Email use isn’t the only thing on the rise. Cybercrime is increasing too. 39% of UK businesses reported cyber-attacks in the past 12 months!
Since 2019 (the start of the pandemic), email has accounted for an increasing portion of security incidents — it is now involved in 80% of breaches.
Here’s what SMEs need to know about secure email...
What are the main forms of cyber risk?
It’s important to know what forms of email attack you need to protect against.
We can sort the risks into two categories:
1) Threat actors
These are people who intentionally use technology for malicious activities online.
These can include intercepting messages in transit, hacking accounts with weak passwords to access an inbox, and sending fraudulent messages with false weblinks (phishing).
Threat actors usually aim to get files and data to ransom or sell.
2) Your employees
It may surprise you, but the main source of email risk comes from your colleagues.
A 2022 data breach report reveals 82% of breaches involve the ‘Human Element’, meaning they could have been prevented if not for human error or manipulation.
Burnout and stress can exacerbate the human risk to email.
As an SME, why should you care?
43% of cyberattacks are aimed at small or medium sized businesses, with only 14% adequately prepared to defend themselves.
Preventative measures such as email risk assessments and staff training are often not as well-resourced as they are in larger enterprises.
Yet, a data breach has the potential to hit harder in an SME. The average cost of a breach has increased by 12.7% in the past two years. It’s been said that 60% of small businesses close within six months of a hack, unable to spring back like their larger counterparts.
Beyond the financial damage a data leak could do, all businesses have a duty to customers to protect personal information and trust is key to a healthy position in the market.
How to secure your email comms
Any cybersecurity strategy should be broken down into prevention and response.
Every second matters when responding to an attack but preventative measures can reduce the likelihood it will happen — as with anything, prevention is the best cure.
Making sure staff are aware of key cybersecurity principles and threats to look out for should be a continual process — if not quarterly, at least annually reviewed.
Security-related risks are thought to be reduced by 70% when businesses invest adequately in cybersecurity training and awareness.
Utilising strong passwords
According to IBMs "Cost of a Data Breach 2022" report, 19% of breaches identified compromised credentials (passwords or other authentication types) as a cause.
Strong passwords with a mix of letters, numbers, and symbols, and no ties to personal information, go a long way to securing an email account.
51% of businesses have no rules on storing or transferring personal information.
How customer data is handled is left to individuals, but with less than a third (31%) of employees saying they understand what email compromise is, it’s unlikely they are using encryption.
Encryption can be deployed for employees easily and securely, without causing friction in everyday communications, with a business-ready solution such as Mailock secure email.
Two-factor authentication (2FA) gives employees the power to ensure the right people (and only the right people), can access any sensitive information contained.
Authentication methods can include an SMS code sent to a mobile device, a question and answer, a digital certificate, or biometric solutions that require fingerprints or scan your face.
Employing email revoke
Sending an email to the wrong person, or the wrong attachment to the right person, is one of the most common forms of human error associated with business data compromise.
The ability to revoke emails (block access to them) is a preventative measure that will enable you to rapidly contain the potential damage an email misfire could cause.
Though many email providers offer a recall function, these often depend on the recipient’s email provider for compatibility (Mailock gives you revoke you can rely on).
How you respond to an email data incident can be the difference between the best and worst outcomes. It is crucial to respond swiftly with full compliance to contain the situation.
Start the timer
You need to report an email data breach to the ICO (Information Commissioner’s Office) within 72 hours of discovering it, according to UK law.
Start the clock immediately and focus on trying to contain the breach as much as possible first. Once you’ve completed any containment activities, you can log your report.
Assess the situation
Gather key personnel and find the facts of the situation. What types of sensitive data are involved, how much, and concerning who.
Assess the situation and decide on any immediate actions that can be taken to contain the damage and protect those involved. Here’s some examples:
- Sent an email to the wrong person? Ask them to delete it (or use Mailock to revoke)
- Email account been compromised? Attempt to regain control by resetting passwords
You may need do some tests to discover the depth of the breach and establish answers to any unknowns. Do this while containing the damage based on what you know so far.
Contain and report
Take all actions you can to make sure that any compromised personal data cannot spread further than it already has.
Contact anyone whose data has been compromised so they can protect themselves, for example by changing their passwords.
Make sure you have recorded all the facts. When did the breach happen? What/who caused it? How much data is compromised? What types of data?
Once you can’t do any more to contain the situation or protect those involved, or if your 72-hour timer is running out, submit your report to the ICO by calling 0303 123 1113.
If you have managed to contain the situation and aren’t sure if you still need to report it, use the ICO’s self-assessment tool to find out.
The best protection
It can take time to build an approved and airtight strategy to protect against cyber risk, but it’s crucial to prevent the worst repercussions.
If you don’t have the resource to develop a cyber security strategy, solutions such as Mailock can give you out-of-the-box security for outbound emails, designed for UK compliance.
Find out about the friendliest outbound email security on the planet.