OPINION: As consumers and businesses begin to feel like brighter days are near – thanks to the recent OCR decision by the Reserve Bank and the fact that summer is just around the corner – one challenge that continues to be a dark spot in business operations is the ongoing threat to cybersecurity.
In fact, more than a quarter of SME leaders surveyed in MYOB’s Annual Business Monitor earlier this year said they had been targeted by malicious online activity like phishing, malware, online scams, or ransomware.
Despite this, there is still a worrying sense of apathy coming through, with 47% of SME operators saying they are unconcerned about their cyber preparedness levels.
While there have been a number of other significant concerns sitting top of mind for business owners – like keeping up with rising costs, trying to get more customers through the door, getting paid on time, and trying to ‘survive to 25’ – inaction around cybersecurity can leave businesses incredibly exposed.
No business is too small or inconsequential to appeal to cyber criminals and the ramifications of a cyber breach can be significant – not just for business owners, but also their customers and their employees. This week (21st-27th October) is Cyber Smart Week, and the focus is on ‘owning your online’ by putting measures in place to protect yourself and your business from cyber criminals. So, why not treat this week like daylight saving? That is, like you would check your smoke alarms when the clocks jump back or forward, use this week to take some time to check and update your cyber processes.
Read more: How to keep the cyber-Grinch from crashing Christmas
Here’s a few actions to help get you started:
- Update and strengthen your passwords: Passwords are your first line of defence, so it’s imperative that they are strong, unique, and updated on a regular basis. To create a strong password, make sure it includes a mix of upper and lower-case letters, numbers, and symbols. Secure password management tools (1Password, LastPass, etc) can also be hugely helpful for businesses, as they enable 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.
- Adopt multi-factor authentication: Multi-factor authentication (MFA) adds an extra layer of protection to your systems, with users required to provide two or more verification methods. For small businesses, download a recognised and secure MFA app such as Microsoft Authenticator, Google Authenticator, or Auth0.
- Keep software updated on all devices: Outdated software and systems are a common entry point for cybercriminals. This is why updating your software regularly and ensuring security patches are applied, is one of the simplest ways to minimise your vulnerability. Having automatic updates in place will also ensure your business remains safeguarded against known cyber threats.
- Leverage a cloud solution for automatic data back-ups: Many cloud-based platforms come with built-in security measures, often including protection mechanisms likes encryption, automated backups, and access control. These capabilities provide a level of protection that some SMEs may struggle to implement in-house. Through leveraging this functionality of cloud platforms, your business can reduce the burden on any internal IT resources and benefit from the up-to-date security features.
Overall, cybersecurity isn’t just about having the right tools, but also about maintaining a proactive and informed stance. So, stay vigilant, stay informed, use this week to check and update your systems, and own your online.
