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Why Cyber Security Is Important For Your Business

Imagine this... You start a business, achieve growth and create a profitable brand that stemmed from just an idea. Perfect right? But you didn't factor cyber security into your business strategies and procedures so you get hacked and/or extorted.

The myriad of private and confidential information you had stored from customer purchases or employee details, that people value and treasure in their lives is now in the hands of a black hat. In 2022 as many as 39% of UK companies suffered from a cyber attack or breach of their system, the same as the prior year. The cost of this was an average of £4,200, with the figure rising to £19,400 for medium and large businesses.

So it all seems pretty simple right? Protect your company's and your customers' data. A sound cybersecurity plan and skilful execution puts you ahead of the curve in the eyes of your customers as awareness continues to grow across society. This is even more prevalent now that a third of the UK office workforce still working from home and with global e-commerce jumping to $26.7 trillion in 2020 as a result of COVID-19. So what is the first step?

Understand that you could be a target

Most business owners have the mindset that their company may be too small to be at risk but this is just a false sense of security. According to the Cyber Security Breaches Survey 2022, of the 39% of UK businesses who identified an attack, 83% were phishing attempts. In addition, around one in five (21%) identified attacks such as a denial of service, malware, or ransomware attack — and this number will only rise. Not to mention 31% of those businesses and 26% of charities who experience attacks estimated they were attacked at least once a week.

So how can you protect against hackers?

Develop A Cybersecurity Policy And Defence Plan

All companies must develop a cybersecurity policy and defence plan. This plan must detail what measures the company and it's employees will take to ensure that the networks and the company' data are protected from unnecessary threats.

The plan must also include the process for what to do once a cyberattack occurs. These types of plans cannot be generic as they need to be appropriately tailored to the business depending on the industry they operate in. But there remains to be a lack of both will and skill around organisational cyber security, resulting in gaps in some more fundamental areas of cyber hygiene. So how do you develop your cybersecurity policy?

Get (Quality) Advice

Seeking advice from a specialist will benefit you in many ways. Now you may be thinking "we're a tech company, we can handle our own security because my guys are the best in the industry". But you need to remember that security may not necessarily be their focus and the tech around cybersecurity like everything else is constantly evolving. This means your most likely vulnerable and open to hacks.

So having a professional will make you more secure and give you a great contact to call upon should you get hacked. This will even fulfil your insurance obligations as you would have taken adequate measures for security to protect your company and the data that you hold.

Get Yourself Covered

The final thing to consider is whether or not cybersecurity insurance is a smart option for your company. The appeal of cybersecurity insurance is that it can, at least in theory, shift the financial risk of an attack from your business to the insurance company.

ereut remember that most policies will include strict provisions dictating what specific measures must be undertaken by the company in order to receive coverage. This means that if there is an attack resulting in a loss the insurance provider will verify to make sure that you were in compliance with the necessary policies and procedures before paying any claim. You would also need to make sure that you're covered for types of attacks such as ransomeware, which unfortunately some policies still do not cover.

The Takeaway

Ensure that you are less at risk of falling victim in the future by taking cyber security seriously. Protect yourselves, your business and your stakeholders!


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