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What Should I Do If My Business Experiences a Cyber Attack?
As the business landscape continues to evolve into the digital age, cyber attacks are no longer a “maybe.” They’re an ever-present risk, even more so for professional services such as law and accountancy firms.
At HDUK, we’ve seen firsthand how cyber attacks such as phishing, business email compromise (BEC), ransomware and credential theft have disrupted organisations and cost them thousands. Learn more about SOC and SIEM explained here.
If you’re in a similar position, here’s what to do to respond effectively.
Common Cyber Threats detailed
Phishing
This is the most common type of attack. It involves emails appearing to be sent by trusted sources such as HMRC, banks, or even colleagues. These attacks tend to emphasise a sense of urgency to create an internal panic. They’ll use phrases such as:
- “Please urgently review the attached settlement letter.”
- “Updated bank details for client transfer.”
- “Tax filing issue – action required today.”
Phishing tends to attack an individual’s psyche, sending “urgent and confidential” emails makes their attacks seem genuine. This is most common in accountancy and law firms
Business Email Compromise (BEC)
This occurs when an email account linked to your business is hacked and becomes compromised. This is more dangerous than phishing, as attackers are more convincing when asking for information, and can even dictate instructions. They’ll ask for payroll, tax payments, invoices etc.
Ransomware
When attackers infiltrate systems through phishing, weak passwords or unpatched systems, they can encrypt files on your network.
They’ll steal the data and either won’t return or threaten to leak it (sometimes both) if a certain amount of money isn’t paid.
Credential Theft
Cloud systems using Microsoft 365, Xero, or QuickBooks are the most common targets. When passwords are stolen, attackers can retrieve sensitive client information. Similar to the previous cyber threats, attackers can access emails, download sensitive client documents, or impersonate staff.
Common Mistakes Businesses Make
Many organisations make a potential cyber attack 10x worse through their mindset. These mindsets include:
- “It won’t happen to us”
- Not having a proper response plan
- Not having a back-up system
- Ignoring the potential impact on the reputation of their business
The greatest defence against cyber attacks is preparation. If you recognise these thought patterns or misconceptions, perhaps it’s time to consider introducing an airtight response or a preliminary policy.
Immediate Response Steps
If you’ve experienced a cyber attack, take these actions immediately:
- Isolate affected systems: Disconnect your compromised device from any network to prevent exfiltration of data, or the implementation of malware.
- Preserve the evidence: Deleted files, emails or logs could disrupt cyber forensic investigations, insurance or regulatory reporting.
- Alert your Cyber Security personnel: This should be a priority. Time-sensitive matters like revoking credentials should be handled immediately and carefully.
- Notify members of your organisation: Leaderships, financial and legal teams need to coordinate a proper response.
- Change passwords and secure accounts: Unaffected devices should have the passwords changed as an extra measure in case of a leak.
- Assess the type and scope of the attack: It’s essential to determine whether phishing, BEC, ransomware, or data theft has been undertaken and which systems and clients are affected
- Communicate Cautiously: Make sure not to respond to extortion demands or notify clients without legal guidance.
- Involve legal and regulatory advisors: Contact your cyber insurance provider and, if personal data is involved, consider notifying the ICO.
Preventative measures
Preventing cyber attacks is always better than reacting. To properly protect your businesses, you take these measures:
- Investing in Cyber Security (SOC and SIEM) solutions and/or services
- Train your staff on proper cyber security protocol and etiquette
- Securing devices when employees are working remotely
- Implementation of strong password policies and enabling multi-factor authentication.
Final Words
Cyber security isn’t a cost, it’s an investment. One breach can destroy years of work and client trust. By understanding the risks, preparing in advance and responding effectively to a cyber attack, your business won’t just survive. It will thrive.
At HDUK, we help businesses safeguard their data. Book a consultation with us today.
