Attack of the Cybermen – are your systems secure enough?

If you grew up hiding behind the sofa while Doctor Who took on the Cybermen, you probably didn’t expect that they’d be coming for you as an adult. But, as the recent global ransomware attack proved, cyberattacks are a real threat and can be absolutely catastrophic for organisations.

It’s not just unknown expert hackers, like those responsible for that particular attack, who could be putting your business at risk, though. Recently, the media reported that Gordon Ramsay was hacked by his father-in-law (who was also the CEO of his business at the time) and a Californian security guard has been ordered to pay back $300,000 after hacking his employer’s servers, defacing its website and accessing payroll records to change the numbers of hours worked.

The government’s Cyber Security breaches survey 2017 states that 46% of all UK businesses have identified at least one cyber security breach in the last 12 months. Despite that, only 37% have implemented basic security measures such as creating a segregated wireless network of encrypting personal data. Only 32% have a business continuity plan and just 20% have provided cyber security training to any of their staff in the last 12 months.

IT security is likely to be an increasing focus area for acquirers as people become more aware of the risks and impacts. Organisations that rely on older technology and don’t apply security patches quickly are at particular risk. The last major attack hit 200,000 computers in 150 countries in a matter of hours, despite being based on a security flaw that had been published on the internet for months and for which security fixes had long been available.

Many advisers believe that the measures businesses take to protect themselves from cyber crime will, in the future, form part of due diligence.  So, if an acquirer looked at your business today, how would they value your risk of cyber attack?

To find out more about how to prepare your business for sale, contact us on 0118 959 8224 or email info@evolutioncbs.co.uk

 

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