In 2023, 60% of all cyberattacks were on small and medium businesses and the average time to resolve an attack increased from 23 days to 51 days*. This is more than 100% increase in downtime to recover from a cybercrime against your business.

Investing in cybersecurity is essential in today’s digital age to protect your small business and your cashflow from being seriously compromised.

Cyberattacks happen for specific reasons; criminals are after data they can sell and make a quick profit from; competitors may want to steal sensitive business information; former or even current employees may have personal reasons that they want to cause harm to your business.

If you don’t have a cybersecurity strategy and protocol in place, your business is vulnerable to a hacker. It’s a sobering thought, but even more sobering is that the average cost of a cyberattack to a business last year was $276,323 and on the rise.

What is Cybersecurity?

Cybersecurity is the application of technology strategies to protect your digital systems, networks, devices, and data from unauthorised access, attacks, damage, or theft. It includes various technologies, practices and staff training designed to safeguard information and ensure the confidentiality and availability of your data.

How does a cyberattack occur?

Cyberattacks can occur through various avenues, including:

• Phishing emails – emails can be intervened and trick users into disclosing sensitive information like passwords or financial data.
• Malware – malicious software such as viruses and ransomware, can infect systems through malicious downloads or compromised websites.
• Data breach/hacking – exploiting software vulnerabilities is another common method, where attackers find weaknesses in software to gain unauthorised access.
• Identity theft – illegal access to personal information of clients and staff for confidential data.
• Insider threat – malicious actions by employees or trusted individuals within an organisation.

There are several actions you can take immediately, which are the recommended basic essentials, to minimise the risk of a cyberattack on your business:

• Keep your software updated
• Back up your data and information
• Turn on multi factor authentication where possible
• Educate employees about best practices for handling sensitive information
• Use strong passwords

What comprises a cybersecurity framework for small business?

At Port Phillip Group, the security of our data, business assets, and systems is a top priority, and we have invested and continue to invest in a cybersecurity strategy for the integrity and accessibility to our data. We recommend working with your IT provider to implement a cybersecurity framework, which may include the following:

• Implement firewalls – this is a software tool that will scan all data and users entering your organisation, and allow access to trusted items.
• Updating software – ensure all software programs are up to date as this will provide the most up-to-date protections.
• Install antivirus software – these programs scan and detect threats to your systems and networks.
• Add encryption – so that your data is encrypted and only authorised individuals (with a key) can access it.
• Detection – using intrusion detection systems, log monitoring, and other tools to identify potential security breaches or anomalies in real-time.
• Develop a response plan – to mitigate the impact of security incidents and quickly restore the business’s normal operations.
• Education and training – regularly educate staff about cybersecurity best practices, conducting training sessions, and raising awareness about potential threats.
• Stay across regulations and compliance – adhering to Australia’s cybersecurity regulations, standards, and industry best practices to reduce the risk and to restore operations if an attack occurs.

What to do if you’ve been hacked

The Australian government recommend the following steps if your business has been the victim of a cyberattack:

• Use the Have you been hacked? tool to find out what you need to do if you think you’re a victim of a cyber incident.
• Get help and report a cybercrime.
• Call the Australian Cyber Security Centre 24/7 Hotline: 1300 CYBER1 (1300 292 371).

Free Resource: Small Business Cyber Security Guide

Get started with your Cybersecurity strategy – give us a bell

Your business is relying on you for protection. At Port Phillip Group, we have made a significant investment in a cybersecurity framework to keep our data and systems safe. We recommend you speak with your IT provider to implement a cybersecurity protocol for your business. With the risk of cyberattacks increasing we urge you to get on top of this as soon as you can.

We’re here to help if you need some advice on where to start. Please give us a bell on (03) 8790 7700 or email us at reception@portphillipgroup.com.au. Our accountants are located in Mt Eliza, and we support local businesses across the Mornington Peninsula and throughout Melbourne.

* https://assets.kpmg.com/content/dam/kpmg/au/pdf/2023/cost-of-cyber-attacks-australia.pdf