How To Identify Cybersecurity Risks For Your Business
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The rise of technology has led to numerous innovations that have changed the way we do business. While many of the changes have been positive, it has created new opportunities for criminals to take advantage and steal information from companies. These threats come in the form of phishing emails, hacks, data breaches, ransomware, and identity theft.
Unfortunately, many Australian businesses fall victim each year to cybersecurity breaches. The following statistics offer a sobering state of the cybersecurity risks that exist today.
- 43% of all data breaches involve small and medium-sized businesses.
- Since the Australian government formed the Notifiable Data Breach (NDBS) scheme in 2018, data breaches have risen by 712%.
- The Australian Cyber Security Centre (ACSC) reports that approximately 164 cybercrimes are reported each day (1 report every 10 minutes!).
While this can feel overwhelming, there are lots of ways that businesses can protect themselves and make sure their systems and teams are prepared for any cyber attacks.
How To Identify And Protect Yourself From Cyber Attacks & Cyber Threats
1. Updated Antivirus Software
Antivirus software is your first line of defence when it comes to protecting your computers and network from dangerous viruses and malware that can create weaknesses for cybercriminals to exploit. Set a regular schedule to check that your antivirus software is up to date and ready to protect your business against the latest cyber threats.
2. Multi-Factor Authentication (MFA)
Once a hacker has access to your passwords, they can easily gain access to your computer and files containing valuable information. Multi-Factor Authentication (MFA) adds another layer of protection to your login process. Using an MFA, a confirmation will be sent and must be approved on a second device (usually a mobile phone). Without direct control of that device, the hacker won’t be able complete the validation step. Free tools such as Google Authenticator are a great way to protect your business from cyber attacks & cyber threats.
3. Unsecure Networks
Cybercriminals can gain access to networks that aren’t secured properly. For example, if you have a Wi-Fi network that isn’t password-protected, anyone can gain access and control of the network. Secure your network by adding strong passwords to any network points (with MFA if possible). Changing your Wi-Fi network to hidden will ensure that no one can find the network name. You can also install a firewall and encryption software. As a final step, you should conduct regular backups of your network so you can restore any data that gets stolen or removed maliciously.
4. Team Training
Cybersecurity breaches are often the result of human error such as writing down passwords in a public place, connecting to an insecure network, clicking on malicious links in emails, downloading Trojan files, or leaving devices unattended. An untrained team could be a major security risk. Regular training sessions can help the team identify security threats and understand how to avoid or report them.
5. Hire A Professional
The best way to ensure your technology is cyber-secure is to hire a third party to review and test your system. These professionals are skilled at finding vulnerabilities and helping you create plans to strengthen your readiness for any cybersecurity-related incidents.
6. Understanding The State Of Cyber Crime In Australia
The online world is constantly evolving, that's why we're staying up to date with a range of articles all focused on cyber crime in Australia. From the latest news and statistics, to tips that can help you protect your business, these articles are designed to help educate small business owners like you on identifying and protecting your business from cyber attacks & cyber threats.
Protect Your Business Beyond Cybersecurity Threats
There are many threats that businesses face. Some are avoidable while others are not. A good protection strategy from many risks is to always carry insurance to protect you from liability. Cyber & privacy liability insurance is designed to help protect your business from a range of cyber threats and cyber attacks. Check out our instant quote generator where you can get an estimate on market-leading cyber & privacy insurance in seconds! Simply enter your occupation and expected revenue to get started.