Has cybersecurity got you bamboozled? Here is what small business owners need to know

As many Australian small and medium-sized businesses (SMBs) continue to operate remotely, it’s increasingly important for business owners to protect themselves and their operations against cyber-attacks, says MYOB’s Head of Information and Cyber Security, Peter Wolski.

COVID-19 increased the urgency for many businesses – particularly SMBs – to adopt digital tools. The most recent MYOB Business Monitor showed that 46% of businesses moved more of their oerations online when COVID-19 hit, and of those that did 85 per cent said it helped them stay afloat.

The increase in adoption of digital technology is beneficial in many ways for SMEs. According to Deloitte Access Economics Connected Small Business 2017[1], digitally advanced SMEs were 50% more likely to grow their revenue and earn 60% more revenue per employee, compared to their counterparts with only basic digital tools.

Digital tools bring numerous benefits, however it’s worth noting that – just as you wouldn’t leave your house without locking the door – it’s just as important to keep your online tools safe and secure.

Business.gov.au defines cyber-attacks as criminals attempting to access information or data on your business, employees or customers. They can do this by targeting physical hardware, such as computers, or attacking your technology or website.

Some common cyber-attacks for businesses to look out for include phishing, which trick the receiver into providing personal information or financial details. According to the ACCC, $1.6 million was reported as lost to phishing scams in 2020. Another common attack is via malware, malicious software installed to give access to your information, and ransomware, which holds systems and information to ransom with criminals demanding a fee to free them again.

Software as a service (SaaS) tools provide more security, with research showing on-premise sites are three times more at risk of cyber-attack than cloud providers. SaaS tools often have cyber-security managed directly by the vendor, making them a less risky choice for SMEs.

Moving to the cloud might mitigate some risk, however, there are some common-sense activities all business owners can undertake to help protect themselves and their business.

Educate employees on cyber security.

This includes the basics such as ensuring everyone in the business creates strong, unique passwords, as well as backing up data securely and using two-factor authentication. It’s also important to understand what to watch out for in terms of a potential cyber-attack, such as phishing activity.

Have plans in place to enact if you’re ever faced with a cyber-attack.

These might include having a list of people to report suspicious behaviour to in order to get on top of any activity straight away. A good place to start is ReportCyber, a part of the Federal Government’s Australian Cyber Security Centre (ACSC).

Regularly review your cyber security protection.

Call in the experts to help assess your security needs where required, ensure your security is kept up to date and you have the relevant insurance cover. A good place to start for keeping your devices up to date is at Cyber.gov.au. If your business holds a lot of customer information, it’s important to check your business insurance policy to make sure you have the right protection should a security breach occur.

Have yourself and your team trained by cyber-safety specialists.

With scammers and hackers becoming increasingly sophisticated, regular training on new cybercrime techniques could be key to keeping them at bay. Running through real-world scenarios might seem intimidating, but they can help identify strengths and weaknesses in an organisations’ response.

Further information on cyber security can be found at Cyber.gov.au and ACCC Scamwatch.