With the luxury that technology provides today in making business easier and more efficient, the drawbacks of this new tool usually escape from headlines and conversations. For instance, Cybercrime has become the biggest nuance in crime in 2020. Here in the UK nearly half of crime exists in the form of fraud and Cybercrime (ONS 2018).
Research by Crowe, The University of Portsmouth and KYND revealed that 92% of FTSE 100 companies report that they receive email spoofs, or spam and fraudulent emails. Furthermore, reports by Censuswide found that 85% of businesses in the UK are using a platform or service which was highly vulnerable to Cyberattacks, and 42% were using outdated software that was no longer supported by its developer, again leading to vulnerabilities. 64% of companies reported that even one domain was registered to personal email addresses, which increases exposure, and threatens business continuity. With just being the tip of the iceberg in ways that Cybercriminals can attack businesses, solutions to these vulnerabilities are a necessity.
Prevention: Action Points
The first thing that businesses should do to limit the risk of Cybersecurity is to get independent verification. Relying on the assurance of IT directors is risky and can leave businesses vulnerable. Having independent verification of your company’s security is important to its overall success. Specifically, having a protocol to regularly check for up to date software, and keeping a register for all your software should reduce the threat of Cybercriminals from exploiting any basic weaknesses in your software or service platform. Even simple risks such as spam and fraudulent emails can be prevented by setting up an SPF and publishing it within a Domain Message Authentication Reporting and Conformance (DMARC) policy. By implementing these simple steps, centered around accountability and organisation, you can reduce risk and improve the safety of your company while online. The good news is, these methods are simple and inexpensive options for enhancing the security and efficiency of one’s organisation. Being the victim of an attack is often significantly most costly.