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Cyber Resilience: Keeping your Castle Safe

Expert Insight

How Your Business Data Could Be Captured And Used Against You

There is no doubt about it. Data is unquestionably the king or queen of any organisation. No matter what shape, size or industry your business falls into, if you have personal data records, then you are a prime target for a cyber-attack. Your business needs to man the grounds, check any secret entrances and be aware of any vulnerabilities within your troops. If there is a weakness, hackers will discover it and they will look to exploit it.

It is integral for modern-day businesses to make cyber security a high priority. Ransomware attacks have risen exponentially and continue to rise, as shown in Check Point’s mid-year security report, which shows that there was a 93% rise in attacks carried out in the first half of 2021, compared to the same period in 2020.

Lady sitting behind screen with large laptop infront of her with skull on the screen

Protecting Your Castle As A Small-Medium Business (SMB)

SMBs typically fall victim to cyber-attacks more frequently, as cyber-criminals might believe that it is harder to get the payout from larger enterprises. A common tactic used by hackers is to steal company data and threaten to release it unless they’re paid, knowing that SMBs may lack the required resources required to defend, and the easiest option is to just cough up and pay.

It’s important also to be aware of other potential issues, both financial and non-financial, such as:

  1. Reputational damage – don’t be that castle that everyone avoids because you didn’t look after your customer’s data. You could end up losing more in the long term. SMB’s are also typically less prepared, with cyber security being further down on the priority list due to budget or lack of an in-house team. What smaller businesses need to realise is without investing in cyber security measures they are at risk of losing everything – not just their money and data but their reputation as being that business that didn’t see the need of protecting their customer’s data, consequently losing the trust of existing clients and future business.
  2. Possible fines for breach of GDPR – adequate data protection is now a matter of legal compliance, and your business could be hit with heavy fines for not following sufficient data protection processes.
  3. Personal stress – The attack of your business combined with receiving heavy fines could take a serious toll on your mental health, with digging yourself out of a cyber-attack sized hole a seemingly impossible task.
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Improve Your Business Cyber Resilience in 5 Simple Steps

These five simple steps can be implemented easily into your business without using much of your time, resource or money, yet provide immeasurable value by saving you all three in the long run.

Test, and then test again!

Testing your systems regularly will ensure that your systems are up to date, and any vulnerabilities are flagged immediately.

Security audits and penetration tests play a critical role in enhancing the security of systems and networks. It is a proactive method to stay one step ahead of hackers as you are conducting regular comprehensive risk assessments of your infrastructure.

Plan and prepare

Having a Business Continuity Plan in place with standards for managing, identifying and reducing cyber risks is essential for any business to truly prepare for any outcome.

Train your staff

Adopt an offensive position and train through education. Stripe OLT use the KnowB4 platform to provide regular internal training for staff.

Get accredited

Gaining an industry-recognised cyber security standard such as the Cyber Essentials or Cyber Essentials Plus schemes, will not only mitigate the risk of data breaches but also demonstrate your compliance and commitment to cyber-security to customers.

Utilise a managed Security Operations Centre

Investing in an external, managed cyber-security team will provide you with enterprise-level data protection capabilities, removing the need for heavy internal resourcing.

How can Stripe OLT help?

We are a Cyber Essentials certification body, and our experts have delivered Cyber Essentials consultancy to businesses throughout the UK. Using both our extensive experience and capability, we can help assist your business in implementing the above-specified controls and provide tailored expertise to meet the requirements of your business.

If you would like to find out more about the Cyber Essentials certification or how we can help your business, contact us today.

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