How Mid-Sized Businesses Can Address Cybersecurity Challenges

How SMBs can Address Cybersecurity Challenges

According to a recent survey, 60% of medium sized businesses in Australia across all sectors are at risk of cyber attack, and the number rises to more than 80% for organisations in the finance and insurance sector. A recent report from the Australian Signals Directorate, found that medium sized businesses are increasingly at risk of cyber threats.

What makes small to medium businesses (SMBs) such targets for cyber attacks?

At 9Yards we’ve helped many businesses in banking, financial and other sectors on their journey to digital transformation. That experience and the advice and solutions we’ve been able to provide have given us some insights about the cybersecurity challenges that SMBs face. In this blog, we identify some common cybersecurity challenges and offer some suggestions for addressing them.

Limited Cybersecurity Budgets

Lack of funding is a reality. Budgets are not infinite but you can certainly optimise whatever funds you have access with these approaches:

1. Prioritise Essential Cybersecurity Measures
   If you’re grappling with a tight budget and an ever-changing cyber threat landscape, focus first on implementing the most critical security controls. Start with the basics: multi-factor authentication (MFA), regular software updates, and data backups. These measures alone provide a solid foundation for protecting your organisation’s sensitive information without breaking the bank.
2. Include Cybersecurity in your Budget Planning
   It may seem obvious, but… it’s essential to include cybersecurity as its own item in annual budget planning. Make it visible, and avoid hiding it in other costs like IT. Instead, acknowledge that managing cybersecurity is a key part of your business strategy. Allocating funds for software updates, staff training, and ongoing security measures will ensure that cybersecurity isn’t an afterthought – and help you stay ahead of potential threats.

Lack of Cybersecurity Expertise

Cyber skills are specialist skills. We often see that smaller and mid-sized businesses are missing in-house cybersecurity expertise.

1. Partner with Cybersecurity Experts
   An effective way to fill this cybersecurity skills gap is to partner with cybersecurity consultants or firms like 9Yards. Digital transformation and security experts can perform periodic assessments, offer guidance about best practice, and help your teams to implement effective security measures. Outsourcing this expertise allows your organisation to benefit from expert cybersecurity support without needing to hire full-time specialists.
2. Use Online Cyber Learning Resources
   There’s a wealth of online cybersecurity courses, webinars, and community forums available. These cost-effective resources will help you stay informed about the latest cyber threats, cybersecurity trends and best practices.

Outdated Security Measures

A very common challenge for small and medium sized companies is how to keep up with the changing threat landscape, by updating security measures. Foundational practices like audits and regular monitoring are an excellent starting point.

1. Conduct Regular Audits
   Regular security audits can identify these weak points, allowing businesses to prioritise updates and upgrades. Keeping systems current is key to defending against new threats.
2. Monitor and Adapt
   The cybersecurity landscape is constantly changing. Stay ahead of changes by monitoring the threat environment and adapt your security measures in response. This dynamic approach ensures that your system defences evolve to meet emerging threats.

Employee Cybersecurity Training and Awareness

Reports from governments and industry show that more than 70% of attacks, including data breaches, are the result of human error.

1. Ongoing Cybersecurity Training Programs
   Employee cybersecurity training shouldn’t be a one-time event. Develop and implement ongoing cybersecurity training sessions that focus on critical areas like phishing prevention, password security, and safe internet practices. Regular reinforcement with mandatory regular refresher training modules helps ensure that security remains a top priority for all employees.
2. Empower Employees to become Cyber-aware
   Create a culture where employees understand that everybody in the business is responsible for cybersecurity. A ‘no blame, no shame’ culture will encourage employees to report quickly, whether they have clicked that link or not. Encouraging this mindset fosters a proactive approach to cybersecurity across the organisation.

A Note About the Increase in Phishing Attacks

Phishing attacks are on the rise, making advanced email filtering and anti-phishing solutions more important than ever. These cybersecurity best practices for small businesses can significantly reduce the likelihood that phishing emails will reach the inboxes of your employees – and decrease the risk of a successful attack.

Have a clear, well-communicated cyber attack incident response plan as part of your cybersecurity strategy. Employees should know exactly what steps to take if they fall victim to a phishing attempt.

A well-prepared response can reduce the damage and help prevent future attacks through lessons learned.

9Yards Can Help You Meet the Cybersecurity Challenge

Is your small or medium sized business worried about cyber threats? Contact 9Yards and talk to one of our cybersecurity experts for an assessment of your risks, and how to protect yourself.