Why It’s Time To Build Cyber Resilience in Edinburgh’s Thriving Business Community
Edinburgh’s businesses are a vibrant blend of tradition and innovation. From the historic streets of the Old Town to the bustling business parks of the city’s outskirts, businesses in Edinburgh are thriving and embracing digital transformation. However, this digital progress brings risk: the ever-present and growing threat of cyberattacks.
Why Cyber Resilience Matters
Edinburgh’s diverse economy, from tech startups to established financial services, is increasingly interconnected and reliant on digital platforms. Adopting the cloud, Internet of Things (IoT) devices, and remote working brings significant benefits in efficiency, innovation, and competitiveness. However, it also leads to a broader attack surface, exposing businesses to new and evolving cyber threats. Add in the growing danger of AI-enhanced threats, and it’s easier than ever for hackers to create sophisticated attacks, trick businesses, and turn a profit.
Every day, more than 500,000 new cyber threats are discovered. 81% of UK businesses that fall prey to cyber-attacks are small to medium-sized. Moreover, 97% of these attacks could have been prevented if companies had modern and comprehensive cyber resilience.
Cyber resilience matters because it encompasses the ability to defend against cyberattacks, continue operating during an attack, and recover quickly afterwards. Building a robust framework ensures your business will continue to thrive, innovate, and compete internationally, regardless of the cyber threat.
A Strategic Approach to Cyber Resilience
Building a cyber-resilient business might seem complicated, but it doesn’t have to be. Here are a few factors to consider when refreshing your cyber security strategy:
A strategic approach begins with risk assessment and management. It is crucial to identify and understand the specific cybersecurity risks you face. This involves identifying critical assets, assessing vulnerabilities, and prioritising risks based on their potential impact. By taking this step, you can better prepare for and mitigate potential cyber threats.
Staff Training and Awareness
People are often the weakest link in cybersecurity. Regular training on recognising phishing attempts, safe internet practices, and the importance of cybersecurity can significantly reduce the risk of insider threats. By making employees aware of the risks and how to avoid them, you can create a culture of cyber resilience within your organisation.
Implement Strong Cyber Practices
Basic cyber hygiene practices are essential for preventing attacks. These practices include regular software updates, strong passwords, multi-factor authentication, and securing access to your building. By implementing strong cyber practices, you reduce the likelihood of an attack and limit its potential impact.
No matter how strong your defences are, it is still possible for a cyber-attack to occur. A well-prepared incident response plan ensures that your company can quickly respond to and recover from cyber incidents. Have a clear strategy, set designated roles and responsibilities, and implement regular testing to ensure everyone is prepared.
Invest in Advanced Security Technologies
Advanced cybersecurity technologies such as encryption and network monitoring tools are becoming essential for detecting and mitigating threats. These technologies can enhance cyber resilience and protect your business against more sophisticated attacks.
Collaboration and Information Sharing
Collaborating with industry peers, government agencies, and cybersecurity experts can provide valuable insights into emerging threats and best practices. By sharing information and learning from others, you can stay ahead of the threats and better protect your business.
Remember that building cyber resilience is an investment that secures the promise of digital transformation while protecting your business’s innovation and growth potential.
Rebooting Your Cyber Resilience Strategy
Edinburgh Chamber members are invited to SoConnect’s Cyber Scotland Week event. CEO Gordon Sayers and CTO Euan Stewart will explore how the cyber threat landscape has transformed in recent years and what that means for your current resilience strategies.
Whether you want to update your security strategy or build one from scratch, this session will provide valuable insights and practical steps to enhance your cyber resilience.
Title: Rebooting Your Cyber Resilience Strategy
When: 29th February 2024, 11 am to 12 pm
Where: Microsoft Teams
Speakers: Gordon Sayers, Chief Executive Officer, SoConnect. Euan Stewart, Chief Technology Officer, SoConnect.