How Phishing Attacks are Causing Small Businesses in the UK to Lose Millions

In the UK alone, 100,000s of fraudulent attempts to steal businesses and people’s data are reported each year. We have gathered the best advice on how to identify and avoid Phishing attacks as well as the benefits of using Backup and Disaster Recovery to protect your small business’s data.

What are Phishing Attacks?

Phishing is a type of cyber attack where perpetrators use deceptive techniques to trick individuals and businesses into providing sensitive information. This information could be login details, bank information and personal data. Phishing attacks are usually sent out through a range of different platforms such as fraudulent emails, text messages and fake websites designed to copy legitimate pages. Attackers use these platforms to get users to input their personal data and use this information to perform identity theft, financial fraud and other criminal activity. Phishing Attacks can hit small businesses the hardest as they usually have limited cyber security measures compared to large organisations. As an example, attackers may steal login credentials for online banking or processing systems, which will allow them to access financial information and steal business funds. Phishing Attacks can also lead to business data breaches, exposing sensitive customer information and damage of the business’s reputation. As if these damages affecting small businesses weren’t enough, the cost that comes with data recovery, implementing new security measures and contacting affected customers can be detrimental to a small business.

How to Avoid Phishing Attacks as a Small Business

In 2022, figures showed that £177.6 million was lost to online scams. Here are several security measures you can do yourself, as a small business, to prevent phishing attacks:

  • Provide your employees with regular training to help them identify and avoid phishing scams.
  • Set up Two-Factor Authentication on as many accounts as possible. This process will prevent attackers from gaining access to your business accounts, even if they have stolen your login credentials. 
  • Set up email filters that will block suspicious and spam emails, helping to prevent phishing emails from reaching your employees.
  • Install firewalls and antivirus software onto your company’s computers and browsers. Make sure to update all of your software and systems regularly when security patches and upgrades are released.
  • Make sure to use websites that have an SSL certification which protects you against data interception.
  • Use secure web browsers for your business. In 2022, Mozilla Firefox ranked the best on both Windows and Mac for phishing detection. Whereas, surprisingly, Google Chrome ranked the worst on both platforms.

How Backup & Disaster Recovery Can Protect Your Business’s Data

A backup is a copy of a business’s data that is made at a specific point in time and can be used to restore data in the event of a loss. This could be due to a variety of reasons, such as a hardware failure, a software glitch, or a cyber-attack (like phishing for example). At Flatrate Services, we offer a range of backup options to help protect your small business’s data. To make sure your Data Backup is prepared in the unfortunate eventuality of a phishing attack, it is important to follow these practices:

  • Regularly back up your business’s data
  • Storing backups in multiple locations including on and off-site and in the cloud
  • Test your backups regularly to ensure they are fully complete and can be restored successfully
  • Implement measures, like those mentioned above, to help protect your business from cyber-attacks
  • Create a disaster recovery plan for your business to put in place in the case of phishing, or any other, cyber-attack, so you know what to do if the worst ever does happen.

Following these crucial practices will mean your business is prepared for the eventuality of an attack. Some industries are even required to maintain certain data and have specific Backup and Disaster Recovery measures in place. The cost of having a backup is also incremental. Losing your data will cost your business an immense amount of money as the re-creation of lost data may require significant time and resources. Having a backup in place from Flatrate Services will allow your business to recover quickly from data loss or disaster. By getting backup and disaster recovery you will allow for business continuity and will minimise downtime and disruption that can be caused by data loss.

Protect your Business from Cyber-Attacks

The digital threats that are ongoing for small businesses can be overwhelming. At Flatrate Services we are here to offer you professional advice and create you a bespoke plan to help your business stay protected and secured in the case of a digital attack.

If you’re looking for managed IT services for your small business, contact us on 0333 577 9495 or click here.

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