Why are cyber criminals targeting more small businesses?
Less money, less data, less risk, right?
Sadly, wrong.
In fact, small businesses were the target 43% of all cyber attacks in 2019 and this figure will continue to increase. Unfortunately, smaller businesses present a much easier target as cyber criminals (often correctly) assume that their defense simply is not as strong compared to larger targets.
The cost of cyber attacks on small business
A cyber security incident for a small and medium size business is likely to be catastrophic, As a marine construction business found out when thieves stole $588,000 via a trojan on one of the businesses systems.
Alongside that, the Ponemon Institute reports that a cyber-attack will on average cost small and medium size businesses $2.2 million in clean-up costs and business disruption.
And it is not just a financial cost, consider the long-term damage to trust and reputation should your customer data become compromised. Typically, any brand, no matter the size will see a plummet in trust and satisfaction after a cyber-attack, however unlike large companies, small and medium size businesses may struggle to recover from this.
How are small businesses being targeted?
Although there are numerous avenues of attack for cyber criminals, a combination of phishing and social engineering attacks continues to be the most prominent method attack, followed closely by malware and compromised devices
"This year we've seen ransomware attacks on reasonably large businesses, as well as small businesses, which can cripple a business while they try and work out how to keep their businesses going,"
Australian Cyber Security Head Abigail Bradshaw CSC
Do not suffer CyberSecurity Apathy
The Australian Cyber Security Centre find that almost half of small and medium businesses rate their cyber security understanding as ‘average’ or ‘below average’ and have poor cyber security, despite 80% recognising cyber security as ‘very important’ to their business and almost 60% ‘certain’ that they will be impacted by a cyber attack within the next 12 months.
The time to act is now.
So, how can small and medium size businesses ensure they do not become targets?
Simply put, putting in place a robust cyber security strategy and upskilling themselves and everybody within their business.
Sounds complicated? It really is not; it can be done with a few basic steps and procedures which over time will become habitual.
This is why the Business Enterprise Centre NT have been tasked by the Australian Government Department of Industry, Science, Energy and Resources to develop CyberSafe, a program to help NT businesses protect themselves from cyber security incidents.
Click here to register your interest in the program today.
