Our digital activity, as well as our reliance on the internet, has grown considerably in the last financial year. As a result, its also offered cybercriminals a lot more opportunities to exploit Australian businesses through cyber security loopholes, which small business owners, may not even be aware off.

Reviewing ones technology and digital tools to promote digital trust no matter what size of a business you are running or envisage setting up, starts-ups, small business owners and established businesses, need to act now to safeguard their number one client and that is their business.

Digital Trust & Statistics

According to the AustCyber 2020 Year-End Report, cyber security threats have had a major financial digital disruption causing $30 billion dollar on our economy in just four weeks, Given the onset of the pandemic, that’s a staggering figure.

To break it down:
1. This amounts to around 1.5 per cent of the country’s total domestic product
2. An average loss per successful attach equates to $50,600
3. If we translate this into jobs, you’re looking at over 163,000 jobs being impacted or disrupted

Apart from the financial ramifications, it also erodes people’s trust and confidence in the use of digital services and activities.

And while we strongly recommend individuals to consider all areas, email along with adopting emerging tools like e-voicing ( more secure and accurate transactions) to avoid potential fraudulent invoices caused by email compromise is an excellent place to begin.

1 – If I’m a solo proprietor or in the start-up world, do I need to be worried?

Absolutely, yes. SMEs are an appealing target because even the smallest businesses have valuable and sensitive client information. They could even have data to create joint tax returns or even drain savings. It can cripple a business or be a stepping stone to another target, another company, or another person in another industry.

2 – At what stage of my business journey should I start looking into cyber security?

No matter if you’re a start up, in growth phase or an established business, you need to act now.

Earlier this month we provided our small business community with the opportunity to get in front of industry expert speakers in Cyber Security, Fintech and IT.

Email comprimise and invoice fraud have been considered two of the most impactful cyber security threats impacting small business owners to date.

Our speakers covered, where to start, who to speak to, and what to do now, before your businesses is impacted. Its time to be proactive, rather than reactive. Request our webinar watch back recording so that you can start educating yourself and your team.

Our speakers experts from Cyber Security, Fintech and IT are here to help.

3 – What are the ramifications of cyber security impacts?

Being a victim of a breach can have a disastrous consequence down the supply chain

1. financial loss
2. damage to one’s reputation
3. future employability of yourself or your staff
4. future viability of any potential prospective businesses

4 – How would I know if a cybersecurity attack has happened to me

You might not know straight away is the honest answer. Sometimes it can only be identified when:

1. the customer notifies you
2. you notice something different in the behaviour of your systems and your data
3. you realise the integrity of the data has changed or is not authorised

5 – Whom do I call when I find out cyber hackers have compromised my business?

For cyber security advice, or to report any malicious activity contact the ACSC on 1300CYBER 1 or through cyber.gov.au.

They have a 24/7 support service. That includes an online reporting tool and a hotline number you can call. The online tool is great to guide you through addressing and recovering from an attack and its a step-by-step process and straightforward to use. 

Second, if financial impacts are involved in a breach, get in touch with your bank. Let them know as early as possible to start kicking in their processes to support you.

Third, if you need to engage a local cyber expert for assistance, head over to the AU Cyberscape directory with all the cybersecurity companies in Australia.

Better yet, you can reach out to Fortnynja or Concept Data who presented at our February webinars to run a FREE assessment on the impact.

6 – What should I be doing to keep my business safe?

First and foremost, understand the importance of your information. Knowing your assets might assist you to figure out what you need to safeguard. It truly helps you determine how much you would want to invest in data security. There’s no use in spending hundreds or thousands of dollars on a security system or a system that doesn’t save any valuable data. Therefore, implementing methods and solutions to safeguard it if it isn’t commercially crucial to your operations may be the easier option.

Get in touch with our speaker experts in Cyber Security , Fintech and IT who will help with FREE assessments, solutions such as e-invoicing to remove potential invoice fraud and drills you can run as a team or as a sole trader to ensure you don’t have any loopholes.

Here’s how to get in touch with our speakers:

• Paula Oliver, Aust Cyber ( download a copy of the AustCyber 2020 Annual Report ,
• Ray Wang, LUCA Plus ( protecting your business from potential invoice fraud through e-invoicing and automation)
• Digital Humdrum ( a FREE digital health check assessment )
• FortNynja ( a FREE cyber security assessment, organise your next Ninja drill)
• Concept Data ( thanks to the Department of Industry, Science, Energy and Resources we can offer all small businesses free cyber security consultations and assistance. Book your FREE assessment
• ACSC Partnership Program enables Australian organisations and individuals to engage with the ACSC and fellow partners, drawing on collective understanding, experience, skills and capability to lift cyber resilience across the Australian economy. 
• ACSC Alert Services supports individuals with no ABN to receive alerts
• ACSC Cyber Facebook Page to receive the latest updates and examples

7 – What quick steps can my team and I take to protect my business from cyber hackers?

1. Setup an anti-malware
2. Setup 2FA – two-factor authentication 
3. Use reliable Password Managers
4. Setup e-invoicing 
5. Consult with a professional team for more complex system architecture

8 – How can I assess my own and my team’s cybersecurity skills?

There are several evaluations available to help you measure your cybersecurity knowledge. There are expert companies that can help you protect your business.

1. FortNynja.com, Digital Humdrum, and Concept Data, to mention a few, have all conducted assessments. A reputable cybersecurity firm will stress test your system.
   
2. Perform a penetration test on the system, maybe with the help of an expert.

We need to treat cybersecurity in the same way that cybercriminals automate and simplify their processes. As a result, digital trust is essential for a healthy and stable economy. Having a solid and stable cybersecurity industry is vital. The ability to have a healthy and stable economy is dependent on digital trust. As a result, having a durable and robust cybersecurity industry is essential to accomplishing this goal.

Other reading:

1. The rise of invoice fraud and why you cant choose to ignore it
2. 1 in 5 SMEs targeted with fraudulent invoices

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