One of the biggest challenges for small businesses today is the threat of a cyber attack.

According to a recent report, 43 per cent of cyber attacks in Australia specifically target small businesses. While big corporations may garner headlines for data breaches, it’s also essential that small business owners keep their systems safe as hackers increasingly turn their attention to the sector.

Business owners might think erecting a firewall and employing antivirus software is all that is needed to keep their data safe. Yet the reality is that cyber security should be a concern for everyone in the business. Oftentimes, inadequate training and human error can be the chink in your cyber security plan that can allow bad actors to breach your business.

A report from RSM Australia highlighted that only 50 per cent of business leaders were confident in their staff’s ability to tackle cyber security risks effectively.

So now you know what’s at stake, what can you do?

Beefing up your cyber security doesn’t have to be daunting. We’ll walk you through the basics so you can make your business info as safe as a vault.

What is cyber security, and why does it matter?

Cyber security is about protecting your business’s digital assets like data, systems, and networks from threats such as hackers, scammers and malware. It’s not just a concern for big business; small businesses are increasingly being targeted too.

A recent report from Cyber Audit suggests that cyber criminals believe small businesses have weaker security systems, which increases their vulnerability to breaches. This idea has led hackers to up the ante on cyber attacks on small businesses. In fact, the same report suggests that employees of small businesses face 350 per cent more social engineering attacks than those employed by a big businesses or corporations.

The consequences of a cyber breach can be severe, including financial losses, reputational damage, and legal implications. According to the Australian Signals Directorate’s annual cyber threat report, cyber attacks cost Australian small businesses nearly $50,000 per incident.

But understanding the importance of cyber security and implementing basic protective measures can significantly reduce the risk of an attack.

How to spot common cyber threats

Cyber threats are becoming more sophisticated, but fortunately, several red flags can alert you to a threat. Here’s what to look out for:

• Phishing emails and messages: Have you ever received an email from a friend with a dodgy link? That’s a phishing email. These emails seem to come from a trustworthy source with the aim of tricking you into clicking a link that may introduce malware on your system or take you to a malicious website. Think twice the next time you get a message with a link to watch a funny cat video.
• Unusual requests: Remember those ‘Nigerian prince’ emails from years ago that promised the recipient millions? They’re still here; they’ve just changed their form slightly. Thanks to ChatGPT, these scams have become better at tricking us, so always be wary of unexpected emails or messages asking for urgent actions, such as transferring funds or providing confidential information.
• Suspicious attachments or links: Avoid clicking on links or downloading attachments from unknown or unverified sources.
  Even the most tech-savvy of us can get caught out at times. So, if you think you’ve encountered a cyber threat, acting quickly is crucial. Disconnect the affected device from the internet and contact a cyber security specialist for help.

For more information, visit the Australian Cyber Security Centre.

Simple ways to protect your business

You don’t need a big budget or a lot of technical expertise to begin boosting your business’s cyber security. Try these simple steps to increase your security:

• Use strong passwords: Create complex passwords and use a password manager like LastPass or 1Password to keep track of them securely. Never reuse your passwords as this increases your vulnerability.
• Turn on multi-factor authentication (MFA): An easy way to beef up your security is to add multi-factor authentication. MFA adds an extra layer of security and makes it harder for scammers to access your accounts. MFA takes an extra step to ensure you are who you say you are by sending a code or message to a trusted device or email, thus authenticating your identity before allowing access to your account.
• Keep software up to date: One of the first ways hackers look to access your systems is through vulnerabilities in outdated software, so make sure to keep yours up to date. Use automatic updates so you can set and forget.
• Secure your Wi-Fi network: Don’t get caught out by a weak password. Always use strong passwords for your Wi-Fi (use a mix of letters, numbers and symbols) and avoid making sensitive business transactions over public networks.

For more tips, check out Stay Smart Online.

Investing in cyber security tools and services

Do you handle a lot of sensitive customer data? Then it could be time to invest in some additional security measures to keep their information safe.

• Cyber security training for staff: Since the majority of cyber security breaches occur due to human error, education is essential. Keep your team abreast of best practices and how to recognise potential threats.
• Antivirus software and firewalls: These tools help detect and block malicious activities.
• Secure cloud storage solutions: Storing data in reputable cloud services can offer enhanced security features.
• Professional cyber security services: Consider consulting experts to assess and improve the level of your security.

For guidance, visit Business.gov.au – Cyber Security.

What to do if you’ve been hacked

If you find yourself in the midst of a cyber attack, don’t panic. There are some actions you can take to help limit the damage:

• Disconnect any affected devices: Immediately remove compromised devices from your network to help prevent further spread.
• Notify relevant parties: Inform your bank if financial information is involved and alert customers if their data is at risk.
• Report the incident: File a report with the Australian Signals Directorate.
• Review and strengthen security measures: Identify how the breach occurred and implement measures to prevent future incidents.

How to stay informed

Cyber threats evolve rapidly, so staying informed is crucial. Here are some resources to help keep you in the know:

• Australian Cyber Security Centre’s alerts and advice: Register to receive the latest updates on current threats and security tips.
• IDCARE: Get support for identity theft and cyber incidents.

Cyber security can feel overwhelming, but putting a plan in place is easier than you think. Taking a proactive approach can save your business from significant challenges in the future. So, stay vigilant and build a safer business.

Resources

• Explore our Productivity Hub for more tips on running your business smoothly.
• Enrol in the Cyber Wardens program: A free self-paced online education tool designed for busy small business owners and employees.