Cyberattacks are a real threat to all Irish businesses. Business owners need to start preparing for the inevitable.
While 87% of small businesses think they are safe from cybercrime, because they’ve their antivirus software up to date, they’re still leaving themselves open for some detrimental or even crippling attacks. According to a report, from Grant Thornton, cyberattacks cost the Irish economy €630 million a year and that colossal amount was certainly not created simply by a lapse in a company’s antivirus.
The message is very clear, all businesses, regardless of size, need to have a cyber-strategy in place. Employers can’t wait until they’ve been subject to invoice redirection, a phishing scam or a ransomware attack to find out what those terms mean. According to the leading experts in cybersecurity, all businesses will experience at least one attack during the lifespan of the company. In the current climate of this rapidly growing issue, you may be considered lucky if you are only subjected to one hit. During their report, Grant Thornton found that one in eight retailers had faced a cyber-attack within one year.
A lot of what it boils down to is trust, something that is inherent in Irish tradition so it’s easy to see how the stats are so high in this country.
“It’s growing faster in Ireland than anywhere else and I personally believe one of the key reasons behind this is because of our culture, we have a habit of trusting people and trusting people too quickly,”
an observation made by David Waldron, our Director of Cloud Services at Radius Technologies. David spoke at our cybersecurity event, in November, held at The Irish Small and Medium Enterprises Association (ISME). He detailed, to the room of business owners, exactly what measures they need to take in order to prevent an attack and, in the case where something has gone undetected, how to shut one down quickly to minimise the impact.
The resounding message was educating your staff. “It’s not just technology it’s the people and the processes as well,” he expressed. Attacks can occur from something as simple as giving out email information over the phone, a poor password or even an extra letter in the address of an incoming email, which has gone undetected. Staff need to be educated on what to look out for and to happily question everything. Annual cybersecurity training is key.
One area of cybercrime that hit the headlines lately was invoice redirection. This is where a request may be made over the phone or by email to change the bank details of the supplier. Gone unquestioned it could involve several redirected payments before a supplier calls looking to collect on unpaid invoices. David warned that this scam, and the amount of money taken, has scaled up significantly in recent times.
Safeguarding your business from this modern-day threat Radius Technologies has the tools to monitor, protect and audit your company against cyber-attacks. Contact Radius today to see what we can do for you. From all the IT Security Assessments complete by Radius Senior Engineers in 2019, a total of 86% of SMEs were found to have serious High-Risk vulnerabilities. These include email addresses been unknowingly compromised, firewalls without adequate protection, server’s left very vulnerable to attack due to misconfiguration, ports left open to attack, among others”. How confident are you that your business is not part of that 86%? Contact Radius today to find out more about an IT Security Audit for your business.