This scams awareness week business management platform MYOB shares data revealing three out of five (61%) medium sized businesses and 1 in 10 small businesses (12%) have experienced a cyber-attack or cyber incident.
The research of 1000 small businesses (with 0-1000 FTEs) found 43% have experienced a cyber-attack in the last two years. Of the 500 medium-sized business respondents surveyed (20-500 FTEs with $5m+ turnover), 83% have undergone a cybersecurity upgrade or cyber training in the last two years, and 84% say they feel prepared for a cyber event or attack.
The small business data found:
12% of small businesses have experienced a cyber-attack or cyber incident.
Of those that have experienced a cyber-attack or incident, 36% said customer data was impacted and 39% said it cost them between $1,000-$5,000.
The medium-sized business data found:
61% of medium sized businesses have experienced a cyber-attack or cyber incident.
The industries most impacted were: 81% in finance and insurance, 68% in wholesale and 62% in the business, professional and property industry.
According to the Australian Signals Directorate’s Cyber Threat Report 2022-2023, the average cost of cybercrime for medium businesses over that year was $97,200. This is higher than the average reported for small businesses at $46,000 and large businesses at $71,600.
The Cyber Threat Report also found the top three cybercrime types for businesses were email compromise, business email compromise fraud (where financial loss is recorded) and online banking fraud.
Peter Wolski, General Manager Reliability and Cyber Security at MYOB, says: "As businesses navigate an increasingly digital landscape, staying vigilant against cyber threats has never been more crucial. MYOB’s research reveals that three out of five (61%) medium-sized businesses and one in ten (12%) small businesses have faced a cyber-attack or incident, underscoring the pressing need for robust cybersecurity measures.
“This Scams Awareness Week, MYOB encourages businesses to take proactive steps in fortifying their defences. Make sure teams are aware of the most common threats like email compromise, invoices with changed payment details and online banking fraud.
“It’s essential for all businesses to recognise the impact of cybercrime – from the risk of compromised data to the significant financial burden. By staying informed and investing in cybersecurity, businesses can better protect themselves, their customers, and their bottom line.”
More information to help keep businesses secure can be found at: myob.com/au/support/security
ENDS
For more information contact
Selina Ife
Media Manager
E: selina.ife@myob.com
About MYOB
MYOB is a leading business management platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. MYOB delivers end-to-end business, financial and accounting solutions direct to businesses employing between 0 and 1000 employees, alongside a network of accountants, bookkeepers and consultants. For more information visit myob.com or follow MYOB on LinkedIn.