Published on 11/08/2022 by Any Business.Com.Au

Does Cyber Security Form Part of Your Business' Daily Routine?

As small businesses increasingly use the internet to do business, cyber security has become a real issue and it's imperative that small business owners have effective cyber security measures in place.

Businesses must ensure they protect any digital information they create and store, plus any information collected from their customers.

Providing a secure system is critical to protecting your business from cyber attacks and building and maintaining customer trust in your business.

Industry experts believe, that to be effective, cyber security should form part of your business' daily processes.

Cyber security is about protecting your technology and information from:

• accidental or illegal access
• corruption
• theft
• damage

Who could be a cyber threat

Cyber criminals may be an individual or a group of people. Threats to your technology or data might come from:

• criminals – out for money or information, to illegally access your hardware and data, or to disrupt your business
• clients you do business with – to compromise your information
• business competitors – looking to gain an advantage over your business
• current or former employees – who accidentally or intentionally compromise your information

Ways cyber-attacks can happen

Cyber criminals look for access to information and data on your business, employees and customers. They might do this by:

• theft or unauthorised access of hardware, computers and mobile devices
• infecting computers with malware (such as viruses, ransomware, and spyware)
• attacking your technology or website
• attacking third party systems
• spamming you with emails containing malware
• gaining access to your information through your employees or customers

How a cyber-attack could affect your business

A cyber-attack could cause you:

• financial loss – from theft of money, information, disruption to business
• business loss – damage to reputation, damage to other companies you rely on to do business
• costs – getting your affected systems up and running
• investment loss – time notifying the relevant authorities and institutions of the incident

What is at risk

Your money, information, technology and reputation could be at risk. This could include the destruction, exposure or corruption of the following:

• customer records and personal information
• email records
• financial records
• business plans
• new business ideas
• marketing plans
• intellectual property
• product design
• patent applications
• employee records (which could include sensitive personal identifiable information such as their date of birth)

Types of online threats

Some common online threats to watch out for include:

• phishing – fake messages to trick you into giving out your private personal, commercial or financial details. They can even pretend to be from an organisation you trust, such as a large business or government agency.

• malware - malicious software most commonly used by criminals to steal your confidential information, hold your system or device to ransom or install damaging programs onto your device without your knowledge.

• ransomware – a type of malicious software that makes your computer or files unusable unless you pay a fee to unlock them.

Ransomware is one of the most significant cyber threats currently facing Australians and Australian organisations.

Last financial year, the Australian Cyber Security Centre (ACSC) received almost 500 ransomware cybercrime reports. This was an increase of almost 15% from the previous financial year.

Ransomware is malicious software that makes data or computer systems unusable until the victim makes a payment, often in the form of hard-to-trace cryptocurrencies.

Cybercriminals will send ransom demands to restore files after gaining illicit access to servers and encrypting data. There have also been reports of ransomware locking file or system access after users download pirated software.

Businesses affected by ransomware can experience severe disruption and downtime. They can also incur significant financial and reputational cost.

Investing in preventative cyber security measures is often a more cost effective and reliable way to prevent ransomware attacks, such as keeping regular offline backups of critical data and patching known security vulnerabilities.

Coronavirus (COVID-19) scams

Unfortunately, scammers are still taking advantage of COVID-19 to exploit and play on the fears of businesses and consumers across Australia.

It is very difficult at times to know what communication is official. Cybercriminals are using websites, emails and text messages that claim to provide official information about COVID-19, but are attempts to get your personal or business information.

Scammers are impersonating a range of official Australian and international organisations such as the Department of Health and the World Health Organisation, other government authorities and legitimate businesses including:

• financial institutions
• travel agents
• telecommunications companies

Tax time scams

Tax time is a popular period for scammers to target businesses. Stay one step ahead by being aware of these scams. The Australian Taxation Office (ATO) will not email you and ask for your bank details or tax file number (TFN).

Invoice email scam

This involves scammers pretending to be legitimate suppliers advising you about changes to payment details. You may not realise until your business receives complaints from suppliers that your payments didn't occur.

Be aware of potential scamming and have checks in place to ensure you pay the right suppliers. Before paying, ensure the supplier verifies all major invoices using contact details you already have on record.

Cyber security resources for small business

Need more help understanding the basics of cyber security for your business? The Australian Cyber Security Centre (ACSC) leads the Australian Government's efforts to improve cyber security.

Their role is to help make Australia the safest place to connect online by providing advice and information about how to protect yourself and your business online.

When there is a cyber security incident, the ACSC provides clear and timely advice to individuals, small to medium business, big business and critical infrastructure operators.

AnyBusiness.com.au

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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