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CYBERCRIME: A big problem for small business
A common thought process is that ‘small businesses are often smaller targets for cybercrime’.
Unfortunately, this isn’t always the case. Hackers know larger companies are often much harder to breach, so they target smaller, more vulnerable businesses instead. That’s why even the smallest of operators need to take active and ongoing steps to protect their critical data and systems.
The rise of cyber threats targeting small businesses has become an increasingly concerning issue in recent years. As part of the global community, small businesses are facing unprecedented challenges in the digital landscape and combating cybercrime is more challenging than ever.
What can you do?
According to the Australian Cyber Security Centre, keeping your operating systems and applications up-to-date is one of the best ways to protect yourself from a breach. Arranging regular digital backups of your critical business information can also prove vital (such as customer details and financial records) either using an external storage device or the cloud. Staff training is critical, as is having up-to-date cyber insurance.
In addition to these measures, small businesses should consider implementing the following strategies to enhance their cyber security:
Implement Strong Password Policies
Enforce the use of complex passwords and consider using a password management system to protect against unauthorised access.
Use Multi-Factor Authentication
This adds an extra layer of security to your accounts and can significantly reduce the risk of identity theft.
Install and Maintain Antivirus Software
Regularly update your antivirus software to protect against malware and other malicious software.
Educate Employees About Phishing
Train your staff to recognise and report phishing attempts, which are common forms of online fraud.
Secure Your Wi-Fi Network
Use strong encryption and change default passwords to prevent unauthorised access to your network.
Regularly Monitor for Data Breaches
Stay vigilant and use resources like the Australian Cyber Security Centre to stay informed about potential threats.
How exposed are you?
Contact us today for a cyber risk assessment.
Understanding your level of exposure to cyber threats is crucial for small businesses. A comprehensive cyber risk assessment can help identify vulnerabilities in your systems and processes. This assessment typically includes:
- Evaluation of current security measures
- Identification of potential cyber threats
- Analysis of the potential impact of a cyber attack
- Recommendations for improving cyber security
By conducting regular assessments, businesses can stay ahead of evolving threats and protect their valuable assets.
Principle of Least Privilege
When it comes to cyber safety, every employee with a computer or smartphone is a potential breach point. That’s why applying something called the ‘Principle of Least Privilege’ is often a smart move for small businesses. By giving users the bare minimum IT permissions they need to effectively do their job, it can greatly reduce the risk of a cyber incident, be it accidental or intentional.
The Principle of Least Privilege is crucial for cyber security. Small businesses can implement it by:
- Reviewing user roles and assigning minimal necessary permissions
- Regularly auditing access rights
- Using role-based access control systems
This approach helps protect against cyber criminals and limits potential damage from attacks.
Small businesses face growing cybercrime risks, including:
- Ransomware
- Business Email Compromise
- Data breach
- DDoS cyber attacks
If victimised, businesses should:
- Report to law enforcement agencies and the Australian Cyber Security Centre
- Notify affected parties if data was breached
- Engage cyber security experts
- Update security measures
Resources for small business cyber security include government initiatives, industry associations, managed security services, online training, and specialised tools.