Being a business owner means you’re constantly on the go, managing everything from finances to customer outreach. With so much to handle, cyber security can easily be
sidelined. Yet neglecting it can be devastating.
Much like getting your head around your financials, understanding cyber security will not
only increase your defences, but can also enhance your competitive advantage.
In this article, we explore why it’s important for all business owners, new and experienced, to
understand cyber security.
Understanding the Importance of Cyber Security
Whilst we hear regularly about large cyber attacks on major businesses, the attacks on small businesses can be even more destructive. The average cost of a cyber attack on a small business is $46,000 per incident. This is a significant cost for any small business – particularly if it’s a new business.
It highlights that the importance of cyber security cannot be overstated. The top three reasons for understanding cyber security include:
1. Protecting Sensitive Information: All businesses handle various types of sensitive
information, including customer data, financial records, and proprietary information.
Cyber criminals are constantly searching for vulnerabilities to exploit and steal this
data. Safeguarding it is essential to prevent data breaches and maintain privacy.
2. Ensuring Business Continuity: A cyber attack can severely disrupt your
operations, causing downtime that can be costly for any business. For smaller
businesses, where every moment and transaction count, such disruptions can be particularly damaging. Proactive cyber security measures ensure that your business
can continue to operate smoothly even in the face of potential threats.
3. Building Trust: Customers and partners expect their information to be protected. By
demonstrating cyber security practices, you enhance your reputation and build trust
with your stakeholders. This not only helps in retaining current customers but also
attracts new ones who value security.
Where to Start When it Comes to Cyber Security
Getting started with cyber security can seem daunting, but breaking it down into manageable steps can make the process more approachable.
Here are key areas to focus on:
1. Cyber Awareness Training Processes:
- Educate Yourself: Participate in regular training sessions to educate yourself
about cyber security best practices. This can help you recognise phishing
attempts and other common attacks. Our partner Jam Cyber has Free
Training for NSEA participants! Find out more here: https://jamcyber.com/nsea/ - Clear Policies & Procedures: Implement a clear cyber security policy that
outlines the do’s and don’ts for using company devices. Even if you’re a sole operator, having these baseline policies in place can help set best practices for when your business grows and takes on more employees. You can get free basic policies here: https://jamcyber.com/nsea/
2. Know the Threats:
- Understand Common Threats: Familiarise yourself with common cyber threats such as phishing, ransomware, and malware. Knowing how these threats operate can help you recognise and avoid them. Our partner Jam Cyber has information here about the most common threats:
https://jamcyber.com/discover/risks-for-business/cyber-threats/
3. Best Practices for Cyber Hygiene:
- Strong Passwords: Use complex passwords and change them regularly. A password manager can help you keep track of them securely.
- Regular Updates: Ensure that all software, including operating systems and
applications, are updated regularly. These updates often include patches for
security vulnerabilities. - Backup Data: Regularly back up your data to secure, off-site locations. This
ensures that you can recover your information in case of a cyber incident.
Starting with these steps will lay a solid foundation for protecting your business against cyber
threats. If you need help implementing cyber security for your business, we have a special opportunity for all NSEA participants. Find out more here: https://jamcyber.com/nsea/
Leveraging Free Resources to Enhance Your Cyber Security Knowledge
There are numerous resources available that can help you protect your business – and they are free!
1. Online Cyber Security Awareness Training:
Jam Cyber Free Training: Our partner, Jam Cyber, offers free training sessions for participants of the NSEA program. These sessions are designed to educate you and your team about the latest cyber security threats and how to mitigate them. This is an excellent opportunity to gain practical knowledge without any cost. Find out more here: Jam Cyber Free Training.
2. Government Resources:
Australian Cyber Security Centre (ACSC): The ACSC provides comprehensive resources and guides tailored for small businesses. Their Small Business Cyber Security Guide is an excellent starting point, offering practical advice and strategies to enhance your cyber security.
3. Professional Advice and Support:
Jam Cyber NSEA Forever Free Program: Jam Cyber offers a range of free cyber security initiatives for NSEA members. This includes select policies and procedures for small businesses, as well as newsletters, resources, and updated training materials to help you keep your cyber security knowledge current. Register here: https://jamcyber.com/nsea/
By leveraging these resources, you will increase your cyber security knowledge and begin to build a framework for your business.
If you need further assistance or want to learn more about how Jam Cyber can support your cyber security efforts, don’t hesitate to reach out. Your mentors can provide additional advice
about protecting your business so you can confidently grow.
