Against a backdrop of international turmoil, high inflation rates, and a rapidly changing political landscape, cybercriminals exploited vulnerabilities on an unprecedented scale last year. As we approach a geopolitically and economically uncertain 2024, small and medium-sized businesses (SMEs) face an increased risk of becoming victims of cybercrime unless appropriate measures are taken.
A common misconception is that larger companies are more susceptible to cyberattacks, due to the perceived value of their extensive databases. However, the larger the company, the more likely it is to invest in extensive cyber security measures, implementing several layers of protection to avoid becoming victims of cybercrime. Instead, it is the UK's more than 5.5 million SMEs that prove to be the most vulnerable to hackers, with 785,000 cybercrimes recorded in the last 12 months alone. Given the important economic contribution these companies make, getting it right is important to their respective countries' prosperity agendas.
To put this into perspective, our data shows that cybercriminals scan internet-connected devices every 30 seconds, using AI and machine learning to identify and address gaps in a company's defenses. This is especially worrying as more than half of UK businesses (61%) say they are finding it increasingly difficult to keep up with needs. security measures.
BT General Director of Security.
Identify potential vulnerabilities
With most SMEs focused on accelerating growth, it's no surprise that cybersecurity may fall down the list of priorities. Without dedicated security teams, small offices/home offices and small businesses with only a handful of employees They are especially likely to postpone assessing their cyber risks. But all business owners should treat their cybersecurity like they do their home security. B.T. data shows that companies' security systems are scanned and tested by hackers up to 3,000 times a day, so even the smallest breach in a firewall can have catastrophic repercussions as a result of a cyberattack. You wouldn't leave doors or windows open, so you shouldn't give hackers easy access to your critical business data either.
A recent study by the Department of Science, Innovation and Technology shows that UK businesses use between 6 and 50,000 connected devices within their organizational networks, including laptops, smart phones, smart watches, smart meeting room technologies, smart building access and security systems. As the list of potential entry points into your networks grows, every touchpoint becomes a potential vulnerability, so it's critical to have the right tools to protect yourself from attackers.
Foster a cyber-conscious business culture
The importance of a strong human firewall cannot be underestimated. Businesses of any size should practice good cyber hygiene, offering their employees access to regular training to boost online security practices. This can also be reinforced by installing guardrails, such as restricting certain websites from accessing through the company network or using filters to scan email clicks for potential threats.
With more and more employees (especially in SMEs) working completely from home or remotely from public spaces, it is important to recognize the potential threats that different work environments can bring. Providing access to tools such as Virtual Private Networks (VPN) and privacy screens is crucial when it comes to mitigating potential risks in these circumstances. A company culture that encourages openness and transparency is also essential for maintaining good cyber hygiene, as staff are more likely to openly discuss potential security concerns without worrying about the repercussions they might face.
Having a strong human firewall means that SMEs can also be more tactical in their spending on cybersecurity measures. It can be difficult for small business owners to stay on top of the latest security developments, leading them to feel overwhelmed and unsure about what type of protection is right for their business's needs.
Getting the basics right is one of the most effective ways to keep a business secure. Find integral antivirus and malware, setting up strong password security, and installing enterprise-grade Wi-Fi are some measures that can be implemented quickly. Companies should also invest in secure data backup options to minimize any disruption caused by data breaches or other attacks on cloud-based platforms.
Planning for the future
While these are rudimentary measures that all businesses should prioritize by 2024, our research shows that the cybersecurity market is expected to almost triple by 2025, from £9 billion to £26 billion. This means we are likely to see more sophisticated tools, backed by AI, to help businesses protect themselves from cybercriminals. For SMBs with limited resources, AI solutions can work harder to secure connections and automate defenses.
Still, that doesn't mean cyber threats won't continue to be a serious challenge for businesses of all sizes in the years to come. With the advent of new technologies like quantum computers, hackers are quickly learning to identify cracks in even the most complex security systems.
As hackers become more adept at bypassing increasingly elaborate defenses, Gartner predicts that nearly half (45%) of organizations worldwide will have fallen prey to cybercriminals by 2025. It's a sobering statistic. , but that must empower SMEs to prioritize a culture of cybercrime. awareness. As we approach 2024, it is an opportunity for small businesses to ensure that employees and other stakeholders are united in keeping cybersecurity a priority as they continue to grow and expand their businesses in the new year.
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