MYTH: My Business is Too Small to be Targeted by Hackers

When scanning news articles for cybersecurity updates, we often see big companies and well-known brands named as targets of data breaches and other forms of security compromise. It’s easy to be lulled into a false sense of security that your business is too small to be of interest to cyber criminals.

This can be a dangerous mindset as many criminals specifically target small businesses for the following reasons:

• Under-protected systems are more common in smaller businesses by underestimating cyber threats and the benefits of investing in proactive and responsive security maintenance and procedures.

• Australia’s 2.5 million small businesses generate more than $500 billion to our economy annually (Australian Government, 2024). Cyber criminals would be neglecting the opportunity for extensive earnings by only targeting large companies.

• Management and staff are uninformed on existing and emerging threats, increasing the risk of falling victim to social engineering scams (such as email phishing).

• Smaller businesses may not have an emergency plan to address cyber security incidents when they occur. Without a plan, it will take longer to secure your systems, determine what was compromised, and identify your reporting requirements. This delay will likely result in further loss of data, money and reputation.

  For example; If an email impersonating a trusted supplier is received by a staff member without cybersecurity training, they may not know how to identify warning signs of a scam or how to report them.

In 2023-24, the average small business self-reported cost per incident reported was $49,600 (Australian Signals Directorate, 2024). Imagine if you were facing a security incident, how would the loss of around $50,000 and impact to your reputation affect your cash flow and business longevity?

Don’t know where to start when it comes to protecting your small business?

The Australian Signals Directorate provides a handy cyber security check list designed for the needs of small businesses, available here.

Our Defy IT team is highly capable and ready to assist in proactively protecting your systems across businesses large or small. Reach us on (07) 3521 8515, or visit here to submit an enquiry to get in touch with our friendly team today for a comprehensive review and solutions tailored to your business.

References:

Australian Government. (2024). Budget 2024-25: Delivering a Better Deal for Small Businesses. Budget Archive. https://archive.budget.gov.au/2024-25/factsheets/download/factsheet-sml-bus.pdf

Australian Signals Directorate. (2024). Annual Cyber Threat Report 2023-2024. Australian Cyber Security Centre. https://www.cyber.gov.au/about-us/view-all-content/reports-and-statistics/annual-cyber-threat-report-2023-2024