Why UK SMEs must prioritise cyber security
The misconception that cyber criminals only target large enterprises and well-known brands is not just outdated—it’s dangerous. Recent attacks on major UK brands such as M&S, Coop, and Harrods have made headlines and captured national attention. However, many small and medium enterprises (SMEs) mistakenly believe they are not at the same risk because they aren’t as large. This narrative, that SMEs are too small to be of interest to hackers, is a myth that needs debunking. As more SMEs embrace digital transformation, they inadvertently become ripe targets for cybercriminals.
In this article, we look at some of the recent attacks on both small businesses and larger brands, the strategies to safeguard against similar threats, and which tools and software can fortify your defences.
Cyber security for small businesses: The rising threat
Recent trends indicate an alarming rise in cyber attacks on small businesses. Hackers are increasingly targeting these organisations because they often lack robust security measures, making them easier to infiltrate. Four in ten (42%) small businesses have been victims of an attack or breach in the last 12 months, rising to two-thirds (67%) of medium-sized companies, according to a recent BT report.
The impact of these attacks can be devastating, as demonstrated by several recent incidents. As well as reputational damange, the average cost of the most disruptive breach for an SME can be nearly £8,000, excluding long-term consequences, further highlighting the severe financial risks involved.
A case of complacency: KNP
A recent sobering example of the catastrophic consequences of inadequate cyber security is the recent attack on a 158-year-old company, KNP who was forced to close after a ransomware attack. This attack was simply down to a single weak password, underlining the vulnerability of businesses that overlook even the most basic cyber security. The fallout was severe, with the company unable to meet the hackers’ “unpayable” ransom demands, leading to the loss of 700 jobs.
Other notable examples of recent attacks
The North Face and Cartier data breaches
Fashion brand The North Face and luxury jeweller Cartier recently fell victim to cyber attacks that resulted in customer data being stolen. The North Face discovered a “small-scale” attack where hackers used “credential stuffing” to access customer accounts, potentially exposing shipping addresses and purchase histories.
Similarly, Cartier experienced a breach where an unauthorised party gained temporary access to their system. Both brands confirmed that financial information was not compromised but urged affected customers to change their passwords and remain vigilant against phishing attempts.
West Lothian Council ransomware attack
Earlier this year, West Lothian Council’s education network was targeted by a ransomware attack, resulting in the theft of “personal or sensitive” data. Although most of the stolen data related to operational issues, such as lesson planning, there were concerns about personal information being compromised.
The council quickly isolated the affected network, and contingency plans were implemented to minimise disruption to education services. Authorities, including Police Scotland, are investigating the attack. The council has advised individuals to change passwords and stay alert to potential phishing scams.
Why investment in cyber security is crucial for small businesses
Protecting sensitive information
For SMEs, protecting sensitive client information is paramount. A breach can lead to significant financial losses and irreparable damage to reputation. Investing in security for small businesses helps safeguard customer data, ensuring compliance with legal requirements like the GDPR. Monitoring tools and SOP services are tailored to provide SMEs with the necessary infrastructure to protect sensitive data.
Ensuring business continuity
Cyber attacks can disrupt operations and lead to financial losses. Implementing robust cyber security for small businesses ensures business continuity by protecting against data breaches, ransomware, and other malicious attacks. If you haven’t already, make sure you implement regular cyber security training programmes so your team have the knowledge and power to recognise potential threats.
Building customer trust
Customers expect their data to be handled securely. Demonstrating a commitment to cyber security can enhance customer confidence and loyalty, providing a competitive edge in the market. Password management tools and cyber security services are designed to help you build and maintain customer trust.
Cost-effective in the long run
While investing in cyber security might seem like a significant expense upfront, it is cost-effective in the long run. The cost of recovering from a cyber attack—ransom payments, legal fees, and loss of business—far outweighs the cost of preventive measures. It’s worth looking into Cyber Essentials and Cyber Essentials Plus certifications, which are recognised standards that demonstrate your commitment to cyber security.
Key cyber security steps for SMEs
- Invest in cyber security services: Consider outsourcing to professional cyber security services like ours that provide comprehensive protection tailored to your business needs.
- Regularly update software: Ensure all systems and software are up-to-date with the latest security patches. We provide solutions to automate and manage software updates efficiently.
- Implement strong password policies: Use complex passwords and change them regularly. Consider using our password management tools for additional security.
- Employee training: Train employees to recognise phishing scams and other cyber threats. Our cyber security training programmes are designed to enhance employee awareness and resilience.
- Regular security audits: Conduct regular audits and penetration testing to identify and address vulnerabilities. Our team can help you with this critical task, ensuring your systems remain secure.
How we can help
The basics Recommended tools and services
By incorporating essential tools and services, your company can build a robust defence against cyber threats. Our team is ready to assist you in implementing these solutions, ensuring your business remains secure and resilient in the face of evolving cyber risks.
We recommend the following as a minimum:
Password manager: Ensures that all passwords are strong, unique, and not duplicated across different accounts. This tool significantly reduces the risk of breaches due to weak or reused passwords.
Multi-factor authentication (MFA): Even if a password is guessed or stolen, MFA adds an extra layer of security, preventing unauthorized access by requiring additional verification steps.
Security Operations Center (SOC): Provides an extra set of eyes to continuously monitor network behaviours. It helps in early detection and response to potential threats, ensuring that your systems remain secure.
Email backup: Ensures that you can restore important communications and data in the event of an attack, minimising downtime and data loss during incidents like ransomware attacks.
Security awareness training: Educates employees about cyber threats, empowering them to recognise and avoid potential risks such as phishing scams. This proactive approach helps prevent attacks before they occur.
Defender for O365 licenses: Offers advanced email filtering and protection, reducing the likelihood of email-based attacks. By filtering out potentially harmful emails, they help safeguard your business from phishing and other email-related threats.
Not sure where to start? Enhance your business’s protection with our comprehensive cyber security services, designed to safeguard your assets and ensure your operations remain secure and resilient.
The threat of cyber attacks on SMEs is real and growing
By prioritising cyber security, Small businesses can protect their assets, maintain customer trust, and ensure long-term business success. Waiting until an attack occurs is too late – this small business guide is your starting point for securing your operations.
