As recent events have revealed in Australia (We’re looking at you Optus and Medibank), no matter what kind of business you operate and no matter how much revenue you generate, everyone is at risk of a cyber-attack.
Unfortunately, cyber-attacks are on the rise. In the 2019-2020 financial year, the Australian Cyber Security Office estimated that a cyber-attack was reported once every ten minutes; by 2021-2022, the estimate rose 30% to a report every seven minutes.
The people behind these attacks do not discriminate; they look for ‘openings’ and take them wherever they can, with the help of sophisticated programs that know exactly how to access the back end of any website or company intranet.
The good news is there are ways to prevent cyber-attacks and keep your company safe and secure from the financial impact if an attack does happen.
The most common cyber-attacks steal money, but the attackers can also be in search of classified information, customer data or details of intellectual property. Some estimates put the annual cost of cyber-crimes in Australia at a collective $42 billion; that’s billion with a B!
It is not only big businesses and unwary individuals who are the victims of cybercrime. The largest reporters of cyber-crimes are small businesses, and the demographic with the highest loss is medium businesses.
The good news is that there are plenty of options to help protect yourself and your business from cyber-attack, such as:
- Backup your data: this can’t be stressed enough. Back up your data regularly and often. In the event of a cyber-attack, you may lose all the information you have stored online, and only a backup will save it.
- Maintain security: Always keep your software up to date. Implement a firewall, use security software and keep spam filters on.
- Encrypt: If you are sending sensitive information online, make sure to use encryption software that makes it impossible for a third party to access without a password or key.
- Use MFA: MFA stands for multi-factor authentication. It works like a series of passwords to access any file or folder. Think of when you are sent a verification code to your phone after you log into an online account.
- Manage your passwords: All passwords and passcodes should be long and unpredictable. The rule of thumb is at least 14 characters long, and you should have a separate password for every account. You also need to monitor who has access to your passwords and that only the right people are given administrative privileges.
- Monitor computer usage: Keep track of whenever your systems or computers are accessed and by whom. This way, you can see exactly who is logging on and why.
- Train your staff: Cyber-attacks often happen because a staff member has made an error or even left a device unattended. Make your staff aware of the risks of cyber-attacks and train them on avoidance techniques. You may need to bring in a professional for a day or two to bring the whole team up to speed. This is especially important now people can work from home or in public places more easily.
