Protect your business from cyber threats.
Computer hacking has been around for as long as there have been computers. Once it used to be computer geeks showing the world how smart they were. Now it's become very serious with almost any person, company or Government at risk from these criminal activities.
.
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 Newsletters
Hot Issues
- Getting to a higher level of financial literacy in Australia
- What is the future of advice and how far off is superannuation 2.0?
- Investment and economic outlook, April 2024
- Australia’s debt service ratio ‘extraordinary’: CBA
- Connecting an adviser with your children
- ACCC scam report
- The Shortest-reigning Monarchs in History
- ATO warns trustees about increasing crypto scams
- Aged care report goes to the heart of Australia’s tax debate
- Removed super no longer protected from creditors: court
- ATO investigating 16.5k SMSFs over valuation compliance
- The 2025 Financial Year Tax & Super Changes You Need to Know!
- Investment and economic outlook, March 2024
- The compounding benefits from reinvesting dividends
- Three things to consider when switching your super
- Oldest Buildings in the World.
- Illegal access nets $637 million
- Trustee decisions are at their own discretion: expert
- Regular reviews and safekeeping of documents vital: expert
- Latest stats back up research into SMSF longevity and returns: educator
- Investment and economic outlook, February 2024
- Planning financially for a career break
- Could your SMSF do with more diversification?
- Countries producing the most solar power by gigawatt hours
- Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
- Quarterly reporting regime means communication now paramount: expert
- Plan now to take advantage of 5-year carry forward rule: expert
- Why investors are firmly focused on interest rates
- Super literacy low for cash-strapped
- Four timeless principles for investing success
- Investment and economic outlook, January 2024
Article archive
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
April - June 2023 archive
- Australians Seek Financial Independence – Report
- Summary of Superannuation Issues and Recent Changes
- Legislation changes give market-linked pensions better outcome
- Inflation drives the cost of retirement to a record high
- Banking on the Age Pension
- The keys to high retirement confidence
- The strong link between advice and retirement confidence
- Top 50 Greatest Inventions in History
- Unintended consequences of work test changes to be rectified
- Banks launch scam awareness campaign
- ATO warns of rise in SMSF identity fraud and investment scams
- The importance of SMSF succession planning
- Overview of the Federal Budget 2023 – 24
- Our investment and economic forecasts, April 2023
- 2023 Federal Budget: Stronger foundations for a better future
- Australian retirees face accelerating price pressures
- Protect your business from cyber threats.
- Devil in the detail on super changes
- More women take up SMSF as others look for advice
- More SMSF members accessing funds without meeting conditions: ATO
- How Long Could You Survive Drinking Only .........
- Weighing up cash deposits
- Bank closures, market volatility call for perspective