Australian Small Business Minister Julie Collins has urged SMEs to report cyber attacks and to use all available government resources for recovery. She mentions how it’s not uncommon for SME owners to feel too embarrassed to report incidents, which leads to both underreporting and missed support opportunities.
Cyber incidents cost Aussie SMEs an average of AUD 46,000 in the 2022-23 fiscal year, but the government offers various support programs to help:
- Free cyber resilience training through the Council of Small Business Organisations Australia (COSBOA)
- The Cyber Wardens Program
- The Small Business Cyber Resilience Service
1. Use Strong Passwords and Multi-Factor Authentication (MFA)
Secure passwords and MFA are your first line of defence against unauthorised access. Make sure you use unique passwords for each account that include a mix of letters, numbers, and symbols.
MFA adds yet another protective layer as it requires a second verification step – this could be a code sent to a mobile device, for example.
2. Regularly Update Software and Systems
Regular software updates are crucial for defending against emerging cyber threats – most cyber attackers aim to exploit vulnerabilities found in outdated software versions. If you update the following, then you’ll mitigate the risk of attacks that exploit these weaknesses:
- Operating systems
- Applications
- Antivirus programs.
Enabling automatic updates is another practice worth doing, as it ensures you’ll be working with the most up-to-date tools at all times.
3. Educate Employees on Cyber Security Best Practices
Given how many incidents are the result of human error, employee education plays a vital role in preventing cyber attacks. Regularly training staff on the best practices can significantly reduce the chances of an attack – this could include:
- How to recognise phishing emails
- Avoiding suspicious links
- Securely managing data
Programs like COSBOA’s Cyber Wardens should be utilised here, as they offer free online training to improve responsiveness to cyber threats.
4. Back-Up Data Regularly
Data backups are an effective measure against data loss – especially in cases of ransomware attacks (where files are often encrypted until a cryptocurrency ransom is paid). By regularly backing up data, you’ll be able to restore your systems without having to pay attackers.
Just make sure these backups are stored securely, either off site or in the cloud, to protect against hardware failures.
5. Work with Advisory One
At Advisory One, we’re not only trained in financial management but also in maintaining high data security standards. We’re able to help businesses spot potential cybersecurity risks associated with financial operations and can recommend the best practices for safeguarding sensitive data.
Moreover, we’ll be able to do the following:
- Ensure your business is compliant with industry regulations
- Provide guidance on secure financial processes
- Offer resilience assessments to minimise vulnerabilities
Interested in learning more about our services? Don’t hesitate to get in touch and call us at 02 6324 5888.
Recent Comments