A recent outage of Amazon Web Services had a significant impact, underscoring our heavy reliance on online services and the potential risks associated with such interruptions. Cybersecurity concerns have heightened following notable breaches at major companies like Land Rover, Marks and Spencer, LNER, and the Co-op in 2025.
The vulnerabilities of digital transactions have been exposed by these attacks, emphasizing the importance of safeguarding against scams and hacks. Various service providers, not just AWS, have experienced extensive outages, exemplified by recent disruptions affecting EE users.
Network failures can impede online activities, affecting businesses, remote workers, and individuals relying on digital banking services. Banking apps, often targeted in cyber incidents, are crucial for financial transactions and can lead to significant disruptions if compromised.
To mitigate risks, it is advisable to maintain physical records of important transactions, particularly in scenarios where digital proof may be unavailable. Implementing multiple confirmation methods for online purchases, such as using PayPal and receiving retailer order confirmations, can enhance transaction security.
Backing up financial records and important documents on external storage devices like USB drives or SSDs can prevent data loss in case of internet outages. Additionally, setting up backup email accounts and utilizing two-factor authentication across online platforms can enhance overall security.
Establishing an emergency fund in a separate bank account, not linked to the primary account, can provide financial stability during account restrictions or outages. Furthermore, diversifying cash savings across different banking groups can safeguard funds beyond the £85,000 protection limit per group under the Financial Services Compensation Scheme.
In summary, taking proactive measures to secure digital and financial assets, along with maintaining offline backups and emergency funds, is crucial to weathering potential system failures and cyber threats.