​The recent cyberattack on Marks & Spencer (M&S) serves as a stark reminder that no business is immune to cyber threats. The attack, attributed to the hacking group Scattered Spider, disrupted operations across all 1,049 UK stores, halted online orders, and led to a significant financial impact, including a nearly 7% drop in share value .​

For small and medium-sized business (SMB) owners, this incident underscores the importance of robust cybersecurity measures. Here are key lessons and actionable steps to help protect your business:

1. Recognise That No Business Is Too Small to Be Targeted

Cybercriminals often view SMBs as easier targets due to potentially weaker security infrastructures. In 2024, 35% of UK SMBs experienced a cyber incident .​

Action: Treat cybersecurity as a critical component of your business strategy, regardless of size. ​CrowdStrike

2. Implement Regular Data Backups

Ransomware attacks, like the one on M&S, can encrypt your data, rendering it inaccessible.​

Action: Regularly back up your data and store copies offline or in secure cloud services. Ensure backups are tested periodically for integrity. ​NCSC

3. Educate and Train Employees

Human error is a leading cause of security breaches. Phishing attacks, for instance, accounted for 83% of cyber incidents in 2022 .​

Action: Provide ongoing cybersecurity training to employees, emphasizing the identification of suspicious emails and safe online practices.

4. Establish a Clear Cybersecurity Policy

A well-defined policy guides employee behavior and sets expectations for data handling and security protocols.​

Action: Develop and disseminate a cybersecurity policy covering password management, device usage, and data access. Regularly review and update the policy to address emerging threats .​

5. Secure Mobile and Remote Work Environments

With the rise of remote work, securing mobile devices and home networks is crucial.​

Action: Implement security measures for mobile devices, such as encryption and remote wipe capabilities. Encourage the use of VPNs and secure Wi-Fi connections for remote work .

6. Prepare an Incident Response Plan

Having a plan in place can significantly reduce downtime and damage during a cyber incident.​

Action: Develop an incident response plan outlining steps to take in the event of a breach, including communication strategies and recovery procedures. Regularly test and update the plan.

7. Consider Cyber Insurance

Cyber insurance can provide financial support in the aftermath of an attack, covering costs such as data recovery and legal fees.​

Action: Evaluate cyber insurance options to determine the best fit for your business needs.

8. Stay Informed and Compliant

Keeping abreast of the latest cybersecurity threats and regulations is essential.​

Action: Regularly consult resources like the UK’s National Cyber Security Centre (NCSC) for guidance and updates on best practices NCSC.

By proactively addressing these areas, SMBs can enhance their resilience against cyber threats and safeguard their operations, reputation, and customer trust.

Hear from Tony for some top tips!

Cyber Security – 6 Essentials For Any Small Business

Read More Here: https://www.bbc.co.uk/news/articles/cy489zelvx2o