By Greg Liset, Head of Propositions
Mon Oct 30 2017
Be honest - do you sometimes use the same password for different online accounts? Sadly, you're probably not alone.
Cyber security is one of those issues many individuals don't take seriously enough. So much of our life is lived online. Falling victim to cyber criminals would be catastrophic. Yet it's easy to think it won't happen to you.
This problem isn't limited to people, either. Recent research found that just one in five (20%) small businesses ranked cyber security as a top business priority. This despite almost half (48%) saying that they had been the subject of at least one cyber-attack in the past year, and one in ten having been the victim of more than four attacks. Meanwhile, 54% are concerned they could be at risk of an attack1.
Here's another scary statistic. In the past 5 years, 1 in 3 visitors2 to websites were bots3 that were there with the purpose to attack. These bot attacks are usually carried out by cyber criminals who attack multiple websites at once, with the intention to compromise unprotected sites.
Those businesses worried about the prospect of an attack might be onto something.
The thing is, investing in the right security approach can actually help save businesses money.
According to government research4, the average cyber-attack on a small business costs between £75,000 and £311,000. This includes lost sales, business disruption and compensation pay-outs.
But the loss to reputation may be even more calamitous.
Some 45% of shoppers5 report that they will choose one retailer over another if they feel the checkout process is more secure.
So, what to do?
The main way for merchants to fix any issues with security is to run security checks in their system to ensure safe sales. That means customer data is safe and the business doesn’t lose out – so everybody wins.
There are a few different terms that are used in regards to cybercrime such as ‘phishing’, ‘malware’, and ‘hacking’. We’ve put together a quick guide on exactly what these terms mean.
Fraud and security regulations change, as does the way cyber-criminals work. Have a read of this article to see how you can stay abreast and ahead.
3. A bot, also known as Internet bot, is a program that runs automated tasks over the Internet. Typically intended to perform simple and repetitive tasks, Internet bots are scripts and programs that enables their user to do things quickly and on a scale the downside of this is targeted hacking. https://www.incapsula.com/blog/understanding-bots-and-your-business.html
4. http://www.pwc.co.uk/assets/pdf/2015-isbs-executive-summary-digital.pdf (592.52KB) (see Page 3)