Protect your business from cyber threats.
Recent hacks into large corporations have highlighted the need for these organisations to become more secure. Even more so now there are possible fines of up to $50 million for a financial firm that was recently hacked. This is serious money and the cost of stopping such attacks is also very high.
Where does this leave small businesses? A good question, as the level of expertise in most small businesses, is very low and the ability to pay high cyber security costs is low also. On the other hand, cybercriminals are looking for 'big treasure' for reasons such as identity theft, and it seems obvious that some are also supported by rogue states that want far more than some 'mum and dad' details.
What can a small business do.? Thankfully, State and Federal governments have made a start but they tend to focus on doing a very thorough job rather than what can be paid for by small businesses.
The following are some actions a small business can take to start moving down the road of improving its cyber security. Of course, there are many options if funds are available but just helping staff be more aware of what is dangerous is the place to start.
Set out below are actions you can take to help.
1. Review the information at these web addresses:
- https://business.gov.au/online/cyber-security/protect-your-business-from-cyber-threats#train-your-staff-to-be-safe-online
- https://www.cyber.gov.au/learn
- https://www.cyber.gov.au/acsc/view-all-content/ism/cyber-security-guidelines
2. For most small businesses the above is too much to digest but a review is recommended. Perhaps give a member of staff the responsibility to read this information and then discuss it with staff.
3. For many small businesses it seems that the best place to start is with how staff manage their online activities because it is here where small businesses are most vulnerable. A web address to help train staff is https://business.gov.au/online/cyber-security/protect-your-business-from-cyber-threats#train-your-staff-to-be-safe-online
Cybercriminals rely on the belief that they are better prepared to attack than businesses and governments are prepared to defend. But they are also timid. If you take some steps then a bit of pushback will help as, in most cases, the cyber-criminal will go looking for easier targets, and there will be many for them to choose from.
Peter Graham
Latest eNewsletters
Hot Issues
- Women still outpacing men in SMSF establishments
- Economic and market outlook for 2025: Global summary
- Preparing to lodge quarterly January TBAR
- How to overcome your investment fears
- Navigating the outcome of the U.S. election
- Divorce doesn’t alter contribution rules
- $3m super tax officially abandoned for this year
- Top 20 Most Watched Christmas Movies ever - pre covid
- A Unique Advent Calendar
- ATO reviewing all new SMSF registrations to stop illegal early access
- Compliance documents crucial for SMSFs
- Investment and economic outlook, October 2024
- Leaving super to an estate makes more tax sense, says expert
- Be clear on TBA pension impact
- Caregiving can have a retirement sting
- The biggest assets growth areas for SMSFs
- 20 Years of Silicon Valley Trends: 2004 - 2024 Insights
- Investment and economic outlook, September 2024
- Economic slowdown drives mixed reporting season
- ATO stats show continued growth in SMSF sector
- What are the government’s intentions with negative gearing?
- A new day for Federal Reserve policy
- Age pension fails to meet retirement needs
- ASIC extends reportable situations relief and personal advice record-keeping requirements
- The Leaders Who Refused to Step Down 1939 - 2024
- ATO encourages trustees to use voluntary disclosure service
- Beware of terminal illness payout time frame
Article archive
July - September 2023 archive
- Single-asset segregation barred
- Intergenerational Report 2023
- Transferring wealth to the next generation
- Investment and economic outlook, August 2023
- Managing complex relationships in SMSFs comes down to well-crafted deeds
- Last chance for $25,000 super deduction
- Super gender divide to remain a challenge
- Oldest Buildings in the World
- Advice-Related Complaints Low Despite Huge Rise In General
- From purchase to lease, SMSF property documentation is essential
- Taxing unrealised capital gains a grave concern: Burgess
- Protect your business from cyber threats.
- Our investment and economic outlook, July 2023
- Understanding the role of custodians
- Returns rebound in 2022-23
- The top mode of transport in the world
- Tax alert warning could catch more in the ATO web
- Five questions that indicate how financially literate you are.
- Preparing for EOFY tax scams with business and cyber resilience
- High interest and inflation can pay dividends for SMSFs
- Australians need a retirement confidence boost
- The “secret” to financial freedom? Persist while others quit
- Top 50 Greatest Cuisines
- More Australians are unlocking home equity to fund retirement