The bigger the company, the bigger the target for cyber-crime!

Companies need to start ramping up their security measures as cyber-crime continues to rise!

According to a survey carried out by the British Chamber of Commerce, the bigger the company, the bigger the threat when it comes to cyber-attacks.

Still reeling from the recent WannaCry cyber-attacks that threw 99 countries into panic, companies may be finally starting to turn to their security researchers to see how to defend themselves against such an attack in the future. We all know that the hackers will try again in the future: it’s not a case of if, but when…

Larger companies more vulnerable

The survey, taken by 1,200 U.K. companies, found that 18% of companies with 99 or less employees suffered a successful cyber-attack. On the other hand, a much larger 42% of companies with 100 or more employees have suffered a successful cyber-attack.

This could be due to a number of reasons:

• Larger companies have more money and assets which can make them a more desirable target;
• Larger companies probably have more devices to hack into;
• Larger companies have more employees, meaning there is likely a higher risk of an employee opening a phishing email.

However, these statistics reflect the number of successful cyber-attacks that the companies are aware of. Perhaps smaller companies do not have the resources to even recognise that they have been breached. However, the digital survey found that only a quarter of companies involved in the survey actually have cyber security accreditations in place (24%).

Who do companies turn to in the event of an attack?

Unsurprisingly, well over half (63%) of the participating companies would turn to IT providers for help after a data breach, rather than banks and finance services. What was surprising was that only 2% of companies would look to the police or other law enforcement agencies for help.

Perhaps this is a reflection of how we see the police; enforcers of the law when it comes to dealing with thieves or physical aggressors – not so much for cyber-criminals hiding in the shadows…

Regulations put in place

After the shocking string of events that saw the NHS crippled by the mass cyber-attack, no one can deny that cyber-crime is on the rise. This is another reason as to why the General Data Protection Regulation (GDPR) is to be introduced. This time next year, all organisations need to ensure they comply with the new laws to safeguard the security of the data they handle. This is particularly important when it comes to personal and sensitive data.

Director General for the British Chambers of Commerce, Dr Aman Marshall, stated:

“Companies are reporting a reliance on IT support providers to resolve cyber-attacks. More guidance from the government and police about where and how to report attacks would provide businesses with a clear path to follow in the event of a cyber-security breach, and increase clarity around the response options available to victims, which would help minimise the occurrence of cyber-crime.”

We can no longer neglect security

Companies can no longer neglect their security measures; crossing their fingers and hoping the hackers won’t choose them. As we saw with the mass cyber-attack in May, cyber-criminals don’t need to target an individual company; they can program and release a worm that can identify weak and vulnerable servers they come across.

If companies don’t up their game now, they leave themselves open to attacks. If businesses don’t secure the personal data they hold and process for their consumers, when they fall victim to a cyber-attack, it’s not only their reputation on the line, but their consumers’ personal data.

And personal data is not something to be shunned.

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