The Business Exchange Bath & Somerset Issue 4: Summer 2017 | Page 8

FINANCE Cyber attacks: Are you prepared? by Ian Lloyd, partner at Milsted Langdon We recently hosted a cyber security roundtable event at Bath Priory Hotel in collaboration with the High Growth Knowledge Company (HGKC), Bluefin Insurance Services and Royds Withy King. Joined by senior representatives of ten successful South West businesses, we facilitated an in-depth discussion exploring the collective understanding of the threat of a cyber attack. This was brought into sharp focus after the recent attack that affected the NHS in the UK and several high-profile businesses elsewhere in the world. These events have highlighted just how vulnerable even the largest organisations can be to attacks by cyber criminals, that is why businesses of all sizes, SMEs need to keep their wits about them. As accountants dealing with sensitive information, we are all too aware of the risks out there. This is why we incorporate additional software and systems into our services to ensure the data we hold is sufficiently protected. HMRC’s Making Tax Digital, once introduced, will make this even more important for us all. Here is our quick guide to some of the threats you need to be aware of. With fraudsters becoming more sophisticated in their approach, small businesses need to be aware of the risks and implications of an attack. There are multiple ways in which your business could be at risk, these include: Ransomware A type of malicious software designed to encrypt and deny access to your data, until a sum of money is paid. Malware Software that is specifically designed to disrupt, damage or gain authorised access to a computer system. Email spoofing The forgery of an email header so that the message appears to have originated from somewhere other than the actual source. Phishing The fraudulent practice of sending emails purporting to be from reputable sources in order to induce individuals to reveal personal information, such as passwords and credit card numbers, or click on malicious links and attachments. Evil twin A fraudulent Wi-Fi access point that appears to be legitimate, set up to eavesdrop on wireless communications. The evil twin is the wireless LAN equivalent of the phishing scam. The damage a cyber-attack can cause a business includes: • • • • The YouGov polls commissioned by the ICO to mark European Data Protection Day, showed that 20% of people would definitely stop using a company’s services after hearing news of a data breach, while 57% would consider stopping. With this in mind, why would you not invest in ensuring your company is properly protected? After all, prevention is better and far cheaper than cure. For more info: www.milsted-langdon.co.uk [email protected] 01225 904940 Financial loss Reputational damage Fines through data loss Disruption to business continuity The South West’s Dynamic Insurance Broker www.pib-insurance.com 0117 926 9937 [email protected] PIB Insurance Brokers is a trading style of Cooke & Mason Plc. Cooke & Mason Plc is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 308333. Cooke & Mason Plc is registered in England & Wales. Company Registration Number 2682789. Registered Office: Rossington’s Business Park, West Carr Road, Retford, Nottinghamshire, DN22 7SW. 8 THE BUSINESS EXCHANGE 2017