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According to the latest statistics published by the National Fraud Intelligence Bureau (NFIB), reported losses from cybercrime in the UK totalled £3.1 billion in the year June 2021 to June 2022.
This figure comes from 405,334 separate incidents reported to the NFIB by individuals and organisations, ranging from hacked social media accounts, malware and spyware, to online shopping scams.
Nearly a third of businesses have been through some sort of cybercrime in the last two years, according to PwC’s global economic crime survey published earlier this year. For medium to large sized businesses, the average cost of a data breach can run to £8,040, whilst for smaller businesses, it can be £861, according to estimates published in the UK government’s recent cybersecurity breaches survey.
Cybercrime is clearly a problem, making cybersecurity a major necessity.
What is cyber security? Cybersecurity is the process of protecting systems, data and sensitive information from cyberattacks or unauthorised access. Also known as information technology (IT) security, cybersecurity is designed to combat threats against networked systems and applications, whether those threats originate from inside or outside of an organisation.
Cyber security is mostly focused on risk assessment and risk management. It involves analysing networks to determine the threat level, and monitoring for potential threats. Mostly, cyber security makes use of software and technology such as antivirus, firewalls and encryption to protect against criminal attack. Staff education also plays a crucial role.
The best cyber security strategies take a layered approach with a view to protecting against all types of cybercrime, including attempts to access, change or destroy data; to extort funds, or to disrupt everyday business operations.
Cyber security encompasses:
The important thing about cyber security is that as a strategy, it is tailored to the individual organisation. Every business is different. Reliance on IT will vary, as will threat levels and the need for regulatory compliance.
There is a huge bank of cyber security advice on the National Cyber Security Centre website, and it’s usefully broken down into specific guidance for individuals and families, self-employed and sole traders, small and medium sized businesses, large organisations, the public sector and cyber security professionals.
It is vital to take steps to protect your business from the threats of cybercrime. Being parted from your data or systems can be devastating, and data breaches can lead to significant fines from the Information Commissioner’s Office (ICO) if it is not possible to demonstrate that sufficient efforts were made to avoid a cybercrime event.
Here at PC Docs, we offer a comprehensive range of fully tailored cyber security solutions for businesses, including onsite and remote working strategies.
To discover how we can protect your business against the costly risks of cybercrime, please get in touch.