October marks Cybersecurity Awareness Month, an opportunity for us UK businesses to evaluate our digital infrastructure and bolster defences against an ever-growing array of cyber threats. As the landscape of cybersecurity evolves, so do the methods employed by cybercriminals. From small-scale phishing scams to large-scale ransomware attacks, the need for robust cybersecurity measures keeps getting bigger and bigger.
The UK Government’s Cyber Security Breaches Survey 2024 offers alarming statistics: 50% of UK businesses reported experiencing a cyberattack in the last 12 months. The majority of these incidents involved phishing which is so easy to protect yourself against, yet is often ignored. Sophisticated attacks like ransomware have also surged. High-profile examples, like last year’s Royal Mail ransomware attack, underscore the critical importance of businesses staying ahead of the curve.
The Threat Landscape
With the rise of online anonymity, and as we all embrace remote working and digital transformation in the UK, the complexity of our digital estate grows, continuously providing new avenues for cybercriminals to exploit.
Ransomware attacks, where cybercriminals lock businesses out of their own systems and demand a ransom for their release, increased by 23% in the UK last year alone. The financial and reputational damage caused by these attacks can be significant. In fact, the BBC reports that UK businesses lose more than £30billion each year due to cyberattacks, illustrating the scale of the problem.
Small and medium-sized enterprises (SMEs) are not immune. Sophos’ State of Ransomware 2024 found that the average cost to recover from a ransomware attack in the UK was £1.85 million, including downtime, lost business, and the cost of recovery. The aftermath of a successful attack can stretch on for months or even years, eroding customer trust and damaging business reputations.
Actionable tips to strengthen defences
- Multi-Factor Authentication (MFA)
By requiring users to provide two or more pieces of evidence before accessing a system, MFA greatly reduces the risk of unauthorised access. - Regular Employee Training
Human error remains the most common cause of breaches. Phishing awareness training, for example, can significantly reduce the risk of employees falling for fraudulent emails. - Patch Management
Unpatched software is one of the easiest ways for hackers to breach a system. Ensure all systems, especially those exposed to the internet, are up-to-date. - Robust Backup Systems
Cybercriminals often target backup systems during ransomware attacks. Having isolated, offline backups can be a crucial lifeline when restoring systems post-breach. - Endpoint Protection
In a world where remote work has become the norm, securing endpoints—like laptops, smartphones, and tablets—is critical. Solutions like Endpoint Detection and Response (EDR) can help monitor and defend against threats on these devices.
The British Airways breach
In 2018, British Airways suffered a data breach affecting 400,000 customers, exposing credit card details and personal information. The root cause? A compromised third-party system. The breach highlighted the importance of not only securing internal systems but also ensuring that third-party partners adhere to the same security standards. This case demonstrates the far-reaching consequences of inadequate cybersecurity measures, including a £20 million fine imposed by the Information Commissioner’s Office (ICO).
Taking Action Now
Cybersecurity Awareness Month is the perfect time to reflect on your business’s current security posture. Are your systems up to date? Are your employees trained to recognise the signs of an attack? Taking proactive measures now can save your business from the costly consequences of a breach.
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