Lessons for SMEs from the Cyber Security Breaches Survey 2024

Last week the Department for Science, Innovation and Technology released their Cyber Security breaches survey for 2024, aligned to the UK’s National Cyber Strategy. The team at Amicis Group have reviewed the report and have outlined the key points which those responsible for managing risk in a small business must be mindful of.

Increased Threat Landscape: The survey highlights a continued increase in cyber threats faced by businesses of all sizes, emphasising the importance of robust cybersecurity measures.

Common Cyber Attacks: Phishing attacks remain prevalent, with a significant percentage of businesses reporting being targeted. Ransomware attacks also pose a significant threat, with businesses experiencing disruptions and financial losses.

Impact of Breaches: Cybersecurity breaches can have severe consequences for businesses, including financial losses, operational disruptions, damage to reputation, and regulatory fines.

Importance of Cybersecurity Training: Employee training is crucial in mitigating cyber risks, as human error remains a leading cause of security breaches. Businesses should invest in cybersecurity awareness programmes to educate employees about potential threats and best practices.

Cybersecurity Measures: Implementing basic cybersecurity measures such as firewall protection, antivirus software, and regular software updates can significantly reduce the risk of cyber attacks.

Incident Response Planning: Developing and regularly testing incident response plans is essential for minimising the impact of cyber breaches. Businesses should have clear procedures in place to detect, contain, and recover from security incidents.

Supply Chain Risks: Businesses should be aware of the cybersecurity risks posed by their supply chain partners and vendors. Strengthening vendor management practices and conducting due diligence on third-party providers can help mitigate these risks.

Regulatory Compliance: Compliance with data protection regulations such as GDPR is crucial for businesses handling personal data. Non-compliance can result in significant fines and reputational damage.

Investment in Cybersecurity: Small to medium businesses should prioritise investment in cybersecurity to protect their assets, data, and reputation. This includes allocating resources for technology, training, and incident response capabilities.

Cyber Insurance: Consideration should be given to cyber insurance as part of a comprehensive risk management strategy. Cyber insurance can provide financial protection against the costs associated with data breaches and cyber attacks.

Overall, the key takeaway for small to medium business owners is the importance of proactive cybersecurity measures to protect against evolving cyber threats and minimise the impact of potential breaches. Building a strong cybersecurity posture through awareness, investment, and collaboration with industry partners is essential for safeguarding business operations and maintaining trust with customers. 

If you are struggling to establish your resilience to breach activity and tolerance for these types of risk, reach out to Amicis Group at hello@amicisgroup.co.uk or book a call with one of our team here and learn more about how we’re helping individuals facing similar situations to yourself navigate these challenging situations.

The full Cyber Security Breaches Survey can be found here https://www.gov.uk/government/statistics/cyber-security-breaches-survey-2024/cyber-security-breaches-survey-2024