No matter the size or sector of your organisation, in 2019 cyber security needs to be one of your top priorities. Are you in the 36% of businesses in the UK that have cyber security policies in place? If not, why not?
Here at Like Computing we have compiled our 5 reasons why your business needs Cyber Essentials, and the effects lack of cyber security can have on your business:
1. Increase in Cyber Attacks
Over the past few years there has been a significant increase in security breaches in organisations of all types in the UK. Combined with an increase in the sophistication of hackers it is imperative that businesses have policies in place to help protect them.
In the case of small businesses, cyber criminals are more aware of the lack of cyber security and can use widely available tools that demand little skill to initiate an attack. With approximately half of worldwide internet attacks reported being against companies with less than 250 employees, are you protected should it happen to you?
2. Increase business efficiency
The cost of a security breach to your bottom line could be huge. It may even have already happened without you knowing. 56% of breaches take months to discover and the build-up and eventual fall-out can lead to a huge loss in efficiency. This can be caused in a number of ways, including:
- Time out from your IT support working on issues that didn’t need to occur
- Employee down time causing a loss of productivity
- Potential repercussions for your customer
32% of businesses involved with the Cyber Security Breaches Survey for 2019 said that they needed to add new measures to prevent future attacks. It is important to get these processes and policies in place before an incident takes place.
3. Reduce your insurance premiums
The cost of cyber insurance for your business can be reduced if you can show you have the Cyber Essentials badge and prove you are dedicated to the cyber security of your business. Simple!
4. Ensures you are compliant with new GDPR regulations
With the new GDPR regulations in force, protecting data is of the utmost importance. 29% of breaches in 2018 involved the use of stolen credentials. According to the 2019 Cyber Security Breaches Survey, 60% of business have had to make new cyber security policies to ensure they are GDPR compliant.
5. Increase your reputation
Imagine what could happen if you suffered a huge data and security breach. Not only could it affect your bottom line, but also that of your suppliers and clients. You could even lose their business.
The qualitative findings from this year’s Cyber Security breach study suggest that not only can your business incur high direct costs, but that the indirect costs and those that are less tangible tend to be overlooked. Loss in productivity or reputational damage tend to be undervalued, therefore it would be negligent to ignore the overall true cost of a cyber-security breach.
Show your clients and potential clients you are proactive and dedicated to security. It may be that your supply chain ask you to have the Cyber Essentials badge in order to bid for their business, but it may also mean you pip an alternative supplier to the post if they see your commitment to cyber security over theirs. Reputation is essential for winning and maintaining new business, so make sure yours is second to none!
If your business needs to explore Cyber Essentials in order do more to increase its cyber security, but you don’t know where to start, get in touch with Like Computing on 01524 813 003 or send us an email at firstname.lastname@example.org