Cyber Security Risks

Cyber security risks are on the rise and no business is immune. Understanding the risks is a vital for business leaders because the consequences of an attack can be severe. MCATS IT can help you protect your business against this ongoing threat.

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Cyber Security Risks Facing Businesses

According to Government research, 32% of UK businesses experienced data breaches or cyber attacks in 2022. Yet only 3 in 10 businesses have undertaken cyber security risk assessments in the last year, and only 4 in 10 have cyber insurance. Large businesses are more likely to be prepared, only 49% of medium sized businesses have a cyber security strategy in place, compared to 68% of large organisations.

No business is immune, however big or small. Hackers know that SMEs are less protected, which makes them a target. The ICO explain that businesses need to be proactive when it comes to cyber security. Domestic anti-virus software is not sufficiently robust to protect businesses.

The rise in remote and hybrid working, and the rise in use of smartphones for both business and personal use, creates a need for more comprehensive security measures and multi-factor authentication.

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How Could a Cyber Attack or Data Breach Harm My Business?

Data breaches cause multiple problems. Businesses have a legal responsibility to adequately protect customer and employee data. Data breaches can lead to fines as high as £17.5million or 4% of annual revenue (whichever is higher). Data breaches can also and interrupt business operations and damage reputations, which may deter future custom. E.g. if clients know they have been the victim of identity theft, they may not trust your business with their data (and custom) in future.

Malware, ransomware, phishing attacks, and spam attacks can also disrupt business operations, damage reputations, and incur time and monetary costs (such as the cost of rectifying issues, loss of business, and in some cases the cost of ransoms).

How Can I Protect My Business Against Cyber Attacks?

A simple, yet multi-pronged approach will help protect your business from hackers and other cyber threats. MCATS IT can help you with:

- Managed cyber security solutions will protect your systems and devices against malware, ransomware, and viruses.

- Multi-factor authentication (MFA) enhances security by adding an extra layer of protection against various types of attacks.

- Backups of data and files make sure that everything can be retrieved in the event of an attack.

- Train your team so they know how to recognise and react to phishing.

CYBER SECURITY SOLUTIONS

Attack Compromised Data & Company Receives £4.4m Fine

UK construction company, Interserve Group were fined £4,400,000 by the ICO because they processed personal data without appropriate security measures (as required by Article 5(1)(f) and Article 32 of GDPR), which made them vulnerable to a cyber-attack. The attack compromised data of 113,000 employees, including their national insurance details, bank details, plus special category information such as health, ethnicity, religion, sexual orientation, and details of disabilities

Hackers Leaked Sensitive Information from Schools

Hackers leaked confidential data from 14 schools online after schools refused to pay the attackers ransom demands. The leaked information included childrens special educational needs information, passport information, and staff information.