In today’s digital age, cyber threats are a growing concern for businesses of all sizes. Small and medium Enterprises (SMEs) are particularly vulnerable due to limited resources and expertise in cyber security.
The Annual Cyber Threat Report 2023–2024 by the Australian Signals Directorate (ASD) provides valuable insights into the current cyber threat landscape and offers practical advice for SMEs to enhance their cyber security posture.
The Growing Cyber Threat Landscape
The report highlights that Australia faces a complex and challenging strategic environment, with state-sponsored cyber actors and other cyber criminals continuously adapting their tactics to target Australian networks.
In the past year, ASD responded to over 1,100 cybersecurity incidents, with a significant portion involving critical infrastructure and businesses.
Key Cyber Threats to SMEs
Phishing Attacks
Phishing remains one of the most common cyber threats. Cyber criminals use deceptive emails to trick employees into revealing sensitive information or clicking on malicious links. SMEs should educate their staff on recognising phishing attempts and implement email filtering solutions.
Ransomware
Ransomware attacks involve encrypting a business’s data and demanding a ransom for its release. These attacks can be devastating, leading to significant financial losses and operational disruptions. Regularly backing up data and implementing robust security measures can help mitigate the impact of ransomware.
Business Email Compromise (BEC):
BEC involves cyber criminals gaining access to business email accounts to conduct fraudulent activities. This can result in financial losses and damage to a business’s reputation. Implementing multi-factor authentication (MFA) and training employees on cyber security best practices can reduce the risk of BEC.
Practical Steps to Enhance Cybersecurity
Implement Multi-Factor Authentication (MFA)
MFA adds an extra layer of security by requiring users to provide two or more verification factors to access their accounts. This makes it harder for cyber criminals to gain unauthorised access — because if they manage to compromise the initial layer of security, the secondary layers prevent access.
Regularly Update Software and Systems
Keeping software and systems up to date ensures that known vulnerabilities are patched, reducing the risk of exploitation by cyber criminals.
Conduct Regular Backups
Regularly backing up data ensures that businesses can quickly recover in the event of a cyber incident. It’s essential to test backups periodically to ensure they can be restored effectively.
Verify, Verify, Verify
Always ensure you can verify who you are, or who you are interacting with online to protect yourself from scams. MYOB is rolling out an secure invoice upgrade, where the verification requirements are similar to those required when opening a new bank account. This helps to protect against fraud and ensuring that payments are made securely — for both you and your clients.
Educate Yourself and Your Employees
Employees are often the first line of defence against cyber threats. Providing regular cyber security training can help them recognise and respond to potential threats. Cyber Wardens is a free program you can get started on your cyber security learning journey – supplied by COSBOA.
Develop an Incident Response Plan
Having a well-defined incident response plan ensures that businesses can respond quickly and effectively to cyber incidents, minimising damage and recovery time.
Knowledge is key
Cyber security is a critical aspect of running a successful business in today’s digital world. By understanding the current threat landscape and implementing practical security measures, SMEs can protect their assets, maintain customer trust, and ensure business continuity.
If you want to dive deeper into the cyber security trends in Australia, check out the report and ASDs summary here: Annual Cyber Threat Report 2023-2024.
Source: MYOB December 2024
Reproduced with the permission of MYOB. This article by Tara Whitehead was originally published at https://www.myob.com/au/blog/annual-cyber-threat-report-a-guide-for-smes/
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