With the increase in remote working, especially since the events of 2020, came an alarming increase in cyber criminals using this to their advantage. Hackers have shifted their focus from larger companies to smaller ones that potentially wouldn’t have the security in place to avoid such attacks. In this article we look at the risks posed to contractors, and working with our partner, Cyber Security experts Naq, we delve into the steps contractors can take to keep themselves safe from cyber hacking.

What’s the risk for me as a Contractor?

As with any business, contractors have a responsibility to protect their client’s data. Ransomware, malware, and phishing scams are all on the rise, and leaving yourself open to these kinds of incidences could also expose you to risking your data protection compliance such as GDPR.

GDPR is a regulation that all businesses whether a freelancer, contractor or larger business must abide to in order to avoid hefty penalties from the Information Commissioner’s Office (ICO). Hence, why your cyber security and data protection policies should always go hand-in-hand.

A breach or cyber attack could potentially cost thousands to fix – considering your business downtime, particularly if your business operates primarily online, appointing security consultants to advise on what to do next and web developers to fix any vulnerabilities as quickly as possible.

Here’s a breakdown showing how the costs of dealing with a cyber-attack can add up for a contractor or freelancer:

Resources Time Total Costs
Business Downtime £600 Per Day 2-10 Days £1200 – £6,000
Contractor time spent on dealing with incident The contractor 2-10 Days £1200 – £6,000
Third-party network & scanning tools £2000 – £5,000
Security consultants 1 consultant 1-2 days £800 – £1,600
Web developer or security expert to fix vulnerability 2 consultants 2-3 days £1,600 – £5,000
Legal fees to ensure GDPR requirements relating to data breaches are met and GDPR documents are set up 1 consultant 2 days £6,400
Total Cost 5 people 29 days £30,000

How can I protect my business?

Whether you’re just starting out or are already an established business, there is no time like the present to consider your cyber security options. Here our cyber security partners Naq share with us their ‘quick wins’ on keeping you and your business cyber-safe:

  • Be vigilant with emails – it seems an obvious recommendation but avoid opening any emails with unexpected or dodgy looking attachments. No matter how ‘urgent’ the subject claims the attachment to be. Be aware of emails coming from personal accounts, those who when you hit ‘reply’ appear with numbers and symbols rather than text, and spelling errors are a big giveaway.
  • Deploy multi-factor authentication – in the event that someone should gain access to your password having multi factor authentication means they would need to complete a further verification to gain access via your email or an app, which they’re unlikely to be able to retrieve as everything is allocated against that specific person.
  • Don’t ignore your software update reminders – we’ve all done it, but these updates appear for a reason, and snoozing them for later could expose a gap big enough for a hacker to jump straight in to. Setting automatic updates can give you that nudge to get it done.
  • Ensure your Wi-Fi and connections are secure – many people forget to change the standard password issued for their Wi-Fi. Once your Wi-Fi is secure it is recommended that you use a VPN (Virtual Private Network) to secure the connection between the internet and your device, so that you, and only you can log in to your business’ data securely.
  • Only use your work device for business – using a personal device which might not have the right firewalls and antivirus software may not meet the security and data protection needs of your business. Likewise, using your business device for personal use can also open you up to greater risks.
  • Back-up, back-up and back-up – you don’t want to risk losing anything you’ve worked on – there are many cloud-based providers to offer the right solution for you.
  • Review your passwords – it might seem straight forward but having unique and more complex passwords with special characters, numbers and a mix of upper- and lower-case letters can reduce your chances of being hacked. Of course, the less simple passwords are not always easy to remember, so installing a password manager can help.
  • Consider how you share information – in line with GDPR, the right measures will ensure any personal data you share is protected – and in turn, protecting you! Think about whether the people you’re sharing with really need this information, whether you are using a secure platform to share it and whether your links are password protected with time limits.
  • Do you have privacy policy in place? – if your business (even as a contractor or freelancer) uses or holds any personal information, it will need a privacy policy in place. For example, this could include information you may hold to market your services, or customer addresses etc. This is a document detailing the information it will collect and how it will handle it.
  • Training – many cyber-attacks will occur because of human error. Equipping yourself with the knowledge to work securely and getting yourself and any other members of staff up to speed with the requirements and being aware of the risks will leave you in good stead.

Do I need to appoint a cyber security consultant, or should I get cyber liability insurance?

Following the steps above will ensure you secure your business data and minimise your security risk. However, we know there is a lot to think about. Appointing a cyber security consultant can give you the peace of mind you need.

Our recommended partners Naq are happy to help, not only can they prevent breaches in the first place, they can also support with legal obligations and resolutions in case a breach does occur.

If you feel you and your business would benefit from extra support and protection, why not take advantage of this EXCLUSIVE cyber security and GDPR package.

For just £75 per month (usually £199!) Naqs exclusive package covers all your cyber security and GDPR needs.

Click here to get in touch or email them at contact sales@naqcyber.com. After all, prevention is better than cure!

Cyber liability insurance, on the other hand, insures your business to cover financial costs in the unfortunate event of a cyber-attack. There are no preventative measures in place, but it gives you the peace of mind that should the worst happen it’ll provide cover and advice. See here for more information on Cyber Insurance.

Why choose Integro Accounting?

Integro Accounting provide a fixed fee limited company accountancy service to contractors, freelancers and consultants. Integro accounting was founded on the word integrity. Clients rate us 5/5 on Google and we pride ourselves on building a completely transparent and personal relationship with our clients.  For just £110 + VAT per month, you can have a partner integral to your contracting career.

  • All-inclusive price – no hidden charges, one comprehensive package.
  • A dedicated accountant – one person who will support you every step of the way.
  • Unlimited face to face meetings – offices available across the UK.
  • FREE award-winning accountancy software – a FreeAgent licence provided to all clients.
  • 24/7 access to your accounts – complete visibility of your accounts whenever and wherever you are.

Speak to one of our expert accountants today on 0207 0962659 or email christian@integroaccounting.com for more information on how we can help you.