How to protect your small business from a cyberattack

How protected is your small business from a cyberattack? 

According to the Australian Cyber Security Centre (ACSC), a cyber security incident is reported every eight minutes, and 62% of small businesses have experienced a cyberattack.

Cybercrime has costly impacts, with the ACSC reporting that Australians lost $33 billion in the 2020-21 financial year due to cybercrime.

If your business has an online presence, you’re at risk of a cyberattack. But fortunately, there are ways to protect yourself.  

Assess your risk

Identifying any possible threats will help you find and plug any gaps in your security. The Australian Government’s Cyber Security Assessment Tool is a helpful tool for assessing your cyber security risks. Based on your answers, it will also give you a list of recommendations to implement.  

Train your team

Training your staff in good cyber security practices is important in preventing cyberattacks. Educate employees on spotting and avoiding scam messages, what to do if they encounter one, and remind them to use strong passwords. A cyber security policy can also help staff understand their responsibilities.  

Secure your networks

You can safeguard your devices and networks by:

  • Using strong passwords or passphrases.
  • Setting up multifactor authentications.
  • Setting up a firewall to monitor traffic to and from your network. 
  • Installing security software such as antivirus, anti-spyware and anti-spam filters.
  • Keeping software up to date.

Back up your data

Regularly backing up your business’ data will help you recover any information if you lose it due to a cyber incident. Whether you back up your data onto an external drive or to the cloud, make sure you do it regularly, ideally on a weekly basis.

Control access

You should restrict staff access to data, accounts and systems to prevent accidental or malicious changes. Administrative privileges should only be given to a limited number of trusted individuals, and remember to remove access when an employee changes roles or leaves the business.

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Taking these steps will help reduce your business’ risk of a cyberattack. For more detailed tips, you can visit the Australian Cyber Security Centre.

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1. Any financial advice is provided by Dominium Capital Financial Advisers Pty Ltd, an Authorised Representatives of Dominium Capital Pty Limited (ABN 54 513 176) 674 AFSL 461653
2. Any credit & finance advice is provided by Dominium Capital Pty Ltd. Australian Credit Licence 461653
3. General Advice Warning – The information provided is general advice only. It has been prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs.
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