Half of UK businesses have experienced a cyber attack. How can you protect yourself?

According to official government data, an incredible 50% of businesses experienced a cyber attack or security breach last year.

Phishing remains the most common culprit, affecting 84% of businesses. Other prevalent threats include impersonation attempts via email or online (35%) and malware (17% of businesses).

The Cyber security breaches survey found that the single most disruptive breach cost businesses an average of £1,205.

The prevalence of cyber incidents and the cost of cleaning them up rose – unsurprisingly – for larger firms.

Although the survey doesn’t address the impact of cyber attacks on small businesses, it is fair to assume that many smaller firms don’t have cyber attack plans or access to the protection commonly enjoyed by corporations.

In fact, a new study of 500 SME owners by Markel Direct  found that 49% of small businesses wouldn’t know what to do if their business suffered a cyber-attack, and 69% didn’t have a cyber security policy in place.

So, what can you do, as a small business owner, to minimise your chances of being a victim of an online attack?

Hosting company Hypernode recently provided some general tips to improve a business’s online ‘cyber hygiene’ – a set of preventative measures to make technology as safe as possible.

We’ve included some of these tips here and added some of our own thoughts.

Antivirus and Antimalware Software

Installing antivirus and antimalware software is a fundamental step in protecting against cyber threats.

These tools are designed to identify and stop harmful programs that can compromise your data.

As viruses and malware constantly evolve, it’s equally important to ensure this software is regularly updated to maintain up-to-date protection.

Reassuringly, the Markel study mentioned above found that 72% of those polled already use antivirus software.

If you don’t have software in place already, you can download free anti-virus software such as AVG or pay for a subscription from one of the big names such as Norton or McAfee. The key thing is to ensure your software is updated on all your equipment.

Be Wary of Phishing

Phishing attacks are among the most common cyber threats.

Scammers use fake emails, messages, or websites to trick people into sharing sensitive information.

At ByteStart, we’re aware of a current scam whereby you receive an email seemingly from HMRC asking for more information on your VAT return – but the sender and the links on the email are clearly scam addresses.

This type of attack accounts for most cybercrimes and affects 90% of businesses that experience cyber incidents.

Remaining vigilant and educating yourself and any staff members about recognising phishing attempts is essential for all organisations.

Backup and Encrypt Data

Backing up critical data and storing it securely can help recover information in the event of data loss or a ransomware attack.

Additionally, encrypting sensitive data ensures that only authorised individuals can access it, providing an extra layer of protection.

Secure Wi-Fi, Strong Passwords, and MFA

Although simple, securing Wi-Fi, using strong passwords, and enabling multi-factor authentication (MFA) are key to good cyber practices, they are often overlooked.

Unsecured Wi-Fi networks can allow cybercriminals to intercept data or infiltrate systems.

Weak passwords are also an easy target for hackers, so ensure passwords are strong, unique, and different for each account.

Adding MFA provides an extra safeguard, preventing unauthorised access to sensitive data and systems.

The Markel study found that 52% of SMEs use MFA or two-factor authentification, but only 46% have secure Wi-Fi networks in place.

How to minimise the threat from cyber attacks – in a nutshell

We asked Daniel Tannenbaum of Rosca Technologies what time-pressed small business owners should concentrate on when it comes to cyber threats:

If you have to prioritise one thing that your staff members can do, it has to be two-factor authentication for logging into different accounts, softwares, making payments and applications.

The combination of personal login, password and further phone authentication has massively reduced cyber attacks.

Also, it is worth getting into the rhythm of changing your passwords regularly, even every month, and making sure that all your different logins have different passwords and are not the same across the board.

This is especially useful for employees who need to take extra precautions, especially when their data and IT is more exposed when working from home.

Learn about cyber

As a small business owner, your awareness is the most critical defence against cyber threats.

A business’s security is only as strong as its weakest link, and any staff member can become a target.

Actively find out more about potential cyber attacks. Start with this handy guide from the National Cyber Secruity Centre.

You might also consider taking our cyber insurance, which can cost under £10 per month for sole traders. Unsurprisingly, there are many insurers in the market – including major players like Hiscox, Policy Bee and Markel.