Cybersecurity: A Strategic Investment for Your SME's Growth and Resilience. The McPartland Review Of Cyber Security and Economic Growth.
- OCM Engineers
- Jun 21, 2024
- 5 min read
Updated: Aug 6, 2024
In today's digital age, where technology is the backbone of business operations, cybersecurity is no longer a luxury but a necessity. As a Managed Service Provider (MSP), OCM Communications Limited understands the unique challenges faced by small and medium-sized enterprises (SMEs) in navigating the complex landscape of cyber threats. The recent McPartland Review of Cyber Security and Economic Growth underscores the critical role cybersecurity plays in fostering economic growth and resilience.
The report contains 16 recommendations :-
1. Awareness. Improve awareness and understanding of cyber security across all sectors by integrating cyber security education at the initial stages of setting up a company through Companies House and GOV.UK.
2. SMEs Security. Banks should mandate tangible security controls, such as multi-factor authentication, for all new small businesses opening accounts to enhance cyber security measures.
3. UK Cyber Security Council. Accelerate the UK Cyber Security Council’s journey to becoming fully independent, industry-led, and self-funded. Promote workforce standards and the accreditation of cyber security skills and qualifications.
4. Public Awareness. The government should continue to increase public awareness campaigns on cyber security, emphasising the collective role in economic security.
5. Education Curriculum. Enhance cyber security education as part of the national curriculum to keep pace with evolving cyber threats.
6. Cyber Resilience and Recovery. Encourage businesses to adopt better practices for cyber resilience and recovery to minimise disruptions, costs, and reputational damage from cyber-attacks.
7. Reporting Incentives. Improve incentives for organisations to report cyber security incidents without fear of reputational damage or commercial sensitivities.
8. Threat Intelligence Sharing. The National Cyber Security Centre (NCSC) should work with private sector organisations to enable better sharing of threat intelligence and cyber-attack reports in real-time.
9. Cyber Governance Code. Establish the Cyber Governance Code of Practice as a key operational resilience requirement for businesses to empower boards in understanding cyber risks and assessing their organisation’s resilience.
10. Transparency. Introduce a requirement for large organisations to disclose in their annual reports how they govern digital risk and enhance their cyber resilience, where digital risk is a material concern.
11. Cyber Essentials Scheme. Promote the Cyber Essentials scheme as a valuable indicator of cyber security maturity and good practice, helping organisations demonstrate their commitment to cyber security.
12. Supply Chain Risk. Use Cyber Essentials to manage cyber risk across supply chains, ensuring suppliers and third parties have fundamental cyber security controls in place.
13. Certification. Encourage more organisations to get certified under the Cyber Essentials and Cyber Essentials Plus schemes to enhance overall cyber security standards.
14. International Cyber Power. Showcase the UK's cyber security capabilities globally, supporting UK cyber companies to exhibit at key trade shows and leveraging the UK's diplomatic and cultural ties for strategic partnerships.
15. Government Contracts. Make Cyber Essentials mandatory for central government contracts involving personal information or delivering ICT products and services to ensure high cyber security standards.
16. Defence and Security Exports. Strategically promote UK cyber power by financially supporting UK cyber companies in international trade shows, boosting exports, and giving the UK a tactical advantage in the global cyber market.
Conclusions from the report are :-
#1: The Growing Threat Landscape
The McPartland Review highlights a concerning statistic: "Half of businesses (50%) report having experienced some form of cybersecurity breach or attack in the last 12 months." This figure is even higher for medium-sized businesses (70%) and large businesses (74%). These attacks can lead to financial loss, business disruption, and reputational damage. As the report states, "Cyber crime and cyber attacks are a significant issue for businesses in the UK, and are likely to remain so for the foreseeable future as the economy becomes increasingly digitised." The report also reveals that "one in six firms (17%) do not have uptodate malware protection and nearly two thirds (61%) are not using two-factor authentication".
#2: Cyber Essentials: Your First Line of Defense
The UK government's Cyber Essentials scheme is a simple yet effective way for SMEs to protect themselves against common cyber attacks. It provides a set of five basic controls that can significantly reduce your vulnerability to threats. The McPartland Review emphasises the importance of Cyber Essentials, stating that "Cyber Essentials certified organisations are 80% less likely to claim on their cyber insurance than non-certified organisations".
Achieving Cyber Essentials certification demonstrates to your customers, partners, and stakeholders that you take cybersecurity seriously. It can also be a requirement for certain government contracts. The Federation of Small Businesses' research shows that 72% of small businesses have experienced cyber crime in the last two years, yet "only 11% have obtained Cyber Essentials".
#3: ISO 27001: Elevating Your Cybersecurity Maturity
For SMEs looking to further enhance their cybersecurity posture, ISO 27001 is a globally recognized standard for information security management systems (ISMS). While the McPartland Review notes that some businesses find ISO 27001 "too onerous and complex," it's important to remember that this standard offers a comprehensive framework for managing and protecting your valuable information assets.
Implementing ISO 27001 can lead to several benefits, including:
Improved Risk Management: Identifying and mitigating potential threats to your information security.
Enhanced Customer Trust: Demonstrating your commitment to protecting sensitive data.
Increased Operational Efficiency: Streamlining your security processes and procedures.
Competitive Advantage: Differentiating your business from competitors who lack robust cybersecurity measures.
#4: OCM Communications: Your Partner in Cyber Security
At OCM Communications Limited, we understand the unique challenges SMEs face in today's cyber threat landscape. As partners with leading cyber security solutions such as Microsoft Entra, Azure, and Google Workspace, we offer comprehensive services to help you achieve Cyber Essentials (OCM are a Cyber Essentials Certification Body) and ISO 27001 certifications. Our tailored solutions include:
Cyber Security Assessments: We conduct thorough assessments to identify vulnerabilities and recommend effective measures to enhance your cyber security posture.
Implementation Support: Our team assists you in implementing the necessary controls and practices to achieve Cyber Essentials and ISO 27001 certifications.
Ongoing Management and Support: We provide continuous monitoring, management, and support to ensure your cyber security measures remain effective and up-to-date.
#5 Investing in Cybersecurity: A Smart Business Decision
The McPartland Review emphasises that "cybersecurity is not only a defensive measure, but also an enabler of digital transformation, innovation, and competitiveness." By investing in cybersecurity, you're not just protecting your business from threats; you're also positioning it for growth and success in the digital age. A robust cybersecurity posture can lead to:
Increased Customer Trust and Loyalty: Customers are more likely to do business with companies they trust to protect their data.
Reduced Risk of Financial Loss: Cyber attacks can be costly, both in terms of direct financial losses and the cost of recovery. The McPartland Review notes that "modelling carried out by the Office for Budget Responsibility suggests a major cyber-attack on the UK could result in a shock of 1.6% of gross domestic product (GDP) and add £29 billion to borrowings".
Improved Operational Efficiency: Effective cybersecurity measures can help streamline your business processes and reduce downtime.
Competitive Advantage: Demonstrating a strong cybersecurity posture can help you win new business and retain existing customers.
Contact OCM Today
Investing in cyber security is no longer optional; it's a necessity for businesses looking to thrive in the digital age.
The insights from the McPartland Review underscore the economic benefits of robust cyber security practices, while Cyber Essentials and ISO 27001 offer structured frameworks to enhance your security posture. Partner with OCM Communications Limited to protect your business, build trust with your customers, and unlock new growth opportunities. Contact us today to learn more about our cyber security services and how we can help you achieve your security goals.
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