victim of any fraud, please report it to Action Fraud.
There are many actions to take to ensure that your business is fully equipped with optimal cyber security defences. Review your strategy and invest in the proper protection before it is too late.
What are the first steps? Here are a few ideas to help you start strengthening your cyber security defences. First, get the experts in and achieve the government recognised Cyber Essentials Plus certification. Then, tackle one of the most prevalent forms of cyber attack: phishing. Performing email phishing assessments, internal and external penetration testing, and web app testing will give you insights into how strong your cyber security defence is and highlight areas for improvement. Finally, ensure that you train your people using simulations and email security awareness training so they are prepared if a breach was to occur.
At T-Tech, we can help you with all of this. Get started today by booking a meeting.
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Action Fraud. https://www.actionfraud.police.uk/
UK National Cyber Security Centre. https://www.ncsc.gov.uk/
NCSC advice: Mitigating malware & ransomware attacks: https://www.ncsc.gov.uk/guidance/mitigating-malware-and-ransomware-attacks#stepsifinfected
Report a phishing email to: report@phishing.gov.uk
Report a smishing Text message: forward the message, phone number or company name to 7726. This is a free service.
Password strength check: https://howsecureismypassword.net/
Password breach check: https://haveibeenpwned.com/
Government Code of Practise for Internet of Things (IoT) devices: https://www.gov.uk/government/publications/code-of-practice-for-consumer-iot-security