Issue #96 - The Cyber Security Issue 👾

Beware Black Friday and Holiday Season scammers | Effects of cyberattacks on small businesses | Does your business need cyber insurance? | 5 businesses, 1 question | Words | Tunes | More

🦾 GO

Beware Black Friday and Holiday Season scammers 💼

Did you know your business could be at risk from hackers and cyberattacks if it uses any connected devices? That includes laptops, smartphones, and even payment devices! 

If you think hackers won’t target your business, think again. Government figures show there were around 7.78 million cyberattacks on UK businesses in 2024 and around 50% of businesses experienced some form of cybersecurity breach.  

And your business and its customers could be at even greater risk as the online shopping seasons approach - including Black Friday, Cyber Monday, and Christmas. Last year, the number of phishing emails related to Black Friday and Cyber Monday increased by 237% between November 1 and 14 compared to September 1 to October 31.

If scammers get their hands on your business’s or its customers’ bank details, there’s an obvious risk of losing money. But there are also a lot of other potential costs involved, including:

• Payments to external IT consultants or contractors to run cyber security audits, risk assessments or training

• New or upgraded software or systems

• recruitment costs if you had to hire someone new

• Legal fees, insurance excess, fines, compensation, or PR costs related to the incident (data breaches can damage your reputation and trust in your business.

Those same government figures show that this costs small and micro businesses an average of £330. For medium and large businesses the costs increase to £4,670.

Having the right cyber insurance in place can help. 

What is cyber insurance and why is it important for businesses? 

Cyber insurance is a type of cover that helps businesses recover from financial losses and disruptions caused by cyberattacks, like data breaches or hacking, making it useful for protecting against digital risks. 

All businesses that store information digitally or use cloud-based VoIP systems, should strongly consider cyber insurance.  

What does cyber insurance cover? 

In the UK, cyber insurance typically covers a range of cyber risks, including: 

• Data Breach Response 

• Cyber Extortion 

• Business Interruption  

• Data Loss and Recovery  

• Legal Costs  

• Third-Party Liability  

Each policy varies, so businesses should review the specific coverage offered to ensure it meets their cyber risk needs. Read on to learn more about cyber attacks, security, and insurance.

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🤝 COMMUNITY

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🗞 READ

What effects do cyberattacks have on small businesses? 🔓

Cyberattacks can have a massive impact on your business, especially if you don’t have the right security. Many small and medium-sized enterprises (SMEs) may not have the security or infrastructure that larger businesses have access to, which is why you might find your business is targeted even though you’re just a small local business. 

To help you understand the cybersecurity challenges small businesses face, we'll explain why smaller organisations are often more vulnerable to cyber-attacks and how you can prevent your company from falling victim.

Does your business need cyber insurance? 🔐

According to a 2023 survey from Cyber Security Breaches, 32% of businesses in the UK have experienced cyber attacks or security breaches. 

Cyber insurance can help battle this problem. But what exactly is it? We’ll walk you through everything you need to know and how cyber insurance could save your business in the long run.

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🗣  SHOUTOUT

#BionicBusinessStory - 5 businesses, 1 question 🤔

A study from BT has found that a quarter (25%) of small business owners use organic/non-paid social media to increase income, and 22% use paid social media posts. We got the thoughts of five micro business owners.

Bionic - How do you use social media to boost awareness of your business?

🍨 “TikTok is quite big for us and that's another motivator for my staff because I haven't got a clue and they’re really into it. So, they love creating TikToks and it's good fun for them to watch the account grow. I employ someone to do my social media in terms of Instagram and Facebook. They take good photos and take care of all the posts for me.” Corrie Hill - Mrs Chill’s Ice Cream Parlour

🐶 “Generally it’s social media we use for our marketing. We have a 50/50 split of organic search on Google and Instagram, Tiktok and Facebook. We’ve also done quite well in Facebook groups of local communities," he continues, “a lot of the communities are based around us so we're able to provide word of mouth through that. When people use our products, they go on the local gossip page and talk about their experience with us.” Reece Ashdown - The Little Green Pet Shop

🍺 “We do a lot of social media work and also have an e-mail list. Instagram tends to be our most followed channel, but we use Facebook as well for groups," James explains, "we try to get a combination going. Again, it's very difficult when everyone taking care of our social media are volunteers.” James Gadsby Peet - The Star of Greenwich

💐 “When I first started, Instagram and social media was how I built my platform, basically for free. It does work as free advertising, so it definitely built our following. But I do get a lot of work through word of mouth which is something I like. A lot of people say it's interesting, even in this age of technology, with endless visual media at our disposal, I still get a lot of work through recommendations. I love Instagram and it's a vital tool for me. But It’s still really nice when I get an email from someone being like ‘Oh, I know this person they mentioned you’ It’s a really nice feeling.” Rosy Sida - Filth Florist

🤠 “Our Insta is a business account because then I can tag products. That’s a really easy way for customers to get to our site. I used Twitter (X) briefly, but it didn’t work. But I do think social media is important. It’s immediate. Until 2020 any messages I sent from our social media accounts would be presented as the brand and would be signed as ‘we’ or ‘the team’ rather than ‘Mike’. In a way, I was hiding behind the brand at the start. I could put products out there that I might not have been confident enough about if I was using my own name. It wasn’t until 2020 I thought to upload a video of myself and just talk to my followers. But the response was really good. It was like me saying to my customer base ‘I’m just like you’, ‘we share lots of common interests and likes.” Mike Holmes - The Long Shot Exp

Want to read more small business stories? Head over to Bionic 🦾 Or check out our Small Business Snapshots on YouTube

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📊 BUSINESS

Get your business costs sorted 💷

Bionic is the comparison site for your small business. We compare a range of business essentials to help you save time, money, and hassle.

Our tech-enabled team will answer all your questions in simple terms, and help you find the best deal on business energy, insurance, phone, broadband, or finance. No jargon. No-fuss. #BeABionicBusiness 🦾

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🎧 LISTEN

Playlist 🎶

The leaves have fallen from the trees, the cold is beginning to bite, and our pets have been scared half-to-death by about four days of fireworks - winter is well and truly here. It’s time to hunker down and listen to Warm Electronic Music for Winter. This week’s playlist was chosen by James, who runs a car wash in Wirral (and, strangely, is curated by Rob, a good friend of The Backbone). For best results, sit back and relax with a mug of hot chocolate.

Podcast 🎙

We’ve found the perfect podcast for the cybersecurity issue. Cybersecurity Simplified looks into the latest cybersecurity trends, threats and news and aims to demystify cybersecurity to make it understandable to business people and anyone who isn’t a security expert.

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🏡 HOUSEKEEPING

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🚫 STOP

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