Every operational business in 2024 is interwoven to a greater or lesser extent with the digital world. Identities are forged and developed online and there are few aspects of our corporate lives which aren’t managed by and dependent on technology. However, with that dependence comes corresponding risk.
Cybersecurity is the process of protecting computer systems, networks and devices from attempts by hackers to destroy or compromise them.
Cybercrimes are on the rise globally. Identity fraud, online theft of financial or corporate data, cyberextortion, ransomware attacks, cryptojacking, cyberespionage, and denial of service (DoS) attacks – all methods of illegal wrongdoing which are continually working on new ways around security defences raised by besieged organisations.
Statistics published by the government in its 2022/2023 Cyber Security Breaches Survey showed that UK businesses experienced approximately 2.39 million cyber crimes of all types in the last twelve months, and UK charities approximately 785,000 cyber crimes.
A cyberattack committed against a business can cause serious disruption. Traditional methods of defence have included antivirus software packages and firewalls, but cybercriminals are regularly overcoming these to target sensitive data.
Cybersecurity experts recommend that businesses carry out at least one cybersecurity risk assessment per year; with hackers queuing up to extract company data and steal customers’ personal and financial information, this is the absolute minimum requirement. Rigorous protection of your business from cybercrime can also give it additional cachet; customers will feel safer handing over data to a company which takes it seriously. Some businesses never recover from the reputational damage caused by a data breach.
A cybersecurity risk assessment is a comprehensive evaluation of a business’s security arrangements. It should aim to flag up potential areas of vulnerability and recommend how to strengthen them. Its findings should be used as the basis for developing a specific strategy to protect sensitive information.
Actions should include:
- Identifying assets and risks
- Organising access controls
- Securing the entire network and work site
This can include:
- Updating firmware
- Ensuring strong cloud data encryption
- Installing firewalls
- Switching off Wi-Fi beacons
- Implementing training and awareness plans for employees
- Ensuring data recovery and back up protocols are in place
- Performing regular audits
- Developing a crisis management plan in the event of a breach
With HMRC’s Making Tax Digital roll-out any business registered for VAT must now file VAT returns online which increases the need for vigilance.
At AMR Bookkeeping, we take our cyber responsibilities extremely seriously. Our clients trust us with their confidential financial data and we have stringent controls in place to keep it safe and secure. We ensure meticulous compliance with GDPR regulations and we encourage our clients to do the same to protect their data; the importance of cybersecurity can’t be underestimated.
If you need help with any aspect of bookkeeping, do get in touch with our friendly and helpful team. Please contact us by completing the form on our website or call 01892 559480.
