Cyber criminals – be the bane of their existence!

Washing machines with Wi-Fi. Intelligent egg trays. The new meaning of the word 'troll'. The 21st Century sure is great. But how to stop the bad guys from ruining it?

Everyday objects are now becoming 'networked', with the number of items containing sensors and microchips and being connected to the internet exceeding the number of people on the planet. It turns out that a heating dial can work out which television channel you are watching. Good progress or bad? That's for individuals to decide, but what is clear is that while the good have got better at making the most of technology, so have the bad.

Sony very publicly suffered a hack of such magnitude that the FBI got involved but small businesses should realise that hacking actually can happen to any company, no matter how big or small. In fact, small businesses are known as a cyber criminal's easiest prey.

One look at the cold hard facts tells us why. According to the latest statistics from the Department for Business Innovation and Skills (BIS), 60% of small businesses had a cyber security breach in 2014, while the average cost to a business of its worst security breach in a year is upwards of up to £115,000. Malicious software (malware) is the most common method of attack, accounting for almost half.

You can take simple steps to keep your business safe, including:

  • Regularly reviewing the state of your security. If you aren't technologically savvy you may wish to outsource.
  • Having a plan to combat and respond to online threats. Make sure staff members are fully aware of the plan and what is required of them.
  • Ensuring your security software is up to date and run regular scans.
  • Looking out for warning signs – i.e. slower than usual computers and accounts that lock you out even when you know you got the password correct.

The UK Government is doing all it can to help businesses be prepared, for instance with the Cyber Streetwise campaign. The Department for Business, Innovation and Skills (BIS) has created a helpful publication explaining what small businesses need to know about cyber security, while this government webpage has many useful links to advice on this subject.

InnovateUK are offering Innovation Vouchers of up to £5,000 that can contribute toward working with a consultant that can advise you on how to effectively manage your cyber risk. Visit InnovateUK for more information >

On average, 10% of business's IT budgets are spent on security. Given the risks involved, this should probably be higher. Security costs, just like anything, but there is support available to make online security cheaper. A £150 Get Online, Trade Online (GO-TO) voucher can help your business make the most of being online, including by improving your online security.

Only once your business is secure can you really think about making the most of being online. You can ensure your business is reaching its potential online with the help of a £150 voucher from the GO-TO scheme which helps SMEs get online, trade online or promote online.

You could also get financial support for help with mastering social media, creating a website, taking payments online, advertising, using CRM software, training staff or creating mobile websites and apps.

Find more information and a list of digital suppliers who can help you at http://bbf.uk.com/business-support/do-more-online.

Read our handy guides and resources on topics like online finance, social media and cyber security.

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