Cyber Risk – Avoiding The Biggest Threat To Small Businesses In Australia


Cyber risk is one of the leading threats for small businesses in Australia, with the cost of a cyber incident averaging $276,000 for businesses.

Whether it’s marketing material, legal documents or customer details, businesses depend on digital for operation. This is why it’s so important to make sure your digital assets are protected and safe from hackers, viruses and malware.

Keep Track Of All Your Digital Assets

Listing your digital assets will make it easier to ensure that you’ve got everything covered, as we often don’t realise how many digital assets we have. These could include your social media accounts, trademarks, customer information, contracts and websites. You could prioritise these assets by which ones you want to protect the most to ones that wouldn’t affect your business if they were stolen.

Secure Your Servers

You can physically protect your servers by keeping server rooms cool, monitoring and limiting access to server rooms and keeping servers, switches and hubs locked. Securing your servers digitally can be done by restricting the number of administrator passwords, using updated anti-virus software, regularly backing up data, setting up a firewall and keeping track of server reports to monitor changes and irregularities. You can see what security measures are available for your servers by seeking advice from a trusted supplier.

Implement Two-Factor Identification

Two-factor identification requires a user to get through two layers of security to be allowed access. For example, this involves entering a password and then entering a code sent to your phone. Implementing two-factor identification wherever possible will help add an extra layer of security. For most online platforms such as Google and Mailchimp, no additional software is needed as you can choose to enable two-factor identification.

Secure Networks

Protecting your network from unauthorised access can be done by using a firewall and reviewing firewall logs for unusual activity on your network. You can also restrict your staff from installing software and content for personal use as they may allow remote access to the network and could bring in viruses and hackers. Additionally, it is important to always keep your operating system and security software up to date. Replacing weak passwords with strong and unique ones can also go a long way.

Consider Cyber Insurance

Cyber insurance can be used to protect your business against digital breaches and risks, meaning that if your digital assets are lost, cyber insurance can cover related costs such as investigation and crisis management costs, including notifying customers and lawsuits. If you’re thinking of implementing cyber insurance, check if your current insurance company can add it to your plan. If not, there are many cyber insurance companies you can use.


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