The digital age has transformed the way we do business.
Yet as our reliance on technology increases, so does the risk of cyber-attacks with costly implications for companies of all sizes.
According to industry experts, the cost of cybercrime is set to exceed a staggering $10 trillion globally by 2025.
Cumbrian businesses are being urged to take the necessary steps to protect themselves before it is too late.
Leading the fight against the cybercriminals are Carlisle-based Logic Business Systems.
“Our mission is to empower businesses to secure their systems and protect themselves from attack,” said Martin Sly, cyber security analyst and ethical hacker at Logic. “That begins with raising awareness of the problem, so business leaders can take the actions needed to negate the threat.”
Top five things to know about cybercrime
Cyber threats are constantly evolving
The rate at which cyber threats evolve is alarming!
Outdated methods of attack are continuously replaced with more sophisticated and targeted techniques. Businesses face a significant challenge in responding to the constantly shifting threat landscape.
Cybersecurity is not a set and forget operation. Hackers are often quick to exploit newly discovered vulnerabilities and companies must regularly update their defences if they are to remain protected.
Cybercrime is organised crime
Remember the 1983 film WarGames? The stereotype of the teenage hacker operating out of their bedroom is misleading. Cybercriminals are increasingly organised and in the most extreme cases, state-sponsored.
Many now ply their wares on the Dark Web, providing Ransomware as a Service (RaaS) to criminal gangs.
This lowers the barrier to entry, making it easier for inexperienced cybercriminals to launch attacks.
Data is the new gold – protect yours
The data your company holds has enormous value to cybercriminals.
Hackers will often attempt to steal data such as customer information, financial records and intellectual property because of its high black-market value.
Not only can data breaches severely damage a company’s reputation, but the ICO can also issue substantial fines in cases of negligence.
If your business stores sensitive information, you must take precautions to ensure it is held securely.
If you run a business, your employees are your first line of defence
Cybercriminals are experts at exploiting human weaknesses. Phishing scams, for example, are often used to trick members of staff into handing over sensitive information, including usernames and passwords.
In 2016, an employee of Austrian aeronautics manufacturer FAAC was duped into transferring $47 million into the account of a fraudster posing as CEO Walter Stephan. Stephan was later fired for severely violating his duties.
Hackers will often target untrained employees through tactics such as social engineering. However, with the right training, staff members can be taught how to recognise suspicious emails.
Small and medium businesses are prime targets
One trend causing great concern is the increase in the number of small to medium-sized companies targeted by cybercriminals. As larger organisations take ever more sophisticated steps to protect themselves from attack, hackers are on the lookout for softer targets.
Instead of attacking a large multinational corporation, cybercriminals are finding it more cost-effective to target a handful of SMEs.
And with as many as 60% of small businesses that experience a cyber-attack going out of business within six months, even sole traders and solopreneurs are encouraged to take the threat of cyber-attacks seriously.
Join Martin for the Cyber Security Showcase 2024
This month, Logic Business Systems is joining forces with cybersecurity leaders WatchGuard and VIPRE to raise awareness of the growing threat of cyberattacks faced by Cumbrian businesses.
Those attending the Cyber Security Showcase 2024 will learn more about the tactics deployed by cybercriminals and what they can do to protect their businesses from attack.
All businesses are invited to attend the free event, which takes place on Thursday, November 14 at the Auctioneer in Carlisle.
