Understanding cyber security to protect your business

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23/09/2019

With the risk of cyber attacks rising for the UK's businesses, it's important that they are prepared to deal with threats. Below, Robert Lamont, Architect, Threat Intelligence & Consultancy Services at CYBG, explains why small and medium sized enterprises (SMES) should strengthen their defenses...

Much is written about the almost limitless opportunities for technology and the internet to increase productivity within both our personal and business lives.

Yet sometimes it feels like for every well-intentioned entrepreneur making the most of technology, there is at least one cyber-criminal looking to exploit any weaknesses to profit from your mistakes and knowledge gaps. Many compare running a business in this environment to being like swimming in shark-infested waters.

In addition to their technical ingenuity and expertise, we are seeing cyber-criminals adding advanced psychology to their arsenal; taking time to understand their victims, how they write emails and operate their businesses so that when the time comes to strike, it is easier for them to impersonate their victim using emails, social media and telephone.

I have seen first-hand the raw emotion and distress caused by losses and near losses. The common feeling afterwards was one of “stupidity”. This is understandable, but we must recognise the advanced nature of these attacks and the careful research that can happen over weeks or months before the criminals strike at your weakest moment.

For those unfortunate enough to fall victim, productivity usually gets impacted in at least two ways:

a) The immediate impact on their business, such as investigating how a fraud was committed, the loss of staff productivity as the result of a ransomware attack or the cost and time of engaging external experts to help recovery.

b) The longer-term impact of extensive safeguarding to mitigate a repeat.

Preparing for cyber-enabled attacks, either on your systems or bank account, is key in limiting the opportunity for attacks to be successful and in responding in future.

A good place to start is your employees. They can be the weakest link or the strongest defence – it’s your choice. Training and education are key, make sure they understand that you are not too small to be targeted and they are as likely to receive the email or phone call as you.

Before you go too much further it is important to ask yourself these key questions:

1. Are you confident you understand the risk to your business of a cyber-attack?

2. How confident are you that your staff understand the risks you all share?

3. Are you making informed decisions on managing the risk to your business from a cyber-attack?

With the additional challenge of “Are you happy you are doing enough to mitigate this threat to your business?”

There are many reliable and informative sources of information and guidance on the internet that will offer advice and guidance to small businesses. I have suggested a few that are likely to help you with the first couple of steps.

As you seek to find the productivity gains that will help you grow your business you are undoubtably going to expand your technology and internet dependency. Think of cyber-security as a protective layer and take the time to protect those productivity gains to ensure they do not end up being the thing that instead harms your business.

Robert Lamont
Architect, Threat Intelligence & Consultancy Services
robert.lamont@cybg.com
07826890639

Reporting Fraud

Clydesdale Bank Fraud Prevention

External Resources

Small Business Guide
Board Toolkit
Cyber Exercise in a box
Cyber Essentials Scheme
E-mail and password checker