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Cybersecurity hailed as the biggest threat to UK businesses

Why Cybersecurity Matters More Than Ever in 2024

A look at the cybersecurity challenges facing UK businesses in 2024.

Cybersecurity is not a new topic, but it has become more urgent and complex in the past few years. The COVID-19 pandemic, the Brexit transition, the rise of cybercrime and state-sponsored attacks, and the rapid adoption of new technologies have all increased the risks and the stakes for the UK and Europe in the digital domain.  A recent poll by the Institute of Internal Auditors revealed that cybersecurity was among the biggest threats to businesses across Europe in 2024, with 84% ranking it as one of their top risk factors.

In this blog, we will explore why cybersecurity is a growing threat to the UK in 2024, and what can be done to address it.

The Cyber Threat Landscape in 2024

The cyber threat landscape in 2024 is diverse and dynamic, with motives ranging from financial gain to political influence. The emergence of new cyber threats, such as deepfakes, which use artificial intelligence to create realistic but fake audio and video content, and can be used to spread misinformation, manipulate public opinion, or impersonate individuals or organisations.

Geopolitical unrest across Europe is also an increasing risk factor for UK businesses, with Energy firms on high alert since the war in Ukraine first broke out. However, it’s not just large national organisations who are at risk. According to gov.uk Cyber Security Breaches Survey, Half of businesses (50%) and around a third of charities (32%) report having experienced some form of cyber security breach or attack in the last 12 months. This is much higher for medium businesses (70%), large businesses (74%) and high-income charities with £500,000 or more in annual income (66%).

Reducing the Threat to UK Businesses

The cybersecurity landscape is dynamic and constantly changing. Businesses should stay informed about the latest trends and adapt their cybersecurity practices accordingly. Given the complexity of cybersecurity risk factors in 2024, any cybersecurity strategy requires a comprehensive and proactive approach. Here are several strategies that businesses and individuals can implement to enhance their cybersecurity:

Adopt a Zero Trust Ethos – If you aren’t sure of authenticity, stop and verify first.

Cybersecurity Training – Regularly conduct simulations to educate employees about phishing attacks and provide ongoing training on cybersecurity best practices and how to recognise potential threats.

Conduct Regular Audits and Cybersecurity Assessments – Audits will highlight any vulnerabilities and assure your business is adhering to relevant cybersecurity standards and regulations.

Incident Response Plan – Develop and regularly update an incident response plan.

Back-Up and Disaster Recovery – Regularly back up and test backed-up data.

Conclusion

Cybersecurity is one of the biggest threats to the UK and Europe in 2024, the recent surge in cyber-attacks has proven that all businesses can be targeted, no matter the size or sector you work in. Establishing a long-term relationship with a trusted IT and technology partner ensures continuous improvement and adaptation to new threats. By leveraging the expertise and resources of IT and technology companies, businesses can significantly enhance their cybersecurity posture, protecting their assets, data, and reputation in an increasingly digital world. This partnership allows business owners to focus on their core business activities while ensuring that their cybersecurity defences are robust and up to date.

If you would like to learn more about Ghost Enterprise’s cybersecurity consultancy, book a discovery call with us today or call us on 01245 208080.

Source: Cyber security breaches survey 2024 – GOV.UK (www.gov.uk)

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