Did you know that over 43% of cyber crime is targeted toward small businesses and organisations?
Given that the average security breach can cost a business upwards of $36,000, it’s important to be vigilant, be aware, and to lock your digital door.
While it’s common to assume that cybercriminals only seek out large organisations and large paydays, attacks on small businesses continue to rise. In fact, small businesses and organisations make up 43% of cybercrime victims, and the average cost of these breaches are between $36,000 and $50,000.
In 2019, 1 in 3 Australians were affected by cybercrime, and of the small businesses which experience a breach, 22% of them were unable to continue operations. This blow to the economy, and our back pockets, is why it’s important to be vigilant, aware, and keep security front of mind.
Why is cybersecurity so important?
Your business is only as secure as its weakest link, so it’s important to ensure your entire organisation understands how to remain secure, and how to spot any potential threats. Small business cyber attacks can actually be extremely lucrative for criminals, as they don’t require sophisticated tools or processes to make a breach, as small businesses are generally less secure and more vulnerable to an attack.
Cyber attacks can put your money, data, and IT equipment at risk. A significant amount of damage can be done if a hacker gains access to client and staff information, credit card information, banking details, product designs, and manufacturing processes. Not only does a hacker pose a risk to your business, but they can use you as a stepping stone into accessing other people or businesses within your networks. The knock on effect of such can cause both financial and emotional damage to you and those around you. Coupled with this, the reputational damage a brand can incur from a cybersecurity attack can be devastating.
What are the most common cybersecurity breaches?
The most common types of attacks are malware and phishing, which are both often sent from what looks like a legitimate source.
We’ve all received an email at least once from a royal prince in a far-away land claiming to have millions of dollars for us. Most of us can spot a fraudulent email such as this from a mile away. However, emails often provide the first breach of security because they are widely used to send invoices, banking details, and personal information. Cyber criminals have made advancements in the way they craft and deliver an email, where those who are less informed can easily fall for the trap. The tell-tale signs of an attempted cyberattack are misspelled words, uncommon phrasing, or requests from the sender to provide information or perform an action which is not commonly asked of you.
Password breaches also make up over 80% of hacking incidents. For many people, there’s so many passwords for so many programs and applications today, they become complacent and reuse passwords. For a cybercriminal, this is one of the easiest ways to gain access to a multitude of information and data.
If you would like to learn more about cybersecurity and how GippsTech can help you stay safe online and keep your information secure, contact us for a free 30 minute consultation.
We are here to help.
Software Development Consultant - GippsTech
Elena Kelareva is the founder of GippsTech, a Warragul-based software and web development agency with the mission of growing regional startup and tech ecosystems. Since starting GippsTech in March 2017, Elena cofounded Binary Shift, Gippsland’s first tech and startup conference, ran several tech training events for businesses, and started running regular tech and entrepreneurship meetups in Warragul and Traralgon. Prior to founding GippsTech, she worked for Google, leading product strategy for the team that makes it possible to put a Google Map on your website. She has a PhD in Computer Science from ANU, a Bachelor of Science from the University of Melbourne, and was a lecturer in Advanced Theoretical Computer Science at the University of Melbourne in 2017.