OCM are always keeping an eye on the latest cyber security news, especially from trusted sources like the National Cyber Security Centre (NCSC). Their recently released Annual Review for 2024 has some important takeaways that we think every small to medium business (and organisations) should know about.
The Big Picture: It's Getting More Challenging Out There
The NCSC makes it clear: the cyber threat landscape is constantly evolving and becoming more complex. Cyber attacks are no longer just about stealing data; they can disrupt your operations, damage your reputation, and even impact your bottom line.
What's New in This Report?
Increased focus on Supply Chain Security: The report highlights the growing risks associated with third-party vendors and suppliers. This means you need to be more vigilant about who you do business with and ensure they have robust cyber security measures in place.
Emphasis on Proactive Measures: Prevention is always better than cure. The NCSC stresses the importance of proactive cyber security measures like regular vulnerability assessments, staff training, and incident response planning.
Addressing the Human Element: People are often the weakest link in cybersecurity. The report emphasizes the need for ongoing cyber security awareness training to help employees recognise and avoid threats.
Key Statistics:
SMEs adopting Cyber Essentials are 92% less likely to face a cyber insurance claim, showcasing the importance of implementing basic cyber security measures.
Ransomware remains the most pervasive threat, with UK organisations frequently targeted by financially motivated groups.
“We must all acknowledge the scale of the challenges we face and implement urgent interventions now.” – Dr Richard Horne, CEO NCSC.
Fact #1 - Ransomware: The Pervasive Threat
Ransomware attacks are evolving. Beyond encrypting data, attackers now threaten to expose sensitive information. A striking example was the Synnovis incident, where a ransomware attack disrupted NHS services. The interconnected nature of today’s digital supply chains means a single attack can ripple across multiple organisations, making robust defences non-negotiable.
Practical Steps:
Adopt Cyber Essentials: This government-backed certification helps organisations implement basic security controls.
Secure Backups: Follow NCSC’s guidance for ransomware-resistant cloud backups.
Invest in Incident Response Plans: Ensure your team knows how to respond swiftly to mitigate damage.
“Ransomware attacks continue to pose the most immediate and disruptive threat to our critical national infrastructure.” – Anne Keast-Butler, Director GCHQ.
Fact #2 - The AI Revolution in Cybercrime
Artificial Intelligence (AI) is reshaping the cyber threat landscape. The NCSC’s assessment of AI’s role in cybercrime highlighted how malicious actors use generative AI for social engineering and reconnaissance. This allows them to craft highly convincing phishing emails or identify system vulnerabilities more efficiently.
What You Can Do:
Educate employees on recognising AI-driven phishing scams.
Update security systems to counter AI-driven attacks.
Partner with cyber security experts who stay abreast of AI advancements.
Fact #3 - International Collaboration: Strengthening the UK’s Cyber Defences
The NCSC’s work in fostering international partnerships has proven pivotal. In October 2024, the UK, US, and Australia sanctioned 16 members of the Russian cybercrime gang Evil Corp. Such collaborations demonstrate the global nature of the cyber threat and the need for a united front.
How This Impacts All Of Us:
Cybercrime knows no borders. SMEs working with international clients or suppliers must understand the risks posed by global threat actors and ensure compliance with international cyber security standards.
“We face enduring threats from hostile states and cybercriminals looking to exploit our dependency on the technology that now underpins all aspects of modern life. - Dr Richard Horne, CEO, NCSC
Fact #4 - Tailored Support for SMEs
The NCSC continues to prioritise SME security, offering tailored guidance through initiatives like the Cyber Advisor scheme. This programme connects businesses with certified consultants to implement effective security measures.
The NCSC also encourages the use of its Early Warning Service to receive real-time alerts on threats impacting your industry.
“The Government has taken steps to strengthen our national security in the cyber realm, but we can’t do it alone. We need businesses and other organisations to boost their own cybersecurity where they can.”- Pat McFadden MP, Chancellor of the Duchy of Lancaster
Fact #5 - Cyber Resilience: A Competitive Advantage
Cyber resilience is more than just a defence mechanism; it’s a business advantage. Demonstrating robust cyber practices can instil confidence in clients, partners, and stakeholders. Furthermore, a secure infrastructure paves the way for innovation without compromising sensitive data.
Quick Wins:
Regularly train employees on cyber hygiene.
Conduct vulnerability assessments.
Invest in multi-factor authentication (MFA) for critical systems.
OCM is a Cyber Essentials certification body and a provider of cybersecurity services, we're here to help you navigate these challenges. We can assist you with:
Cyber Essentials Certification: Achieve this UK government-backed certification to demonstrate your commitment to cybersecurity.
Vulnerability Assessments: Identify weaknesses in your systems and applications before attackers do.
Security Awareness Training: Equip your employees with the knowledge and skills to stay safe online.
Incident Response Planning: Develop a comprehensive plan to handle cyber incidents effectively.
“Since its inception, the NCSC has maintained that the UK’s collective cyber resilience depends upon everyone—from individuals and families to SMEs and large enterprises—playing their part.” - Dr Richard Horne, CEO, NCSC
NCSC Annual Review 2024 - Looking Ahead
The NCSC’s Annual Review 2024 serves as a clarion call for UK businesses to prioritise cyber security. With threats escalating and technologies advancing, SMEs must act decisively. By leveraging resources like Cyber Essentials, partnering with managed service providers, and staying informed, organisations can turn cybersecurity challenges into opportunities for growth and trust.
By aligning your business strategy with the NCSC’s insights, you can fortify your digital defences and contribute to a safer, more resilient cyber landscape in the UK. Stay vigilant, stay secure!
"Cyber security is a team effort. We all have a role to play in making the UK the safest place to live and work online." - Dr Richard Horne, CEO, NCSC
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