5 Cyber-security Risks for Businesses

In the digital world, cyber-crime has increased in both frequency and complexity. Modern cyber-criminals are adept at spotting even small lapses in cyber-security. In fact, 39% of UK businesses reported a cyber-security breach in 2021, according to the government’s Cyber Security Breaches Survey. The key to preventing such attacks is to understand how they happen. As such, it’s vital that you recognise potential cyber-exposures and implement strategies to prepare for them. Consider the following five cyber-security risks:

1. Poor patch management - Occupiers’ liability describes the risk an organisation faces if a customer or client is injured on the premises (eg tripping and hurting themselves). Organisations that require customers or clients to be physically present, such as retail stores, are particularly at risk for these losses and may be held liable for bodily injury or property damage.
2. Phishing - Phishing attacks exploit people, aiming to trick individuals into doing the wrong thing, such as clicking a suspicious link that downloads malware onto their device. According to government data, 83% of all cyber-breaches in 2021 stemmed from phishing attacks. To lessen the risk, implement email filtering and blocking mechanisms and conduct staff phishing awareness training. 
3. Weak passwords - Thanks to automated password-cracking tools, cyber-criminals can rapidly guess passwords lacking in complexity. Ensure employees set strong passwords using the National Cyber Security Centre’s (NCSC) three-random-word technique. Additionally, set up multifactor authentication (MFA), where employees must provide a second piece of information before logging in.
4. Malware - Malware comes in many forms. For instance, spyware monitors internet activity to steal information, and adware infects a user’s computer through pop-up adverts. To combat all malware types, consider installing anti-malware software and remind employees never to download files from untrustworthy sources.
5. Ransomware - Cyber-criminals use ransomware to deny a user access to files until a ransom is paid. Address this growing tactic through holistic cyber-security measures. Furthermore, back up sensitive information on external servers regularly. This way, you can easily restore it should the worst happen.

 

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