We live in an ever increasing and demanding digital world and as such, cyber security has become a critical component and need for businesses of all sizes.
It can be difficult though for small to medium enterprises (SMEs), for numerous reasons, including limited budgets and other start up challenges.
However, cybercrime is a true threat to all businesses, regardless of size with cyber crime incidents doubling in Australia in just two years, from 2019 to 2021. According to the Australian Bureau of Statistics more than two in 10 businesses (22 per cent) experienced some form of a cyberattack during that time.
In 2022 it was reported that over 76,000 reports of cybercrime were made in Australia, (that is one every seven minutes), with businesses experiencing a staggering loss of more than $292.9 million for the year.
Cybercrime can result in not just financial loss, but also business loss, recovery of costs and even investment loss.
Australian companies that collect or keep consumer financial data have a legal responsibility to safeguard against cyberattacks. So how can you protect your business from cybercrime?
- Understand your data: This includes intellectual property, financial data, customer information, operating systems, software and more. Be aware of what needs protection and ways in which to protect this data.
- Know the current trends and threats: Be aware of the how cyber attacks can and are occurring and be vigilant within your own business. Educate your employees on the use of cybercrime. Use strong passwords and two-factor authentication on all of your accounts and avoid clicking links or downloading attachments from unknown sources.
- Protect yourself and your business: Investigate the relevant legislation and know your rights and responsibilities for cybersecurity. Invest in relevant insurance for your business in the event of an attack.
Ensure you have backups of all important information and data. Develop a cyber security policy for your business.
And finally, report any suspicious activity to the Australian Cyber Security Centre (ACSC).
