Cyber Crime: Protect Your Business
Small businesses are facing more cyber threats than ever before. Cyber criminals are becoming more and more sophisticated and convincing, posing a greater risk to your sensitive data and your business.
But here’s the thing: while the technology behind these attacks may be advancing, the good news is that staying safe doesn’t require complex or expensive solutions. In fact, smart cyber habits can make all the difference.
Tips to keep your business protected from cyber crime:
1. Strengthen Your First Line of Defence
When it comes to cybersecurity, people are often the weakest link. But there’s good news — it doesn’t have to stay that way! Strengthening your first line of defence can be simple and cost-effective.
Strong Passwords: A long, unique password for every account is your first defence. To make this easier, consider using a password manager to keep them all organised and secure.
Multi-Factor Authentication (MFA): MFA is a simple but powerful tool. It adds an extra layer of security by requiring a second form of verification (like a code sent to your phone) in addition to your password.
Use Reputable Providers: Always choose software and service providers who prioritise security. Look for providers with security certifications, like ISO or SOC2 compliance, to ensure your business is working with trusted vendors.
2. Educate Your Team About Phishing
Phishing attacks are one of the most common ways cybercriminals target small businesses. These scams often come in the form of emails or texts that look legitimate but are designed to trick people into sharing sensitive information.
Adopt a Zero Trust Approach: When it comes to sensitive data, your team should always operate under the mindset of “never trust, always verify.” This means following strict verification steps before taking any action, even if the request appears to come from a familiar source, like the boss.
Spot Phishing Attempts: Train your team to recognise the red flags of phishing emails — suspicious links, urgent requests, or emails with poor grammar.
Avoid Suspicious Links: Encourage your team to hover over links before clicking on them and to never download attachments from unknown senders.
3. Consider Cyber Risk Insurance
Cyber risk insurance or cyber liability insurance is a form of legal cover that protects your business against hacks, ransomware attacks, malware attacks and data breaches. It will provide support to keep your business running throughout the attack and financial compensation to offset the cost of recovery following an attack or breach.
Any business that stores or sends digital data will benefit from cyber insurance. The chances are that this data is either sensitive information or could be used to attack your digital infrastructure if it fell into the wrong hands. If this happens and you are uninsured, the business will be held 100% responsible. Cyber insurance, meanwhile, mitigates some of that responsibility.
4. Stay Informed, Stay Vigilant, and Report Suspicious Activity
Cyber threats are constantly evolving, so it’s essential to stay up-to-date on the latest scams and security best practices. Keep your software updated, apply security patches regularly, and consider subscribing to cybersecurity blogs or newsletters to stay informed.
Most importantly, encourage a culture of openness when it comes to reporting suspicious activity. Make sure your team knows that it’s always better to report something, even if it turns out to be nothing.
And if the worst does happen, don’t panic. Act quickly. Report the attack to your local cybersecurity agency, and if there’s any immediate risk, contact the authorities.
Stay Cyber Safe
Cybersecurity is everyone’s responsibility, and by following these simple steps, you can significantly reduce the risk of falling victim to cybercrime. Staying informed and practicing smart cyber habits will keep your business secure, no matter how advanced the threats become.
At Scotch Accounting, we’re here to help you make sense of these ever-evolving risks. So, if you need advice or support, don’t hesitate to get in touch — we’re here to keep your business safe, secure and ready for the future.
