Understanding the Massive Impact of Cybersecurity on Small Businesses

Cybersecurity concept

Australian small businesses are just as susceptible to cyberattacks as large companies and multinational corporations. A 2017 survey revealed that approximately 25 per cent of small to medium enterprises experienced some form of cybercrime – this number will only keep increasing the longer SME owners unknowingly expose themselves to cybersecurity risks through emails and social media.

But why exactly should you be concerned about cyberattacks like hacks and breaches?

Cybercrime Activities Can Cause Major Damage to Your Business

As cybercrime becomes more prevalent, you have to be more aware of the online activities that can affect your business. These cybercrime activities range from phishing, that collects sensitive information to hacking incidents that result in the theft of funds or other business assets.

Big business with extensive IT support and those that are used to regularly conducting network traffic and penetration testing would say that an incident is just a particularly bad day for the company. But to small businesses, whether you own a café in Melbourne or run a medical practice in Sydney, one of these incidents can cause major damage to your business:

  • It might require hefty remediation costs.
  • It might limit the capabilities of your staff.
  • It might hurt the reputation of your business.

With proper network security solutions, you can prevent irreparable damage that can shut down operations. Protection involves building a strong defence to prevent hacking or phishing activity.

Get Your Team Ready for Any Cybersecurity Situation

IT specialist working on cybersecurity

More small businesses are realising the power of digital connectivity. Not only does it get your name out there; it also makes transactions easier for people who would rather shop for products or hire services straight from their mobile device. However, the benefits of selling online also come with the risk of being attacked online.

If you are venturing into online business, make sure you have solid cybersecurity protection. Protect your business from cyberattacks through the following:

  • Educate your employees on cybercrime.

Discuss cyber attacks with the team. In fact, the more you discuss it with your team, the more they know about how to avoid and deal with such situations.

  • Determine valuable data to your business.

Credit card information is not the only type of data that hackers look for. They might be after another type of sensitive data that is crucial to business operations.

  • Work with dependable partners for network security.

Is there a firewall that protects your site from hackers and phishers? Is your e-commerce platform secure? Work with a hosting company that covers all security vulnerabilities for you.

More than 2 million small businesses operate across the country today; these small businesses are at greater risk from cybercrimes every day. While government organisations are researching ways to make the internet safer for everyone, you must also do your part in preventing cyberattacks.

Don’t wait for an incident to occur before creating a plan that will protect your business. Educate your team on the best ways to avoid cybersecurity risks and the reasons to pay attention to these risks. Invest in systems that protect you, your business and your customers.

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