Why it’s vital to improve cyber security

January 25, 2016 by Andy Crow

Why it’s vital to improve cyber security.

Irrespective of the size of your business, you are a target for cyber criminals. Last year 74% of small businesses in the UK reported having suffered a security breach. There are many more that didn’t even realize they’d been hacked!

From the loss of Intellectual Property, reputational damage, to impacting the bottom line, cyber attacks could spell the end for some businesses. Evidence of well publicised attacks in 2015 demonstrated that many companies still aren’t doing enough to reduce the risk of a compromise.

Initiatives like the government’s Cyber Essentials scheme have helped drive increased awareness, and large and small businesses alike now understand that security should now become a priority. There is a misconception that the impact of a cybercrime touches only the company and customers personally affected by the breach. But the cost of cybercrime to the British economy impacts us all.

A recent report by Allianz Global Corporate & Specialty estimated the cost of the cybercrime in the UK at £28bn per year. Cybersecurity must no longer be considered merely good practice for all companies, but a responsibility. Businesses must ensure that they are employing appropriate techniques to mitigate the threat of cybercrime.

Cyber Essentials scheme does just that. Offering the first steps of basic cyber hygiene measures that all organisations can implement and build upon, it helps provide businesses with the essential information that can significantly reduce a business's risk. It allows companies to reduce their vulnerability to attacks, and the cyber essential accreditation can be used as a badge to show potential partners and their customers to gain a competitive advantage by demonstrating that they have achieved a Government and industry-endorsed basic standard for cybersecurity.

In the wake of recent breaches such as Talk Talk, customers are increasingly concerned about the security of their personal data online. According to UK Government, 82% of consumers would buy more if the business could show they were taking measures to protect against cybercrime.

Companies that haven’t yet invested in appropriate and comprehensive cybersecurity solutions must look to these schemes to help them take their first educated steps into the world of security. It could be the most important decision they ever take.

Chorus Business Advisers can assist you with confronting these problems. For free consultation call us on 0845 8671263 or email [email protected]