Cyber security is an area where all SMEs need to regularly reassess their level of protection. The ever-growing prevalence of cyber threats to small businesses means that, even if you have taken action in the past, you may now be more exposed than you think.
At the same time, research shows that business owners often underestimate the financial cost and business interruption arising from SME cyber security risks.
Venom IT are the experts in cyber security for SMEs. As part of our suite of small business IT services, we can audit your risk level and make recommendations that will help to protect you against the type of cyber threats that are affecting SMEs like yours right now.
How has cyber security changed in 2024?
The threat landscape changes all the time, as hackers discover new vulnerabilities and exploit different techniques to gain access to private data.
Here are just some examples of cyber security trends in 2024, which are worth taking into account when planning ahead for the coming year.
1 in 4 SMEs concerned about remote working cyber risks
The pandemic led to an overnight surge in the number of people working remotely, with many employees still reluctant to return to the office five days a week.
This has raised concerns for UK SMEs. According to a survey by small business insurer Markel Direct, a quarter of SMEs are worried about how to properly secure their remote working environments.
Alongside this dilemma, a massive 62% said they are troubled by the increasing sophistication of cyber threats.
Nearly half of the survey’s respondents did not think they were ready for an attack – and said that they would not know what steps to take if they were to fall victim.
Zero-day vulnerabilities top list of biggest cyber threats
Cyber attacks can happen fast. In November 2024, the national cyber security centres of the UK, US, Canada, Australia and New Zealand co-authored an advisory note warning about zero-day exploits.
Zero-day vulnerabilities are weaknesses in software code that have not yet been patched, and are one way hackers can gain access to high-profile networks.
Among the 15 most-exploited vulnerabilities in 2023, more than half were zero-day weaknesses, highlighting the importance of real-time protection backed by regular software updates.
Ollie Whitehouse, chief technology officer at the UK National Cyber Security Centre, said: “We urge network defenders to be vigilant with vulnerability management, have situational awareness in operations and call on product developers to make security a core component of product design.”
What are the most common cyber security issues that affect SMEs?
The UK government published its Cyber Security Breaches Survey 2024 based on surveys conducted over the winter of 2023-24. It detailed the most common SME cyber security risks during that time.
According to the report, the most common cyber threats to small businesses were:
- Phishing attacks (84%)
- Impersonation in emails or online (35%)
- Malware and viruses (17%)
Many businesses report experiencing multiple kinds of attack during the same time period, which is why the percentages shown sum to more than 100%.
The research also found the average cost of each respondent’s most serious breach to be around £1,200, although this increased to more than £10,800 for medium to large businesses.
What happens when there’s a breach?
When a breach occurs, the first and foremost thing to do is to plug the hole. Allowing a vulnerability to remain exposed opens you up to repeat attacks, which could increase your financial losses both directly and as a result of any later enforcement penalties.
This is why Venom IT offer 24/7 support as part of our IT services for small businesses. Hacks can occur at any time of day or night and we want to be here for you when they do.
It’s important to identify the source of the breach. Once you know how the hackers have gained access to your systems, you can take mitigating action, either by changing login passwords, reinforcing your network’s firewall, updating virus definitions, and so on.
Do I need to inform the ICO of a data breach?
You may need to inform the Information Commissioner’s Office if a breach of customers’ personal details has occurred. That doesn’t mean you’ll be investigated.
In Q3 2024, 50% of incidents reported to the ICO featured fewer than ten people’s personal data. Only 2% of these resulted in an investigation by the ICO.
We can help you decide whether you need to report an incident – but we would rather help to stop it from happening at all.
Can SMEs afford cyber security?
Investing in security solutions is largely a business decision. While you might want to protect your customers’ data as an ethical concern, it’s obviously preferable for any profit-making company if this decision is backed by solid financials.
However, research by Sky Business found that SMEs underestimate the cost of cyber threats to small businesses by nearly 70%. Companies who had suffered a breach in the past said it cost them around £124,000 and an average of four days’ interruption to trading.
In comparison, SMEs not yet affected by a cyber attack estimated that it would cost them just £40,000. One in six thought they would be able to continue trading without any closure, whereas one in four SMEs who had been through a cyber attack expected any future incidents to take them offline for at least eight days.
Assess the added value of cyber security
All of this is to say that you need to make an informed decision based on real industry data, and on your company’s own unique circumstances.
Venom IT’s Cyber Security Risk Assessment can do this for you, identifying potential vulnerabilities so that you know the threat level to your business, and can accurately forecast the significant added value of investing in cyber security for SMEs.
How does a small business get the right protection?
Navigating the world of SME cyber security risks can be challenging, especially if it’s not an area you’ve dealt with in your past personal or professional life.
This isn’t really something you can guess. If you want to guarantee the best level of protection for your business, work with an IT company like Venom IT with a proven track record of helping smaller businesses.
It’s a good idea to have a checklist of key cyber security questions to ask your IT provider, so that you know their recommendations are comprehensive and well-informed.
We’re always happy to discuss our services with SMEs, with no upfront obligations. To talk about how to get the right cyber security protection for your business, contact Venom IT today or call our sales team on 0330 202 0220.
