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As the world becomes more digitised, sensitive data is left more vulnerable than ever. The increased exposure of identity information due to increased remote working since 2020 has caused a boom in information theft. The average loss to companies due to business email compromise has increased to more than $50,600 in Australia. This compromise of identity information can lead to other infrastructures of a company being destroyed. When organisations have been exposed to a data breach, their integrity and client trust is lost. It’s crucial to have cyber security oversight, no matter the size of a company.

Remediating cyber-attacks is financially costly for SMBs

Small to medium businesses (SMBs) in Australia are especially at risk without cyber security oversight. Cybercriminals are aware that SMBs often have less cyber security protection due to financial costs. This makes them vulnerable to simpler forms of cyberattacks that are cheap to execute. The lack of cyber security resources and planning to protect and respond against such attacks leads to greater financial damage as remediating cyberattacks is costly.

A study done by the University of New South Wales found that social engineering is amongst the most common forms of cyber-attacks. The study also found, that in 2021, cybercrime cost the Australian economy $42 billion with over 67,500 reported cybercrimes. As typically only about 20% of cybercrimes are estimated to be reported, this number is expected to have been greater than 300,000. For SMBs to avoid bearing the brunt of financial costs, it is a good idea to implement and strengthen your cyber security plan sooner rather than later.

How can I stay secure?

Some measures to keep your business secure include: 

• Implement prevention-based security solutions
• Seek out cyber security measurements and advice from the experts
• Provide comprehensive and current cyber security training and education to your employees
• Pay particular attention to enhancing protection for your critical systems and services
• Promote a cyber security conscious culture

Where do I get started? 

Contact CyberUnlocked today for our cyber security experts to help you with protecting your business.