• Home
  • Authors
  • Write for us
  • Advertise
  • Contact
  • Privacy Policy
  • Terms and Conditions
Friday, January 22, 2021
No Result
View All Result
ABC Money
PR Fire Press Release Distribution
  • News
  • Business
  • Economics
  • Finance
    • Investment
    • Tax
    • Mortgage
  • Property
    • Utilities
  • World
  • Technology
  • Fashion
  • Health
  • Holidays
  • News
  • Business
  • Economics
  • Finance
    • Investment
    • Tax
    • Mortgage
  • Property
    • Utilities
  • World
  • Technology
  • Fashion
  • Health
  • Holidays
ABC Money
No Result
View All Result
Home Technology

The High Cost of Poor Cyber Security in the UK

by Catherine Pearson
26/09/2020

In 2018, the British NHS fell victim to a financially crippling cyber attack. The WannaCry ransomware incident cost an excruciating 92 million Sterling; certainly a high price to pay for an event that was entirely preventable. A Members of Parliament report that was produced after the attack occurred noted that all 200 of the NHS hospital and other health services investigated failed cyber security checks.

But it is not only large public institutions that are at risk. Enterprise businesses and smaller businesses alike are equally targeted by threat actors. In regards to the former, cyber attack costs ran at £34 billion according to a report by the Centre for Economics and Business Research (CEBR). The costs calculated included revenue and intellectual property loss and the increased cyber security spend.

Less easy to quantify are the reputational losses companies pay and the subsequent and ongoing loss of clientele. According to a Forrester study of both UK and US companies, 38 per cent indicated they had lost business because of security issues while 44 per cent of UK consumers state that they would not return to a business after a breach.

On top of these costs, there is also the matter of regulatory fines. Failing to adhere to cyber security mandates is an expensive and foolhardy mistake, as British Airways found out first hand when the national carrier ran foul of GDPR regulations.

Business owners reading this who assume their small company will fly under the radar may need to think again. As reported in Forbes, small businesses represent “prime targets,” precisely because would-be attackers assume poor cyber defences. Unfortunately, they are often correct. One report from security provider Carbon Black showed that 88 per cent of UK companies suffered a data breach in the past year, proving that cyber attacks aren’t so much a question of if, but rather when.

Perhaps the worst thing about a small to medium sized business being hit by an attack is that many companies never financially recover and are forced to shut down.

Given the high costs involved when a cyber attack hits its target, there is a very sound argument for a greater investment in cyber security measures from the get go. The initial financial outlay of a solid security strategy is more than worth it, particularly considering both the ever-increasing threat level and dynamic nature of modern cyber attacks.

With that in mind, below are some actionable ways for UK companies to mitigate the risk and bolster their digital defences.

RelatedPosts

Top Four YouTube Music Downloader Apps

The Importance of Cybersecurity to SEO

5 Key Elements of Converting Subtitle Files

Top Consumer Insights Platforms To Use In 2021

Load More

Employee Education & Ongoing Training

Threat actors frequently rely upon human foibles to land their attacks. Common methods, such as phishing, utilise employees to infiltrate a company’s systems. While most staff will be aware of the risk of opening a link in an odd-looking email, they may not be as cautious as needed.

Well-executed social engineering attacks are cleverly put together. Forget about emails from the twice-removed cousin of the Prince of Nigeria, today’s threats are far more sophisticated. To mitigate the risk of phishing, among other attack vectors, businesses should run regular cyber security workshops for all employees, not just those involved in IT. If the company’s systems or procedures change, more training is necessary.

In addition, a general culture of cyber security should be in place. Make sure each staff member knows that day-to-day security is their job as much as it is the IT department’s prerogative.

Testing & Checks

It’s not enough to assume that cyber security measures are working well, instead, companies should hire security experts to carry out penetration testing and check for vulnerabilities in the company’s network and systems.

This is of even greater importance if the business engages in any form of e-commerce as plug-ins and payment portals are frequently targeted. Likewise, companies that handle a large amount of client data are attractive targets as personal information is easily sold for profit on criminal forums.

Invest in Security Solutions

Companies should have the following tools in place as standard:

  • Enterprise-level firewall
  • DNS protection
  • Antivirus
  • Antimalware
  • Email scanner
  • VPN encryption

With regards to the VPN, another option is to secure the company’s whole wifi network, and any connected devices, with a VPN router. Then, any device connected to the network is protected. For individual staff members working at home thanks to the COVID crisis, a VPN to protect your devices is one of the best ways to ensure your data transmissions to company systems are encrypted.

The cost of cyber crime is high. To mitigate the risks, and the accompanying financial burden, companies should take cyber security very seriously indeed. The steps above in conjunction with good digital hygiene practice can make all the difference.

Previous Post

Quickbooks Hosting Features for Contractors

Next Post

Key Questions to ask a Bridging Loan Broker

Related Posts

Top Four YouTube Music Downloader Apps
Technology

Top Four YouTube Music Downloader Apps

19/01/2021
The Importance of Cybersecurity to SEO
Technology

The Importance of Cybersecurity to SEO

14/01/2021
5 Key Elements of Converting Subtitle Files
Technology

5 Key Elements of Converting Subtitle Files

18/01/2021
Next Post
Key Questions to ask a Bridging Loan Broker

Key Questions to ask a Bridging Loan Broker

Building a Budget? Don’t Forget About These 6 Commonly Forgotten Categories

Building a Budget? Don’t Forget About These 6 Commonly Forgotten Categories

5 Ways To Earn A Passive Income

5 Ways To Earn A Passive Income

Latest News

Tips to Choosing the Right Internet Plan for Your Business

Tips to Choosing the Right Internet Plan for Your Business

21/01/2021
Do I Have To Take A Test To Go Back To Office

Do I Have To Take A Test To Go Back To Office

17/01/2021
Dry Eyes: The Ultimate Guide To Dry Eye Treatment

Dry Eyes: The Ultimate Guide To Dry Eye Treatment

21/01/2021
How Secure is Your Money in Online Bingo

How Secure is Your Money in Online Bingo

21/01/2021
Top Reasons to Immigrate to Canada from the UK

Top Reasons to Immigrate to Canada from the UK

20/01/2021
Prisa Sells Its Radios In Argentina

Prisa Sells Its Radios In Argentina

17/01/2021

Social

Contact

For editorial enquiries:

editorials@abcmoney.co.uk

For advertising enquiries:

advertise@abcmoney.co.uk

Top Topics

  • News
  • Business
  • Finance
  • Property
  • Technology
  • Investment

Guides

  • Best UK Bridging Loans
  • Best UK Secured Loans
  • Best UK Commercial Mortgages
  • Best UK Business Loans
  • Best UK Payday Loans
  • Best Sites for International Money Transfers
  • Best Press Release Distribution Service

Social

  • Home
  • Authors
  • Write for us
  • Advertise
  • Contact
  • Privacy Policy
  • Terms and Conditions

© 2020 ABC Money

No Result
View All Result
  • Write for us
  • Contact
  • About Us
    • Authors
  • News Desk
    • Business
    • Finance
    • Property
    • Technology
    • Investment

© 2020 ABC Money

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.