Cyber risk: secure your business like you secure your home

There are two types of businesses—those that have been hacked and those that will be. We often work with companies that don't realise how vulnerable they actually are, until it's too late. The biggest mistake? Ignoring key cyber risks, leaving critical information exposed, and not knowing what threats exist.

Protecting your business starts with awareness

Securing your business from cyber risk isn't all that different from protecting your home. Imagine this: your strong password is like the front door lock, keeping intruders out. A firewall acts like a fence, creating a barrier around your property. And encryption? That’s your window locks, securing the more vulnerable points of entry. And just like security cameras keeping an eye on your home, cybersecurity tools monitor for any suspicious activity. The foundation of your home represents the core IT controls that hold everything up—ensuring strong access controls, managing changes, and securing data backups to keep everything as safe and secure as possible.

Layering these security measures, just like you would for your home, is essential for protecting your business. Unfortunately, many businesses don’t fully understand the risks they face until they're hit by a phishing scam, ransomware, or a data breach.

Too often, companies assume that standard security tools like firewalls and antivirus software are enough. But these solutions can only go so far without a broader, proactive plan to manage risks.

How to spot weaknesses before hackers do

The first step in protecting your business is knowing where a hacker might get in. Think about every possible way someone could access your home or your systems. This includes everything from employee laptops and mobile devices (like the front door of your home) to your cloud storage and third-party vendors (those outside contractors performing plumbing maintenance in your home bathroom). Each point of contact is a potential weak spot.

To truly understand where your business is vulnerable, regular risk assessments are key. New technologies and threats are constantly emerging, so staying on top of potential risks is crucial to keeping your business safe.

Do you know what needs the most protection?

Not all of your company’s data is created equal. Some information is operationally very important, while other data like customer information, intellectual property, or financial records may be especially attractive to attackers. Securing these critical assets is the difference between surviving an attack or suffering irreversible damage.

Think about how you’d protect valuable items at home, like passports or family photos. You might lock them in a safe. Businesses do something similar by separating sensitive data into secure networks and using extra layers of protection, like data encryption and multi-factor authentication.

Ask yourself whether you know what your most valuable assets are and how to protect them. Also, what would happen if this information is exposed? Keeping track of where your critical data is stored (whether in-house or in the cloud) is essential in assessing your risks.

Overlooked cyber risks: what you might be missing

Many businesses focus on high-profile cyber risks like phishing or ransomware, but there are other threats that can be just as dangerous especially if overlooked.

Insider threats are one example. Sometimes, employees with access to sensitive information can accidentally or even intentionally cause a data breach by clicking a malicious link or mishandling data.

Third-party risks are another area where businesses often fall short. Even if your own security is strong, a compromised vendor can serve as a backdoor into your network. To avoid this, you need to check the security practices of all your third-party suppliers. Risk assessments should be done when you sign contracts and on an ongoing basis. It’s crucial to outline the security standards you expect and ensure your partners stick to them.

Why you need an incident response plan...now

While it’s important to prevent attacks, it's equally critical to have a plan for when one does happen. A well-prepared incident response plan can minimise the damage of a breach. Without one, your business could face major financial losses and suffer reputational damage.

Just like having a fire escape plan at home, your response plan should define everyone’s role in the event of a cyberattack. It needs to cover everything from isolating affected systems to informing key stakeholders. And just like you’d practice a fire drill, your response plan should be regularly tested so you know it will work when needed.

What have been the biggest cyber threats in 2024?

We are approaching the end of 2024 and we have seen that cybercriminals are constantly evolving their tactics. To address the risks we’ve discussed above, it’s important to know where new threats are coming from. Here are some of the top risks to be aware of for the remainder of 2024 and into 2025:

1. Identity theft and credential compromise.
   Cybercriminals are finding it easier to steal login credentials rather than actually hacking into systems. Phishing emails and insecure public applications are common ways attackers gain access to your network. Strengthening your identity protection and authentication systems is critical to preventing this.
2. Data theft.
   Attackers are increasingly using malware to steal sensitive information. These malicious programs, often delivered through phishing emails, collect data from your systems and send it back to cybercriminals.
3. Misconfigured applications.
   Many companies leave their systems wide open by failing to properly configure their applications. Forgetting to change default settings or not securing access controls can create easy entry points for hackers. Regular audits are necessary to avoid this.

4. The rise of generative AI.
While attacks using AI haven't exploded yet, they’re on the horizon. Both cybercriminals and security experts are experimenting with AI tools, and this could quickly change how attacks are carried out in 2025. Being prepared for AI-driven threats will be key as this technology advances.

Final thoughts: stay proactive to stay protected

The key to protecting your business from cyber threats is to be proactive. Regularly assess your critical assets and ask yourself: “what would happen if these systems were compromised?” Stay on top of third-party vendors and make sure their security is up to the same standard as yours or better. And, most importantly, have a solid incident response plan ready to go.

So, protect your business like it was your home. For more information about how we can help, contact us today.