Academy Trusts Workshop: TPS/EOYC
Join our Academy experts for a free workshop covering how best to prepare for your TPS audit, how to make best use of our EOYC checker and collating the correct information.
What should I actively be doing?
The growth and development of technology in business during the last decade has completely transformed business. In a relatively short period it has revolutionised every business activity in almost every sector, industry and market, resulting in greater efficiency and cost savings.
This transformation and reliance on digital systems has however placed a huge reliance on the integrity of the technology, the internet and the systems in place to secure businesses’ online assets. It is this integrity, or rather the lack of it, which is fuelling an exponential rise in cyber attacks on businesses which may not only affect performance but can lead to total business collapse.
Attacks are not limited to large businesses however. No company is too small to be the victim of a cyber attack. Hackers don’t just want to steal money from the company they are targeting, they may be looking to step onto a larger company and 80% of hacks at larger companies start in the supply chain.
These suppliers provide an easy route into the larger companies because the defences between the main company and its supplier will also be weaker than the external protection of the larger company.
One of the most common and simple attacks involve bogus invoices or requests for payment. Huge damage can be created with a stolen or ‘spoofed’ email address. For example, the financial department receive a ‘spoofed’ email supposedly from a senior board member asking for a cheque to be paid into a certain account.
The financial department doesn’t query the request as it appears to be from a senior executive and the cash is transferred, never to be seen again. A recent IoD report claims that 72% of businesses have been the victim of bogus invoices.
The perception that the majority of cyber attacks emanate from Eastern Europe or China is far from true. Insiders are responsible for as many as 60% of all data breaches courtesy of either good old human error or deliberate action.
In addition to awareness of the threat and internal vigilance what can you do now to protect yourself further? Proactive management, education and a company-wide security culture will go far in countering the threat, while at the same time ensuring more trained eyes to help counter potential attacks and enhance overall business resilience. Specific measures you should consider include:
Technology and the internet have delivered huge benefits, providing huge potential for businesses to flourish and opportunities for new forms of on-line enterprise to enhance our lives. But with the benefits come the risk to the security of on-line resources and assets.
Regulation is on the way to ensure business leaders are taking steps to ensure their on-line resources and assets are properly protected, with sanctions against those who don’t comply. But the largest sanction of all is your business being targeted and disappearing overnight.
Contact us today to find out more about how we can help you
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