10th October, 2024
If you’re a mid-market business owner, did you know that even a small cybersecurity incident can have destructive results? In recent years, the average cost of cybercrime for mid-market businesses is almost $100,000.
October marks Cyber Security Awareness Month, an annual reminder for businesses to take stock of their cybersecurity measures. With the rising sophistication of cyber threats, businesses are increasingly becoming targets for cybercriminals.
In the modern digital age, ensuring the safety of your digital assets is paramount. This is especially true when it comes to customer data. Customers trust that your business has secured their data and if a breach occurs, you’re at risk, not just financially, but reputationally as well.
In this article, we’ll dive into some of the most common cyber threats facing mid-market businesses and how solutions like MYOB Acumatica can help you stay safe.
Mid-market businesses often operate with limited resources compared to larger enterprises, which makes them attractive to cybercriminals. They manage significant amounts of confidential data, but often don’t have the same robust security infrastructure.
For companies this size, sensitive data includes personal customer information, financial records, and intellectual property. This data is highly attractive for cybercriminals, and, if able to be accessed improperly, results in significant loss of customer trust for the company.
According to the Australian Cyber Security Centre (ACSC), cybercriminals are well aware of security gaps, which is why they often target businesses that might be operating without sufficient security measures in place.
Peter Wolski, Head of Information and Cyber Security at MYOB, highlights this growing threat: “Mid-market businesses are particularly vulnerable because they’re big enough to be valuable targets but may not have dedicated cybersecurity teams or sophisticated systems in place. Cybersecurity needs to be at the forefront of business planning, not an afterthought.”
The types of threats faced by mid-market businesses are diverse, and all of them can have serious financial and reputational consequences:
MYOB Acumatica offers mid-market businesses a way to securely manage operations while mitigating cyber threats. From built-in security features to compliance capabilities, Acumatica provides a scalable solution designed with cybersecurity in mind.
MYOB Acumatica employs advanced encryption technologies to secure your business data, ensuring sensitive financial and customer information is protected. Role-based access control (RBAC) is another key feature, allowing businesses to decide who has access to specific parts of the system. By limiting access to only those who need it, you reduce the risk of insider threats.
Peter underscores the importance of encryption: “Data encryption is one of the most effective ways to protect sensitive information. MYOB Acumatica offers strong encryption, meaning even if data is intercepted, it’s rendered useless to unauthorised parties.”
One of the best ways to protect systems from unauthorised access is by enabling multi-factor authentication (MFA). MYOB Acumatica offers MFA, requiring users to authenticate their identity with two or more verification methods—like a password and a code sent to their mobile device. This adds an extra layer of protection for critical business systems.
“MFA is crucial in today’s cybersecurity landscape,” Peter says. “Passwords alone are no longer enough to keep cybercriminals out. MFA significantly reduces the risk of compromised credentials leading to a breach.”
MYOB Acumatica provides real-time monitoring to track system activity. This includes tracking login attempts, file access, and other critical actions within the system. Businesses can receive alerts if any suspicious behaviour is detected, allowing for quick intervention before an attack escalates.
“With real-time monitoring, you have eyes on your system 24/7. If something unusual happens, you’re alerted immediately, giving you a chance to act before any damage is done,” Peter says.
One of the easiest ways for businesses to stay safe from cyber threats is by ensuring their systems are always up to date. However, many mid-market businesses struggle with keeping their software updated due to limited IT resources.
As a cloud-based ERP solution, MYOB Acumatica complies with international data security standards to help ensure your data is safe and secure.
In addition, MYOB Acumatica offers automatic software updates, ensuring your business is always protected with the latest security patches.
“Hackers are constantly looking for outdated systems to exploit,” Peter warns. “By keeping your software updated automatically, MYOB Acumatica closes off one of the easiest ways for cybercriminals to get in.”
For industries with strict compliance requirements, like finance or healthcare, MYOB Acumatica helps businesses stay compliant with Australian data protection laws. The platform provides audit trails and robust reporting features, ensuring your business can quickly respond to regulatory requirements or audits.
“As regulations around data protection tighten, businesses need systems that can manage compliance with minimal effort,” Peter adds. “MYOB Acumatica ensures your business is always compliant and prepared.”
In addition to using advanced solutions like MYOB Acumatica, here are some practical tips for improving cybersecurity at your mid-market business:
Cyber threats are evolving, and mid-market businesses need to stay ahead of the curve. As Peter puts it, “Cybersecurity is no longer just about protection—it’s about proactive management. With MYOB Acumatica, businesses can secure their data, automate security tasks, and manage compliance all in one platform.”
By taking a proactive approach to cybersecurity — leveraging solutions like MYOB Acumatica and regularly educating staff — you can help protect your mid-market business from the increasing threat of cyberattacks.
Stay safe this Cyber Security Awareness Month, and take steps to protect your business today.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.