by The Computing Australia Group | - Total cases reported – 13,672 which means 1 case every 10 minutes.
- Reported financial loss per day – $890,000
- Financial loss per day (average) – $6,000
- Estimated annual losses – $328 million
Why are SMBs vulnerable to cyberattacks?
The misconception that SMBs won’t be targeted
Cyber Criminals Are Always at Work
- Larger businesses have implemented enhanced security systems, pushing hackers to look for easier targets.
- Small and midsize businesses are more in number and provide a large market for exploitation.
SMB’s have the data that hackers require
According to the ACCC’s Targeting Scams in 2019, business email compromise scams caused the highest losses across all scam types costing businesses $132 million. It was also found that small businesses reported more email scams than larger businesses. The average loss was $11,000, but some businesses even lost up to $200,000.
SMB’s have customer and staff data, making them primary targets. Hackers usually target data from online banking credentials to social security numbers. Since most attackers are motivated by cash, business banking, and other sensitive information need to be protected properly.
Lack of data protection rules
Types of Cyber Breach risks for SMBs
Cyber risks: Risks that contain external threats, including attacks that use malware.
Infrastructure risks: Risks that emerge due to uncertainty about securing technologies like cloud services, IoT devices and server environments.
Human resource risks: Risks that arise due to a lack of trained IT security personnel or because of a lack of staff cybersecurity awareness training.
Data Risks: Risks that contain the loss of critical and confidential data.
Operational risks: Risks that involve operational disruption, financial damage, and loss of intellectual property which are caused by the flaws in security infrastructure.
What are some common cybersecurity threats?
Email and phishing scams: The attacker sends email and text messages disguised as a trustworthy entity in an attempt to acquire sensitive information.
Passwords: Attackers get access to passwords by finding unencrypted passwords or by using social engineering.
Man-in-the-middle: Attackers insert themselves into a two-party transaction and steal data.
What’s the Impact of a cyberattack on SMB?
We saw how SMBs are vulnerable to cyberattacks. The impact of a cyberattack can be especially destructive for small and midsize businesses. An attack can disrupt the operations of the entire organisation. It can cause significant downtime leading to loss of productivity and opportunities. A cybersecurity incident can even put a small organisation out of business.
Other consequences include:
- Financial losses from stolen banking information
- Financial losses from disruption of business operations
- High costs to clean your network of threats
- Damage to your reputation
Install a good antivirus software
Employee training is essential
Follow a policy for devices
Implement multi-factor authentication (MFA)
Keep your systems and software updated
Follow good password hygiene
Backup data regularly
Conduct security audits and implement disaster recovery plans
Conduct regular audits to test your systems for any vulnerabilities. Have a disaster recovery plan in place for cyber breaches. Cybersecurity must be given equal importance as other business priorities. Cybersecurity is a skill-intensive area, and needs a good amount of experience to function effectively. It is advisable to employ external and trusted consultants.
Small and medium businesses may have pressing demands for budget allocation, and IT security may take a backseat. SMBs are vulnerable to cyberattacks and a cyber-breach has the potential to do long-lasting damage to your business. It is therefore necessary to prioritise cybersecurity along with other business functions.
For over 20 years, Computing Australia cyber experts have been helping clients secure their systems and data, and put in place a comprehensive cybersecurity plan. To know how you can use this experience to secure your business, contact us or email at cybersecurity@computingaustralia.group. Our cybersecurity experts in Perth are 24/7 ready to assist you.
Jargon Buster
Ransomware – a malware that blocks access to a system and demands a ransom to free access again. The infection usually happens through deceptive links in websites, emails or messaging.
System vulnerability – in IT security, it means weaknesses or flaws in system security that can be exploited by cybercriminals to gain unauthorised access to an organisation’s systems and data.
Cybersecurity breach – an incident that results in a cybercriminal accessing data without authorisation.
