How to protect your SME from cybercrime

As consumers and businesses begin to feel like brighter days are near — thanks to the recent OCR decision by the Reserve Bank and the fact that summer is just around the corner — one challenge that continues to be a dark spot in business operations is the ongoing threat to cybersecurity.

In fact, more than a quarter of SME leaders surveyed in MYOB’s Annual Business Monitor earlier this year said they had been targeted by malicious online activity like phishing, malware, online scams, or ransomware.

Despite this, there is still a worrying sense of apathy coming through, with 47% of SME operators saying they are unconcerned about their cybercrime preparedness levels.

While there have been a number of other significant concerns sitting top of mind for business owners — like keeping up with rising costs, trying to get more customers through the door, getting paid on time, and trying to ‘survive to 25’ — inaction around cybersecurity can leave businesses incredibly exposed.

Cyber Smart Week

No business is too small or inconsequential to appeal to cyber criminals and the ramifications of cybercrime can be significant — not just for business owners, but also their customers and their employees.

This week (21^st-27^th October) is Cyber Smart Week, and the focus is on ‘owning your online’ by putting measures in place to protect yourself and your business from cybercrime.

So, why not treat this week like daylight saving? That is, like you would check your smoke alarms when the clocks jump back or forward, use this week to take some time to check and update your cyber processes.

Here’s a few actions to help get you started:

Update and strengthen your passwords 

Passwords are your first line of defence, so it’s imperative that they are strong, unique, and updated on a regular basis. To create a strong password, make sure it includes a mix of upper and lower-case letters, numbers, and symbols.

Secure password management tools (1Password, LastPass, etc) can also be hugely helpful for businesses, as they enable teams to generate and store complex passwords securely. These tools ensure that passwords are regularly updated and not reused across different accounts, reducing the likelihood of a breach.

Adopt multi-factor authentication: 

Multi-factor authentication (MFA) adds an extra layer of protection to your systems, with users required to provide two or more verification methods. For small businesses, download a recognised and secure MFA app such as Microsoft Authenticator, Google Authenticator, or Auth0.  

Keep software updated on all devices

Outdated software and systems are a common entry point for cybercriminals. This is why updating your software regularly and ensuring security patches are applied, is one of the simplest ways to minimise your vulnerability. Having automatic updates in place will also ensure your business remains safeguarded against known cyber threats.

Leverage a cloud solution for automatic data back-ups

Many cloud-based platforms come with built-in security measures, often including protection mechanisms likes encryption, automated backups, and access control.

These capabilities provide a level of protection that some SMEs may struggle to implement in-house. Through leveraging this functionality of cloud platforms, your business can reduce the burden on any internal IT resources and benefit from the up-to-date security features.

Overall, cybersecurity isn’t just about having the right tools, but also about maintaining a proactive and informed stance. So, stay vigilant, stay informed, use this week to check and update your systems, and own your online.

— Martin Longley is MYOB’s Digital Experience General Manager for SMEs.

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.

A version of this article first appeared here.