Why Business Owners Need Regular Cyber Security Assessments

Why Business Owners Need Regular Cyber Security Assessments 

The past couple of decades have seen a major shift in business operations, embracing the ever-increasing digital world. However, as businesses – big and small – in every industry have integrated modern technology and internet-connected services and solutions into their daily operations, they are increasingly vulnerable to the myriad of cyber threats that lurk in the shadows.  

As an IT Services and Cyber Security specialist business who has been supporting businesses across the UK for the past 20+, we've seen firsthand the devastating impacts of businesses that overlook their cyber security.  

Just Look At The Stats 

• 1 in 5 Small Businesses will experience a cyber breach this year. 
• 81% of all cyber breaches impact Small and Medium Sized Businesses. 
• The equivalent of about 4.55 businesses are targeted in a cyber attack every minute. 
• Over 500,000 new malware/viruses are discovered every day. 

A whopping 97% of these attacks could be averted if businesses were armed with modern Cyber Security Solutions. 

Given these stats, it is clear to see that conducting regular cyber assessments and ensuring that your business has a comprehensive cyber security solution in place is no longer an option, it’s a necessity! 

Why should you get Regular Cyber Security Assessments?  

Much like how doctor's health checks are vital for our personal well-being, cyber health checks are vital to ensure that businesses are secure against evolving cyber threats. Businesses evolve over time, people, practices, software and more change as businesses evolve. A cyber security assessment done 12 or even 6 months ago may no longer be relevant. We work with our clients to do regular cyber security assessments, understand how their business is evolving, and by doing so, ensure that they stay cyber secure. But why should you do this? 

1. A Rapidly Changing Threat Landscape 

First, let's address the speed at which digital threats evolve. The cyber crime world is an ever-shifting landscape. Last year's security measures may not necessarily protect you against this year's threats. For example, many business owners believe that Anti-Virus can protect their business from Malware and other Viruses, however, the reality is that traditional Anti-Virus can only protect against 30%-50% of the latest cyber threats. As such an Anti-Virus solution you installed 12 months ago may not be protecting your business from the latest threats.   

2. The True Cost of a Breach 

When we speak to business owners, many underestimate the potential impact of a data breach. It's not just about immediate financial losses such as loss of business operations and files. There are long-term repercussions – damage to your reputation, loss of customer trust, potential legal and regulatory liabilities, and the extensive costs of recovery. In the UK, the Information Commissioner's Office (ICO) has the authority to impose hefty fines on businesses that don't protect sensitive data. Regular assessments and penetration tests of your business infrastructure ensure you're not caught off-guard if a malicious threat actor attempts to access your sensitive business data. 

3. Digital Expansion and Complexity 

With the growth of IoT (Internet of Things), cloud computing, and an increasingly mobile workforce, business digital infrastructures are becoming more complex. This complexity, while beneficial for operations, creates additional vulnerabilities. Regular assessments and tests by Cyber Security Professionals can identify these weak points before they become a gateway for malicious activity. 

4. An Ounce of Prevention 

"An ounce of prevention is worth a pound of cure." (Benjamin Franklin) this couldn't be truer for cyber security. By conducting regular assessments and penetration tests you can ensure that any holes in your cyber security strategy are plugged before a malicious threat actor has the chance to take advantage of them. Moreover, with GDPR (General Data Protection Regulation) and the UK's Data Protection Act, ensuring regular checks can keep you compliant with the latest regulations and reduce legal risks. 

5. Employee Awareness & Training 

When it comes to your business, your employees are often the weakest link in your Cyber Security chain. This isn't about maliciousness or distrust, but rather about ensuring that your staff are equipped with the right knowledge to spot potential cyber threats through malicious emails, downloads, websites and more. Regular assessments often encompass employee training, ensuring that your first line of defence – your employees – can recognise and thwart potential threats. 

How can TwentyFour help your business? 

As businesses embrace the digital age, cyber security must be an integral part of the operational strategy. Regular assessments by professionals are a small investment towards ensuring your business's longevity and reputation. In today's world, it's not a matter of if you'll face a cyber threat, but when. And as your trusted MSP, we're here to ensure you're always one step ahead.