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BUSINESS INFORMATION

Cyber security

In Australia, a cyber-related crime is reported every six minutes. Here are some straightforward yet effective measures to safeguard your business.

Have you ever thought about how much of your business information is stored on a smart phone, computer or online? Or what would happen if you lost access to that information or it became compromised?

Given the significant amount of critical business information stored digitally, adopting robust cybersecurity practices is essential for all small business owners and their employees. It’s estimated that nearly 90% of cyber breaches result from human error within the organization.

Here are some actionable steps to enhance your business’s cybersecurity:

Tip

Most insurance companies bundle insurance policies specifically for small businesses. If you employ staff you should check if workers’ compensation insurance is included. You can receive significant financial penalties from WorkCover WA if you don’t have the correct insurance for your staff.

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Use strong passwords

Do you reuse passwords across multiple platforms, keep the same password for extended periods, or include easily guessable details like pet or children’s names? If so, your passwords may not be secure.

Opt for longer, more complex passwords. A strong password typically includes a mix of uppercase and lowercase letters, numbers, and symbols. If memorizing such passwords is challenging, consider using a passphrase—a combination of three or four random words (e.g., PurpleDoorBananaFloor).

Ensure that all computers, networks (like Wi-Fi), and mobile devices have strong, regularly updated passwords. If any devices come with default passwords (e.g., modems), change them immediately. You can verify if your passwords have been exposed in a data breach on websites like Have I Been Pawned.

For businesses with employees, restrict system and password access to a “need-to-know” basis.

Action to take

Use a password manager to securely store and manage your passwords.

Enable two-factor authentication

Two-factor authentication (2FA) adds an extra layer of security to your online accounts (e.g., email, social media, or banking). It requires more than just a username and password, such as a PIN, a smartphone notification, or biometric verification like a fingerprint or facial recognition.

Most online platforms offer 2FA in their security or login settings.

Secure your devices and networks

Here are some practical steps to protect your devices and networks:

  • Install and regularly update security software, including anti-virus scans.
  • Avoid using storage devices (e.g., USBs or hard drives) from unknown sources unless scanned for viruses.
  • Ensure portable devices like smartphones and tablets are PIN protected.
  • Limit the use of public Wi-Fi, especially for online payments or accessing financial records, as these networks are often unsecured.

Regularly back-up your data

While having one backup is a good start, maintaining a backup of your backup is ideal. Online and cloud storage are convenient options, but they can also be vulnerable. For added security, use a physical storage device, such as an external hard drive, to back up your files regularly.

For more information, refer to the Australian Cyber Security Centre’s Small Business Cloud Security Guides.

Update your operating systems

Regularly updating your systems and devices is one of the most effective ways to protect your business. Updates patch vulnerabilities that could be exploited by cybercriminals. Enable automatic updates to ensure you don’t overlook this critical task.

If your device is too old to receive security updates, consider replacing it.

Educate your employees

If you have staff, discuss the importance of cybersecurity and the protection of business-related information stored on their devices. Clearly outline acceptable use policies for business information and devices to set expectations.

Consider creating a cybersecurity policy that defines how sensitive data should be handled and outlines employee responsibilities.

Stay Informed About Emerging Threats

Major cybersecurity threats are frequently reported in the news. Staying informed about these developments can help you anticipate and mitigate potential risks, keeping your business one step ahead of cybercriminals.

Make use of free resources

A range of resources is available to help you protect your business from cyber threats.

Tip

For more information on how to improve your cybersecurity, visit the Australian Cyber Security Centre (ACSC) to read their Small Business Cyber Security Guide and strategies to mitigate cyber security incidents.

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