The Covid-19 pandemic has forced many businesses to adopt remote working. As many businesses adopt this approach for the first time, cybercriminals have taken advantage of vulnerabilities in this new approach which has cost businesses thousands of pounds. 63% of manufacturers in the UK have lost up to £5,000 from cyber-attacks and 22% revealed losses of between £5,000 and £25,000. Most worryingly 6% reported that they had lost at least £100,000 after a cyber-attack which could have proved disastrous to their business particularly during a pandemic.
Cybersecurity has become a high priority
A recent report by Make UK demonstrates that the pandemic has shifted cybersecurity towards the forefront of boardroom agendas. With many businesses switching to remote working overnight, many felt that their cybersecurity was more vulnerable. 50% of manufacturers revealed that since the start of the pandemic, cybersecurity had become a higher priority with 61% of manufacturers designating a board director responsible for cybersecurity protection across the firm.
Customers are more concerned and more aware of cybersecurity
Cybersecurity has become a business-critical issue in the digital age with 43% of manufacturers stating that customers have asked them to demonstrate the robustness of their cybersecurity practices. This indicates that customers are not only becoming more aware of cybersecurity but equally more concerned especially with businesses storing customers’ personal data on their networks. Furthermore, 20% of manufacturers ask their suppliers and customers similar questions showing that cybersecurity has become a concern for businesses and customers.
More still needs to be done
Despite the fact that cybersecurity has become more of a concern for UK manufacturers, 44% currently do not offer their staff cybersecurity training. In addition, 47% do not have a contingency plan in place in case a cyberattack occurs.
With the world becoming more digitalised, no business can afford to ignore the importance of cybersecurity and the threat of cyber-attacks. Failing to prevent these attacks could cost your business thousands of pounds. If you would like to find out more about how to stay safe whilst working from home, please read this article: https://www.hawsons.co.uk/how-to-stay-safe-when-working-from-home/
How can we help?
At Hawsons we have a dedicated team of manufacturing and engineering accountants at our offices in Sheffield, Doncaster, and Northampton. Our specialist team offers a wide range of services which are tailored to meet your individual needs. Our understanding of the issues faced by the manufacturing and engineering businesses means that we can proactively seek out ways for you to maximise your profitability and minimise your tax liabilities.
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