Cybercrime is a growing threat for all UK businesses. From ransomware attacks to data breaches, organisations are being targeted more frequently and with greater sophistication. Small and medium-sized businesses (SMBs) are even more at risk since they lack the resources of larger corporations. If you’re a business owner, or are responsible for IT in a company, read on to understand which risks are the most prevalent, and how to protect your workplace from cyberattacks.
Cybercrime against businesses on the rise
Smaller businesses often assume that cybercriminals won’t bother with them – after all, they don’t have the financial assets or valuable trade secrets of large multinationals or investment banks. In reality, SMBs can be even more vulnerable – attackers see them as low-hanging fruit that are just about large enough to offer value, but small enough to lack robust protection. A recent study found that 35% of SMBs fell victim to a cyberattack in 2024 – with phishing and ransomware being the most common threats.
Financial and reputational cost
The financial cost of a cyberattack can be crippling. Data breaches and fraud not only come with direct monetary and other losses but can also lead to hefty fines under data protection laws. The loss of customer trust is even more damaging. How can your clients be sure that their personal information or money will be safe with your business in the future? All it takes is one breach to tarnish your reputation and drive them elsewhere.
How cyberattacks such as phishing or malware work
There are a few common attack methods in particular that businesses must look out for. Phishing emails, which trick employees into clicking on malicious links or revealing their passwords, remain a top method of attack. Social engineering goes beyond emails and can include any method of manipulating staff into giving away confidential information.
Malware, which is malicious software that damages or disrupts systems, is particularly destructive. Even worse, malware is often ‘ransomware’ that locks data while the perpetrators demand payment for its release – as happened to pathology lab services provider Synnovis in 2024, showing that even well-established companies aren’t immune to the threat.
Strategies for strengthening cyber defence
The good news is that by implementing comprehensive cybersecurity measures, businesses can significantly reduce the risk of a breach. The key is to create multiple layers of defence that both reduce the chance of human error and protect critical systems if an error does occur.
Reliable endpoint protection is a must. Also, require all employees to follow best practices for creating strong passwords – such as not reusing passwords that they use for other sites. Multi-factor authentication (MFA), such as requiring email confirmation in addition to a password, will add an extra layer of security.
Finally, make sure to provide regular training sessions on good cybersecurity practices, and keep employees up to date on emerging threats.
Emerging cyber risks and new defences
Emerging cyberthreats like AI-powered attacks and quantum decryption may sound futuristic but they’re closer than you think. Businesses can stay ahead by investing in security solutions that are specifically designed to deal with upcoming threats. For example, it can be worth looking into AI-based threat detection and quantum-safe encryption.
Prepare, protect, prevent
Cyber threats are growing more advanced, and criminals are finding new and innovative ways to exploit vulnerabilities in your business systems and networks. Still, with awareness, preparation, and smart cyberdefense investment, you can protect your workplace and stay ahead of the risks.
