In recent months, small businesses in Australia have seen a sharp increase in cyberattacks, particularly scams and phishing attempts. These threats can have devastating effects, leading to financial loss, compromised data, and damaged reputations. As a small business owner, it’s crucial to take proactive steps to safeguard your digital assets. This blog provides practical tips and strategies to help you enhance your cybersecurity and protect your business from these rising threats.

Watch out for these SMS phishing attempt and do not click on the link!

Types of Cyberattacks

Above is an example of a phishing attempt via SMS. If you receive an SMS with a link to log in to MyGov, do not use the link. Instead, search for the MyGov login page in your browser. Phishing is just one type of cyberattack. In today’s digital world, understanding different cyberattacks is crucial for businesses. From phishing scams that steal information to ransomware that locks your data, cyber threats are constantly evolving. The following are common types of cyberattacks:

• Phishing Attacks: Fraudulent attempts to obtain sensitive information by disguising as trustworthy entities.
• Ransomware: Malicious software that encrypts data and demands a ransom for its release.
• Data Breaches: Unauthorised access to confidential information, often leading to financial and reputational damage.
• Insider Threats: Employees or partners who intentionally or unintentionally cause harm to the business.

Note that ATO have announce that there will be no more hyperlinks in SMS by Tax Time 2024.

Check out our blog on how to identify scammer posing as ATO

Key Strategies for Enhancing Cybersecurity

Here are some key strategies to enhance your cybersecurity and protect your business:

1. Educate and Train Employees

Employees are often the first line of defense against cyber threats. Regular training on identifying phishing emails, using strong passwords, and following security protocols can significantly reduce the risk of cyber incidents. 

Cyber Warden offers free basic trainings on Cybersecurity for small businesses. It is a program led by the Council of Small Business Organisations of Australia (COSBOA) and supported by the Australian Government.

2. Implement Strong Password Policies

Encourage the use of complex passwords and regular password changes. It typically includes a mix of upper and lower case letters, numbers, and special characters. Utilise password management tools to help employees manage their credentials securely.

3. Use Multi-Factor Authentication (MFA)

MFA adds an extra layer of security by requiring multiple forms of verification before granting access to sensitive systems or data.

4. Keep Software Up-to-Date

Regularly update all software, including operating systems, applications, and security tools. Software updates often include patches for vulnerabilities that could be exploited by cybercriminals.

5. Backup Data Regularly

Implement a robust data backup strategy to ensure that critical business information can be restored in the event of a cyberattack. Store backups in a secure, offsite location and test them regularly to ensure they can be restored quickly and efficiently.

6. Secure Wi-Fi Networks

Ensure that your business’s Wi-Fi networks are secure by using strong passwords and encryption. Limit access to the network and consider using a virtual private network (VPN) for remote access.

7. Develop an Incident Response Plan

Prepare for the possibility of a cyber incident by developing a comprehensive incident response plan. This plan should outline the steps to take in the event of a cyberattack, including how to contain the threat, communicate with stakeholders, and restore normal operations.

Utilising External Resources

Small businesses can benefit from utilising external cybersecurity resources, such as:

Government Initiatives

• The Australian Cyber Security Centre (ACSC) offers resources and advice tailored for small businesses.
• Cyber Warden offers free basic trainings on Cybersecurity for small businesses

Cybersecurity Consultants

• Hiring a cybersecurity expert can provide tailored advice and assistance in implementing robust security measures.

Cybersecurity is a critical business priority. By proactively educating your employees, implementing strong security measures, and preparing for potential incidents, small businesses can greatly reduce the risk of cyber threats. Prevention is always more cost-effective than dealing with the aftermath of a breach. Stay vigilant, stay informed, and protect your business from the growing landscape of cyber threats.