SMEs are the lifeblood of the economy. They make up 98 per cent of the businesses that operate in Australia, but they feel they lack the digital competitiveness of major enterprises, namely cyber security capabilities. When cyber attacks hit, the impact is widespread and substantial.
SMEs, however, are sitting ducks without the means or manpower to solve a cyber security breach. Business owners should be educated and be given the means to stabilise their digital structure and presence. To protect themselves, SMEs must take a proactive approach to cyber security. This includes educating themselves and their employees about the various cyber threats they may face, and how to prevent them.
While each company is going to have different needs according to their situation, these are our top measures every SME should implement today to keep their business cyber-safe:
Education, education, education
People are the most integral part of your company. It’s essential that your staff are kept cyber-safe at all times. Many cyber attacks are successful because of human error, such as clicking on a malicious link or providing sensitive information to a phisher. SMEs should provide their employees with regular training and clear guidelines and procedures on how to identify and prevent cyber threats and how to respond in case of an incident.
Provide regular training to employees on cyber security best practices, including how to create strong passwords, recognise phishing attempts, and handle sensitive data securely. There are a number of service providers who can help deliver this training to your staff.
Always plan for the worst-case scenario
SMEs should implement regular backups and disaster recovery plans to minimise the impact of a cyber-attack or other incidents. Have a plan in place for responding to security breaches and other incidents, and regularly review, test, and update your plan as needed. The Cyber Wardens program announced in this year’s federal budget, for example, encompasses in-house training and will upskill the nation’s small business workforce and their cyber safety knowledge.
The increase in the instant asset write‑off threshold will not only enable small businesses to reinvest in their businesses and grow but also support the establishment of comprehensive disaster recovery plans and help address the ongoing skills shortage in the cyber security field, enabling organisations to secure their data with the necessary expertise.
Having an up-to-date plan is one of the best ways to quickly stop any cyber attack in its tracks and minimise potential damage.
Checking the compliance box
SMEs should ensure that they comply with any relevant laws and regulations regarding cyber security, such as the Notifiable Data Breaches scheme.
To safeguard employees, also explore developing and implementing a robust cyber security policy that outlines acceptable use of company resources and sets guidelines for protecting sensitive data. By clearly and openly communicating this policy, you’ll help keep your staff informed as to what is (and isn’t) cyber-safe behaviour.
Securing remote access
SMEs should ensure that all remote access to their networks is secure, using virtual private networks (VPNs) and other secure remote access solutions. One way to do this is to enable multi-factor authentication (MFA) on all company accounts and require employees to use it whenever possible. Use reputable antivirus and firewall software to protect company computers and networks from malware and other threats and keep programs updated at all times.
Companies of all sizes should take a proactive approach to cyber security and make it a priority to protect their employees, their data, and their systems. SMEs play a crucial role in the Australian economy. By educating themselves and their employees, conducting regular risk assessments, implementing security controls, and seeking expert help, SMEs can improve their cyber security and reduce the risk of cyber attacks.
