The digital economy has provided you with new opportunities as a business owner, as you can engage customers easily online. But it is vital that you implement measures to shield your company from cyber-crime, which is becoming an increasingly prominent risk for the UK’s small businesses.
Rise of cyber-crime
Online technologies are changing the UK’s business landscape. Many companies can now accrue start-up funding, sell products, complete vital administrative tasks, and even converse with consumers online, giving you as a small business owner new ways to cut costs in areas such as marketing. It can be hard to reap the benefits of online technologies however, if your company’s systems are hacked.
New data indicates that cyber-crime is becoming an increasingly pressing problem here in the UK. Our country now sees over seven million cyber-crimes every year, and the effects can be devastating. On average, it takes the victim 2.2 days – at a cost of almost £3,000, to recover from a cyber-attack, depriving small businesses of much-needed revenue.
Prominent attacks
It is essential that you understand how cyber-criminals could attack your company’s online infrastructure, to protect your cash flow. The most common types of cyber-attack lodged against British small businesses are phishing emails (49%), where criminals use digital channels to access your firm’s information fraudulently and spear phishing emails (37%), where the email which is used to deceptively access data is disguised to look as though it came from someone your business knows.
Meanwhile, 27% comes in the form of malware attacks. These are malicious software, such as Trojans, which infect your company’s computers, devices or network, for the criminal’s gain. One especially damaging type of malware is ransomware, which allows criminals to hold your data hostage, in exchange for money. In the past year alone, 42% of UK small to medium-sized enterprises have experienced ransomware strikes and it is crucial that you shield your company from these attacks.
Protect your business
So how can you protect your company from cyber-attackers so your business stays safe online? It is vital that you first implement a contingency plan so that, if you experience a cyber-attack, you can limit the fallout. It is a good idea to take out business cyber insurance, which coves you financially in the event of a data breach. You may also want to develop a crisis plan ahead of time, looking at issues such as how you will address any data breaches in public, so you are prepared should a cyber-criminal strike.
There are also a number of preventative measures you can implement, to decrease the likelihood of a cyber-attack. There are various business anti-virus and anti-malware software solutions that you can invest in, to safeguard your devices from online criminals, such as Norton Small Business. Compatible with windows, Mac, Android and iOS platforms, Norton Small Business provides anti-virus, anti-spyware and anti-malware services for computers and mobile, giving your firm comprehensive cover.
You can also roll-out a range of simple measures, to stop cyber-criminals in their tracks. Carry out regular updates of your firm’s IT security, so you can stay one step ahead of criminals who are developing increasingly sophisticated means of attack. Also have a strict password policy, so careless staff cannot give criminals a way to get into your systems – for example, it is good to use a password management system such as LastPass to create near-indecipherable entry codes for your devices.
Build online infrastructure
Before you implement these measures, however, it is critical that you focus on developing strong online assets. If you ensure you have created a robust company website for your business, you can minimise the risk of cyber-crime, to ensure you can trade smoothly online. Turner Little can help – we provide various internet services, such as website development, which you can use to create a great company website, while shielding your systems from cyber-criminals, to ensure your business thrives.
Turner Little
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agent, Registered Bank Intermediaries and Business Consultants, as well as Trust provider. You can receive our monthly newsletter by signing up using the form below.