Are you invested in protecting your business online?

Online Security continues to be a top concern for the modern-day business. The increasing reliance on computers and technology has changed the business world for better, and for worse. Something as simple as an email link can allow hackers into your server and give them full access – you have all probably received the HMRC phishing scam informing you of a tax refund.

Large firms with a wealth of finance can develop an internal programme to help prevent cyber attacks, it was reported that Norsk Hyrdo ASA have spent a reported £45 million trying to restore their business following a cyber attack. These are the sort of figures that can push a company into financial difficulty.

Having been implemented in 2018, the General Data Protection Regulation (GDPR) has shaken up the business world. We might now only be seeing the regulators flexing their muscles with the latest series of fines like British Airways, who received a record fine of £183m due to a data breach in 2018 which reportedly exposed 500,000 customer’s information. So how can you attempt to detect and prevent an attack you don’t know is happening?

The Financial Conduct Authority has reported a spike of 1,000% on cyber attacks declared in 2017 to 2018. The root cause of 10% of those attacked being attributed to internal process failure and human error. A simple Monday morning error could ultimately lead to serious financial difficulties and the possible financial and reputational implications for all businesses is substantial and a possible GDPR fine could cast doubt on the ongoing financial position of the business.

Our EQ Professions specialists would advise that companies need to invest in training, security software updates and understand how internal audits can have a critical role in helping organisations in the ongoing battle of managing cyber threats. This provides an independent assessment of existing controls, and can help the board to understand and address the diverse risks of the digital world.

For more information on investing in your business, please contact our EQ Professions team at professions@eqaccountants.co.uk or contact one of our offices.