Smaller British businesses represent the nation's unguarded cyber territory

Smaller British businesses represent the nation's unguarded cyber territory

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Small and mid-sized businesses (SMBs) in the UK are grappling with a worsening cybersecurity predicament, as per the warnings issued by cybersecurity experts.

According to Hugues Foulon, the CEO of Orange Cyberdefense, the number of cyber attacks targeting SMBs surged by 53%! Yet, only a measly 21% of SMB chief executives are aware of the cyber risks they face.

This eye-opening statistic underscores a significant weakness in the UK's business landscape.

"SMBs are under siege," Foulon stated to CityAM. "Cyber attacks are rampant, and CEOs aren't clued in. This ignorance is a disaster waiting to happen."

The Rising Toll of Financial Damage

The financial toll of cyber attacks on UK businesses is astronomical, with damages amounting to a jaw-dropping £44bn over the past 5 years.

You guessed it, SMBs have borne the brunt of these attacks. For these firms, the average cost of a cyber attack is a whopping £3,398, escalating to a staggering £5,001 for businesses with 50 or more employees.

Surprisingly, smaller firms are still reluctant to invest in cybersecurity, with over a third (38%) of these businesses shelling out less than £100 a year on cybersecurity, and more than half of their employees having never received any cyber training.

While the threat landscape is intensifying, evolving, and branching out to connected industries such as automotive, where connected and self-driving cars are becoming the new frontier for cybercriminals, the UK's National Cyber Security Centre (NCSC) reported a significant escalation in severe cyber attacks over the past year.

Foulon commented, "Every device connected to the internet is a potential target - from phones to cars to airplanes."

AI and Cybersecurity: A Two-Edged Sword

Artificial intelligence is increasingly making inroads into cybersecurity, offering enhanced threat detection and response. However, while AI can boost our defensive capabilities, providing enriched threat detection, predictive analysis, and automated responses, it also makes it easier for cybercriminals to launch sophisticated attacks.

Microsoft's latest cyber signals report sheds light on a surge in AI-assistant scams, with over $4bn in fraud attempts thwarted in the past year alone.

Joe Whelan, the head of IT security at Capital on Tap, stated, "AI adds a cutting-edge edge to our defensive arsenal. With enhanced threat detection, predictive analysis, and automated responses."

"Nevertheless, a robust cybersecurity stance isn't about technological wonders alone. The foundation of any effective cybersecurity strategy lies in the basics."

The same technology that safeguards us can also be exploited by cybercriminals.

Akash Shrivastava, a senior vice president at Inspira Enterprise, issued a warning: "AI not only equips cybercriminals to launch complex attacks - even those with limited technical skills can execute sophisticated attacks - but it also puts a spotlight on the flaws in traditional security frameworks."

Cyber Resilience: Beyond Technology

Cyber resilience transcends technology. Organizations must be prepared to anticipate, withstand, recover from, and adapt to adverse conditions and cyber attacks.

Robin Jones, the head of technology, resilience, and cyber at the UK's Financial Conduct Authority (FCA), emphasized the importance of resilience: "Building effective cyber capabilities, enforcing accountability, and preparing for recovery at any time is crucial."

The same cybersecurity expert, Stephane Nappo, agreed, "Cyber resilience is more than just technology. Agility, balance, and a broader perspective are indispensable."

For SMBs, building these defenses encompasses employee training, the creation and testing of response plans to assure quick recovery time, and continuous monitoring. Collaboration with peers and experts within the industry was also advised by Orange Cyberdefense to enhance cyber resilience, securing the assets of these businesses and safeguarding the continuity of their operations.

1. Despite the escalating cybersecurity threats, a significant number of SMBs in the UK are not adequately investing in their cybersecurity, with over a third spending less than £100 a year on it, making them vulnerable to costly cyber attacks.
2. AI, while enhancing the defensive capabilities of cybersecurity, is alsomaking it easier for cybercriminals to launch sophisticated attacks, emphasizing the need for a balanced approach to cybersecurity, transcending technology and incorporating agility, employee training, and collaboration.

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