Why SMBs that don’t have a plan to stop cyber crime are more vulnerable than ever

Cybercrime is a real threat to small business in Australia today, with 516,380 businesses falling victim to attacks in 2017 alone.

Despite this, more than half of SMBs in our country are unprepared for a cyber attack. 

This makes small businesses extremely vulnerable to attack, and the consequences of not being prepared can be devastating.

Types of cybercrime that can impact SMBs

  • Phishing: This is where an email or website that looks genuine (like a bank statement, electricity bill etc) gets you to enter your username and password. This information is then stolen so the attacker can access the real account.
  • Identity theft: When a cyber criminal farms enough data about a person or organisation through unauthorised access to your systems, they can take on your persona in the digital world and rack up enormous bills and expenses.
  • Ransomware: This is a form of malware that will lock down your systems. The attacker will not release your system until a ransom is paid, costing you money and downtime.
  • DDoS attacks: Essentially, this is where an attacker launches a flood of requests to a server that causes it to shut down. It is a similar concept to ticket sites shutting down during high demand periods for sport or music events, except it is focused and calculated.

What can happen if you do not have a plan 

There are major consequences for SMBs that do not have a plan to prevent cyber attacks. A survey conducted in 2017 revealed that only 20 percent of SMBs feel that their business is ‘very well’ protected from potential harm.

The numbers are sobering considering the ramifications of not being protected. The average cost to an SMB impacted by a ransomware attack is $4677, but this number is dwarfed by the consequences of a full-scale cyber attack.

SMBs suffer 25 hours or more of downtime on average when hit by cyber attacks while the total average cost to a medium business is $1.9 million.

How EMPR Solutions can help

Setting up a plan to prevent cybercrime is an involved process. It means setting up anti-virus and anti-malware software, authenticating your data so only approved users can access it and setting up encryption so data is useless to attackers without the means to decrypt it.

There is also a human element to staying protection, like properly training staff (it only takes one person to be duped for a cyber criminal to gain access to your systems), and setting up proper password protection and locking mechanisms on your hardware and devices.

EMPR Solutions can provide you with a detailed plan to protect your business and your company data. Contact us today and we can help set up your plan to prevent cybercrime.

Get a free assessment or learn how our in-house experts can help optimise your workplace with custom tailored solutions on 1300 289 867 (AU) or 0508 278 769 (NZ). Alternatively, send us an email or visit our website.

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