How to protect your business from cyber breaches and attacks

In April 2019, the National Cyber Security Centre published their first ‘UK Cyber Survey’.

Independently carried out on behalf of the NCSC, a part of GCHQ, and the Department for Digital, Media and Sport (DCMS), the results will be of interest to businesses of all sizes and sectors.

Key statistics and findings from the survey:

• 32% of businesses have identified cyber security breaches or attacks in the last 12 months; this is much higher specifically among medium businesses (60%)
• Of those businesses who recorded breaches or attaches, 30% of cases resulted in a negative outcome, e.g. loss of data or assets
• £4,180 is the average annual cost for businesses that lost data or assets after breaches
• Only 15% of those surveyed said they knew a great deal about how to protect themselves from harmful activity

Most common cyber threats

Among those businesses the NCSC reported as facing breaches or cyber attacks, the most common types are:

• Phishing attacks (identified by 80% of these businesses)
• Others impersonating an organisation in emails or online (28% of these businesses)
• Viruses, spyware or malware, including ransomware attacks (27% of these businesses)

It’s also important to remember that cyber threats don’t just come from external sources but can come from inside your business, or through businesses you work with.

So, how can businesses prevent cyber breaches and attacks?

The NSCS survey recommends greater board-level involvement in cyber-security, monitoring suppliers and planning incident response.

Prioritising cyber security was found to not always match increased engagement and action, with:

• 35% of businesses not having a board member or trustee with specific cyber security responsibility
• Only 18% of businesses requiring suppliers to adhere to any cyber security standards
• Only 16% of businesses having formal cyber security incident management processes in place, e.g. ISO 27001