In a world where cybercrime and IT outages are increasingly common, businesses must continue to adapt, just as a car needs regular check-ups to avoid breakdowns and costly repairs, businesses need to continuously review and update their cyber security and IT protocols to keep things running smoothly to protect themselves from significant disruptions and financial losses. If they neglect these checks, they risk being ‘broken down’ with a major problem that could have been prevented.

The Rising Threat of Cybercrime

Cybercrime constantly threatens businesses, leading to data theft, financial loss, and operational disruption. According to a report by twentyfour IT, cybercrime costs UK businesses an average of £4,200 per year, with the total economic impact reaching £27 billion annually. Despite this, many companies lack a formal cyber security incident management plan.

The Reality of Cyber Security Breaches

The Cyber Security Breaches Survey 2023 revealed that 32% of businesses and 24% of charities experienced breaches in the past year. For medium and large businesses, these figures jump to 59% and 69%, respectively. Geoff Roberts, co-founder of The Data House, emphasises the importance of robust cyber security, particularly for companies operating globally, to prevent reputational and customer damage.

Recent Cyber Attacks and IT Outages

Recent incidents like the ransomware attack on CBS and the recent global IT outage caused by CrowdStrike highlight the severe impact of cyber threats. These events underline the need for businesses to adopt robust cyber security measures or seek a Cyber Security focused Managed Service Provider (MSP) and be prepared for potential disruptions.

The Global Supply Chain Challenge

Global supply chains introduce significant security risks, as cybercriminals often target larger organisations through their third-party partners. Peter Reed of Headforwards advises companies to thoroughly evaluate all parts of their supply chain to mitigate these risks. Jamie Halpin of Osborne Clarke points to the MOVEit attack as a stark reminder of the vulnerabilities within supply chains.

The MOVEit incident is an example of ransomware, a type of malware that locks an organisation out of its own files by encrypting them and then demands a ransom for the decryption key.

According to Matt Chinnery, pre-sales manager at the international cybercrime technology firm Ripjar, cybercriminals are becoming more adept at penetrating company networks. “These advanced intrusion tactics take advantage of weaknesses in a company’s infrastructure to access valuable data,” he explains.

Staying Ahead of Cyber Threats

Ransomware attacks have always been on the rise, with SonicWall reporting a massive 74% increase in Q2 2023. These attacks, often powered by advanced breaching tactics and AI, can cause severe disruptions. Matt also mentioned the growing use of AI in generating phishing emails and deep fakes, making it crucial for businesses to stay vigilant.

The increasing frequency and sophistication of cybercrime and IT outages demand that businesses take proactive measures to protect themselves. Overconfidence can lead to significant vulnerabilities, making it essential to continuously evaluate and improve cyber security practices. By focusing on key metrics, compliance, and employee training, organisations can better defend against these pervasive threats.

The Role of Cyber Legislation

Legislation like the GDPR plays a vital role in mitigating cyber risks. Pete Woodward of Securious highlights the importance of understanding and complying with data protection laws in all operating regions. Businesses should collaborate with legal experts and appoint data protection officers to ensure compliance.

A ‘Top-down’ Approach to Security

So, where do we start? Well… a successful cyber security strategy requires top-down implementation and support. Geoff Roberts stresses the need for buy-in from all levels of the organisation to protect the brand and data. A security audit is a crucial first step to identify risks and develop a prioritised improvement roadmap and Continuous Employee Training are essential to maintain a robust defence against cyber threats.

Evidently, cybercrime and IT outages are significant threats to businesses, making robust protection strategies a necessity. By implementing effective cyber security measures, staying compliant with legislation, and ensuring continuous improvement, organisations can safeguard their operations and data. Reach out today to discuss how we can help your organisation with Cyber Security Awareness Training.