CYBER SECURITY PROTECT
YOUR BUSINESS
ONLINE
Following a recent attempt by cyber criminals to trick NMBS members into sending money to fraudulent online bank accounts, BMJ looks at how NMBS is helping independent merchants to protect their businesses online.
D
igital technology has permeated every part of our lives, for the most part bringing convenience and the ability to control our lives and businesses on the move, at any time of the day or night. Online banking, online accounts, emails and social media makes it easy to stay connected and keep on top of our lives, but for businesses it has also brought an entirely new challenging – keeping yourselves and your customers safe while still offering them the convenience and customer service they have come to expect. Many large companies have been the victim of cyber attacks and online hackers in recent years, with global corporations including Yahoo!, Uber and Equifax all suffering data breaches. But while smaller regional or independent merchant businesses may think they are too small to be a target, in fact the opposite is true.
According to a 2017 government survey, around half of all small and medium sized businesses (those with less than 250 employees) in the UK reported a cyber security
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breach or attack in the previous 12 months. Among the most common security breaches identified were: • Receiving fraudulent emails or being directed to fraudulent websites – 72 per cent
• Viruses, spyware or malware – 33 per cent • Others impersonating the company either in emails or online – 27 per cent
• Ransomware – 17 per cent • Unauthorised use of computers, networks or servers by outsiders – 10 per cent
• Hacking, or attempted hacking, of online bank accounts – 9 per cent
• Denial of service attacks – 8 per cent. Successful cyber attacks can result in companies losing access to files or networks, money being stolen or websites taken offline, and can even damage the digital infrastructure of the business itself. Research by The Federation of Small Business (FSB) has found more than seven million cyber attacks were reported in the two years to January 2019 – averaging almost 10,000 incidents every day. The annual cost of these attacks is estimated
to be £4.5bn, with those in the North West, South East and West Midlands most likely to be targeted.
For those businesses who store or collect their customers’ data, the introduction of the General Data Protection Regulations (GDPR) have also brought in strict penalties for those who fail to keep that data secure. The government has committed to investing £1.9 billion in security measures to protect the UK from cyber criminals, but many businesses lack the knowledge or practical skills to know how to truly protect themselves. While many large, national organisations may have teams on hand dedicated to cyber security, many smaller companies simply do not have the resources available.
What can you do to protect yourself?
Jamie Freer, NMBS’ IT manager, says: “As IT systems evolve and new technologies come online, cyber attacks also evolve and there is a threat of serious damage occurring within our industry.
“There are three simple processes you can do that could help prevent such instances. First is to install a firewall, which is the first line of defence against cyber attack. Secondly, an anti-virus programme will scan your computers for any potential malware and remove it where it can. Lastly, always manually check
www.buildersmerchantsjournal.net November 2019
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