Cyber Security for Businesses: Why It Matters and How to Stay Secure

Published on Tuesday, 31 October 2023 at 9:35:48 AM

Cyber security is the practice of protecting your technology and information from accidental or illegal access, corruption, theft, or damage. It is vital for businesses of all sizes and industries to have effective cyber-security in place to protect their business from cyber-attacks.

Cyber-attacks are malicious attempts by cyber-criminals to access, disrupt, or damage your systems, networks, devices, or data. They can have devastating impacts on your business, such as:

  • Loss of revenue and reputation
  • Legal and regulatory penalties
  • Customer dissatisfaction and churn
  • Business interruption and downtime
  • Data breach and identity theft
  • Ransomware and extortion
  • Intellectual property theft and sabotage

According to the Australian Cyber Security Centre (ACSC), cyber-crime is reported on average once every 7 minutes in Australia. The ACSC's latest Annual Cyber Threat Report found that the most common cyber threats affecting Australian businesses are phishing, malware, ransomware, data breaches, hacking, identity theft, and scams.

One of the most notable cyber-attacks in Australia was the one that hit Toyota Australia in February 2019. The attack affected the company's email and other systems and exposed 10 years' worth of data for over 2 million customers. The attack was part of a global campaign that targeted Toyota's sales subsidiaries in Japan and other countries.

To prevent such cyber-attacks from happening to your business, you need to take proactive steps to improve your cyber-security posture. On this last day in of October with Cyber Security Awareness Month coming to a close, it is an opportune time for all Australians to learn more about the importance of cyber-security and take action to protect their information and devices. It is important to remember that Cyber-Security is vital all year round and if you haven't already reviewed the cyber-security in your business, it is vital to get these safeguards in place. 

The theme for 2023 'Be cyber wise – don't compromise'. This year, the ACSC encouraged 4 simple steps to be cyber wise and significantly boost your cyber security, and these are actions businesses must continue all year round:

  1. Update your devices regularly: Turn on automatic updates for your devices and software. This ensures you have the latest security patches and fixes in place.
  2. Turn on multi-factor authentication: Add another layer of protection to your accounts by requiring something you know (such as a password or passphrase), something you have (such as a phone or token), or something you are (such as a fingerprint or face scan) to log in.
  3. Back up your important files: Safeguard your data from threats and avoid costly data recovery by having your important files backed up. You can use cloud services to backup your important date. 
  4. Use passphrases and password managers: Passphrases are passwords that use 4 or more random words. They are easier to remember and harder to crack than complex passwords. Don't compromise your accounts by re-using passwords or passphrases. Consider using a password manager to help generate or store secure and unique passphrases.

At Integrated ICT we would add a 5th step and encourage you to speak to IT professionals to help implement safeguards across your business!

By following these steps, you can reduce the risk of falling victim to cyber-crime and enhance your business resilience. Cyber-security is everyone's responsibility. Be cyber wise and don't compromise your devices and accounts.

For more information and resources on how to improve your cyber-security speak to the Integrated ICT team about Security as a Service (SecaaS) solutions for your business. Call 6374 8200 email or complete an online form.

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