Scams Awareness Week highlights cyber threats for small businesses

As Scams Awareness Week draws to a close, it’s a timely reminder for small and medium-sized businesses to double down on cybersecurity. Recent data from business management platform MYOB reveals that 61 per cent of medium-sized businesses and 12 per cent of small businesses have fallen victim to cyber-attacks or incidents.

Small business under cyber threat: what you need to know

For small businesses, the stakes are high. According to MYOB’s research, nearly half (43 per cent) of the surveyed businesses have faced a cyber-attack in the last two years, with 36 per cent of those reporting that customer data was compromised. The financial toll is significant, with 39 per cent of affected small businesses estimating losses between $1,000 and $5,000.

Cyber preparedness among medium-sized businesses

Medium-sized businesses aren’t faring much better. The research found that 61 per cent of these businesses have experienced a cyber-attack, with sectors like finance and insurance (81 per cent), wholesale (68 per cent), and business services (62 per cent) being particularly hard-hit. To combat these threats, 83 per cent of medium-sized businesses have upgraded their cybersecurity measures or undergone training in the past two years, and 84 per cent feel prepared for future cyber events.

The Australian Signals Directorate’s Cyber Threat Report further underscores the gravity of the situation, revealing that the average cost of cybercrime for medium businesses last year was $97,200—a figure that dwarfs the average losses reported by small businesses, which stood at $46,000.

Expert advice: stay vigilant, stay secure

Peter Wolski, General Manager of Reliability and Cyber Security at MYOB, urges businesses to stay vigilant:

“As businesses navigate an increasingly digital landscape, staying vigilant against cyber threats has never been more crucial. MYOB’s research reveals that three out of five (61 per cent) medium-sized businesses and one in ten (12 per cent) small businesses have faced a cyber-attack or incident, underscoring the pressing need for robust cybersecurity measures.”

Wolski emphasises the importance of being proactive, particularly during Scams Awareness Week: “It’s essential for all businesses to recognise the impact of cybercrime—from the risk of compromised data to the significant financial burden. By staying informed and investing in cybersecurity, businesses can better protect themselves, their customers, and their bottom line.”

For more information on the latest scams and how to safeguard your business, visit Scamwatch

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