As technologies become more accessible to approach and implement in businesses, we face significant challenges ―the increasing risks of cyberattacks. Many organizations, especially small businesses, are sabotaged by hackers who find and exploit their system vulnerabilities, a catastrophic event that leads to financial losses and poor brand reputation. According to the Cyber Security Breaches Survey in the UK, half of businesses experienced a cyber security breach or attack in the past year. Common attacks include phishing, individuals impersonating organizations, and malware. The government recommends companies use recent malware protection and restrict admin rights, but attacks still occur.
We may find many reasons why this happens, so we’ll examine the most common mistakes companies make that expose them to cyber risks.
Human errors
Although we have all this technology around us, we’re not using it efficiently to lower or diminish human errors. If your business lacks adequate training on cybersecurity awareness, you’re setting your own employees to become the main vulnerability of your systems.
If employees are not aware of:
- Phishing signs;
- Password and authentication security;
- Safe internet practices;
- Email security;
- Remote working security;
Failure is imminent. That’s why you should ensure all employees receive updated cybersecurity training. If your management team fails to provide it, it might be possible for you to experience a data breach, which can lead to identity theft or financial losses. In that case, you could contact the financial advisors at top legal companies to help make a claim and get the compensation you deserve.
Lack of software patches
Software patches are essential for a company’s digital safety because they improve system performance, ensure compliance requirements are in place, and mitigate security weaknesses. In some instances, patches are automatic, and only user consent is needed to install them.
However, some patches require manual updating, which means checking the software vendor’s website to download and install patches. It would be best to have someone adequately assigned to make these checks to install patches and protect systems.
You should choose a patch management tool that fits your business needs. Look for software that supports many tools, has custom patching packages, or can scan your entire network.
No incident response plan
Hypothetically, if your business experiences a data breach, you should be prepared with an action plan. Unfortunately, based on the Cyber Security Breaches Survey, only four in ten businesses are ready for such an incident. According to the same study, this lack of incident response leads to financial losses due to disruptions of about £4,960 for medium and large businesses.
Since teams communicate better, designing an incident response plan provides more than a formal protocol, such as mitigating early threats. Moreover, an incident response plan ensures regulatory compliance. To develop it, you need to do the following:
- Design a policy;
- Create a responsible team;
- Work on the playbooks;
- Test and update the plan accordingly;
Superficial compliance management
Compliance with regulation is the most important aspect of a company’s security and success because it ensures business integrity and shows interest in protecting the public interest. Moreover, your organization can avoid unnecessary legal issues by respecting compliance. Unfortunately, many UK businesses lack the resources and budget to address regulatory compliance, disrupting their operations.
Most companies have to respect the compliance of regulatory bodies like the Financial Action Task Force or the Prudential Regulatory Authority. However, different types of companies are subject to specific regulations, so your business should be on top of its regulation assessment.
As an example of how companies can be affected by non-compliance, we’ll discuss Meta’s massive fine of 1.2 billion euros for violating the GDPR laws shortly after they were introduced in the EU.
Not enough audits
There’s no way to know if your cybersecurity efforts are efficient if you’re not performing frequent audits, whether inbound or outbound. Audits are important for companies to address their pain points effectively. When it comes to cybersecurity, here’s what audits can achieve:
- Identify security vulnerabilities and risks;
- Protect sensitive information from unauthorized access;
- Comply with regulations;
- Identify gaps in security controls;
- Demonstrate trustworthiness towards customers;
- Avoid disruptions;
Usually, the steps of performing a cybersecurity audit include the following:
- Plan the audit for a clear understanding of objectives;
- Research data on risks, vulnerabilities, and testing;
- Evaluate the efficiency of audit tools;
- Review the company’s security controls;
- Document and report the development process;
- Follow-up on the audit to seek improvements;
Not knowing you’re a target
Finally, maybe one of the main reasons so many companies are the victims of cybersecurity issues is that they presume they’re not a profitable target for hackers. Unfortunately, many companies, startups, and NGOs have been targeted and affected by data breaches and cyberattack attempts because they weren’t protecting their data accordingly.
This happens mostly to small businesses because they believe their insignificant databases aren’t serviceable for hackers. Therefore, they don’t employ proper cybersecurity measures and are continuously exposed to risks. However, according to Statista, 12% of small businesses in the UK have experienced cybercrime cases in the past year. On the other hand, 37% of large businesses have experienced a data breach.
Companies become vulnerable to attacks with poorly secured systems, weak passwords, and a lack of employee awareness. These factors make them the perfect victims for hackers because they can quickly develop a phishing or malware attack that gets to the wrong person at the right time.
How many of these mistakes can you identify in your business?
No organization can be 100% protected from cybersecurity risks. Still, it can minimize the impact of a cyber-attack on its systems by employing proper protection and avoiding the mistakes identified. For instance, some businesses are unaware of the required training employees must receive, exposing themselves to human errors. On the other hand, many organizations have no incident response plan, so they’re not prepared to withstand a data breach. Ultimately, every business is a target and must prepare for any unforeseen cybersecurity challenge.
