How to protect your business this cyber security awareness month

Have you faced a cyber threat? If not you’re lucky. Increasingly small businesses are becoming the target of cyber attacks. Simon Noonan, Chief Technology Officer, MYOB explains how to keep your business safe.

In today’s hyper-connected world, small and medium-sized businesses face an increasingly sophisticated and persistent threat: cybercrime. Regrettably, with small businesses now targeted by 43 per cent of cyber crime, according to the Council of Small Business Organisations Australia (COSBOA), it’s no longer a question of if a business will be hacked, but when.

These crimes are costly to small businesses. In its 2022-23 report, the Australian Cyber Security Centre found the average cost of cybercrime per report had increased 14 per cent year on year. Small businesses lost, on average, $46,000. This is a significant cost for any operator, but particularly now, when the operational expenses have increased.

The most effective way for a small business to combat cyber threats is to assume that it has already been compromised. This mindset fosters a proactive approach to cybersecurity, focusing on prevention, detection, and recovery.

By treating cyber security as a continuous priority, businesses can mitigate risks and strengthen their defences. Key to this is robust password management, implementing checks and balances, and following practical steps to stay cyber safe.

Password management and MFA

Passwords act as the first line of defence, so it is vital they are strong, unique, and regularly updated. A strong password should include a combination of upper and lower-case letters, numbers, and symbols. However, even strong passwords are not enough by themselves. Multi-factor authentication (MFA) should also be a standard practice, adding an extra layer of protection by requiring users to provide two or more verification methods.

Secure password management tools can be immensely helpful for businesses, allowing teams to generate and store complex passwords securely. These tools ensure that passwords are regularly updated and not reused across different accounts, reducing the likelihood of a breach.

Checks and balances

Businesses must regularly monitor and assess the security of their systems. This includes adopting processes such as regular audits, vulnerability assessments, and penetration testing to identify weaknesses before they can be exploited.

Setting up such processes helps ensure no single point of failure can bring down the entire system. For instance, access to sensitive information should be restricted, with permissions granted only to those who need it. Segregating duties within teams is another key measure—no individual should have unchecked control over crucial systems. This reduces the risk of accidental or malicious actions going unnoticed.

An effective system of checks and balances ensures that cyber risks are consistently managed. This also means having a clear incident response plan in place. Should a breach occur, quick and decisive action can contain the damage and restore business operations with minimal disruption.

Three simple tips to keep your business cyber safe

While large-scale cybersecurity solutions may be daunting for smaller businesses, there are simple yet effective measures that can be implemented to reduce risk. Here are three straightforward tips SMEs can follow to improve their cybersecurity posture:

Educate your employees
One of the most effective ways to prevent cyber-attacks is by ensuring that employees are well-informed about cybersecurity best practices. Human error remains a significant vulnerability, with phishing emails and social engineering attacks exploiting unwary staff members. Regular training on how to recognise suspicious activity, handle sensitive information, and use secure passwords is essential.
Keep software and systems updated
Outdated software and systems are a common entry point for cybercriminals. Regularly updating software and applying security patches is one of the simplest ways to close potential vulnerabilities. Implementing automatic updates ensures that your business stays protected against known threats.
Use cloud-based services with built-in security
Many cloud-based platforms come with built-in security measures, including encryption, access controls, and automated backups. These services often offer a level of protection that SMEs may struggle to implement in-house. By leveraging cloud services, businesses can reduce the burden on their internal IT resources while benefiting from up-to-date security features.

Cyber security is not just about protecting a business’s assets; it’s about fulfilling a responsibility to safeguard sensitive information, including customer data, financial records, and intellectual property. Small businesses may feel they are lesser appealing targets than large enterprises, but in reality, every business should assume they are a target.

By assuming they have already been hacked, businesses can adopt a cyber security mindset that prioritises prevention, early detection, and resilience. This shift in thinking transforms cyber security from a reactive measure into an integral part of the business’s day-to-day operations.

In today’s digital environment, maintaining high vigilance to cyber security becomes everyone’s responsibility. SMEs can take ownership of their cyber security to ensure they continue to thrive in the digital age.

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