Cybercrime is a serious threat to UK businesses
Cybersecurity remains one of the biggest threats to the UK businesses. British businesses are facing rapidly growing cyber threats from ransomware, data breaches and weaknesses in the supply chain and Living off the Land (LotL). The scale and size of the cyber threat are growing at an unprecedented level and is irreparably damaging brand reputations, eroding customer confidence and affect the profitability of UK businesses. Companies are encountering a more sophisticated threats include AI-generated phishing attacks, crypto jacking, attack from cloud storage, hacking blockchain smart contracts, and mobile malware.
Emerging trends in cybersecurity
The Cyber Security Breaches Survey 2019 reveals nearly a third (32%) of businesses report having cybersecurity breaches or attacks in the last 12 months, which resulted in a negative outcome, such as a loss of data or assets. The average (mean) cost to the business was £4,180 in 2019. Cybercriminals and hackers are striking business-critical information and companies have to become cyber-secure and thereby build resilience, avoid downtime and minimize damage.
How to detect if your business is at risk of cybersecurity threats
58 percent of cyber attacks were directed at small businesses. A cyber attack can cripple small and medium businesses because the average cost of cleaning up a cyber attack can be considerable. Most of the small businesses could be wiped out. It’s not just small businesses are vulnerable to attacks from hackers and malware. Recent developments suggest that both small businesses and large enterprises were attacked, losing tens of millions of dollars to cyber terrorists last year.
It is important that businesses determine impending cyber threats. This includes the company’s data theft that could significantly damage their operational reliability. Cybersecurity costs have increased substantially, and such crimes can damage the company’s reputation and reduce their bottom line.
Get complete control over data and devices through multilayered network security for high performance. Protect users from malware and phishing attacks through firewalls and anti-spammers. Enhance your cloud security based on advanced proxy architecture.
Staying ahead of cybercrimes
Cyber crimes present challenges for the future. UK businesses must be ready for cybersecurity challenge and use the most advanced security tools ahead of time to protect their companies and their clients.
Start your journey to being cyber secure today
Rather than waiting for cyber attacks to happen, it’s much more sensible to be prepared and build secure, resilient architectures. You need the right tools, people and security training in place to easily protect your company from a cyber attack.
DataTracks is a global leader in disclosure management and regulatory compliance software and services. Seven of the top 10 accounting firms and over 15,000 enterprises around the world trust our expertise that stems from 14+ years of experience. Operating across 24 countries, we have prepared over 164,000 compliance reports worldwide. DataTracks enables enterprises across geographies to file reports compliant with the standards of regulators like the HMRC (U.K.), Revenue (Ireland), ESMA, EBA and EIOPA (EU), SSM (Malaysia), ACRA (Singapore), SEC (U.S.), MCA (India) and CIPC (South Africa). Data is securely accessed for iXBRL preparation from our delivery centers that are certified for ISO 27001:2013 information security standards.