Assess Your Risks
Understanding the risks to your business will help you to take adequate protection measures against the threat of cyber crime.
What could be at risk?
- Your money.
- Your information – e.g. client lists, customer databases, your financial details, your customers’ financial details, deals you are making or considering, your pricing information, product designs or manufacturing processes.
- Your reputation.
- Your IT equipment and T-based services – whether held on your own systems and devices, or on third-party hosted systems (i.e. ‘in the cloud’).
Who could you be at risk from?
- Current or former employees or people you do business with – compromising your information by accident, through negligence, or with malicious intent.
- Criminals – compromising your information and disrupting your business for financial gain or malicious intent.
- Business competitors – wanting to gain an economic advantage.
What is the threat?
- Theft or unauthorised access of computers, laptops, tablets, mobiles.
- Remote attack on your IT systems or website.
- Attacks to information held in third party systems e.g. your hosted services or company bank account.
- Access to information through your staff.
What impact could an attack have?
- Financial losses from theft of information, financial and bank details or money. The average cost of the worst security breach is between £65,000 and £115,000.
- Financial losses from disruption to trading and your business operation. This is critical if you are dependent on doing business online. The worst breaches can result in a business being put of action for up to 10 days.
- Losing business from bad publicity and damage to your reputation and customer base.
- Costs from cleaning up affected IT systems and getting them up and running again.
- Costs of fines if personal data is lost or compromised.
- Damage to other companies that you supply or are connected to.
Source of Information
Information taken from the HM Government publication “Small businesses: What you need to know about cyber security”