Cybersecurity Awareness Month: Essential Strategies for Small Businesses

October is Cybersecurity Awareness Month, a timely reminder for small business owners to evaluate and enhance their defenses against the ever-evolving landscape of cyber threats. With cybercrime on the rise both in Australia and globally, small businesses are increasingly becoming prime targets for cybercriminals. As Mark Knowles, General Manager of Security Assurance at Xero, aptly states, “Small and medium businesses are under increased attack because cybercriminals see them as a vulnerable target. They expect small businesses won’t invest a whole lot of time in thinking about how to protect themselves.”

Fortunately, even minor adjustments in daily operations can significantly bolster your cybersecurity posture. Here are practical strategies that can help safeguard your business not just during Cybersecurity Awareness Month, but throughout the year.

1. Strengthen Your First Line of Defence

Phishing remains one of the most prevalent methods cybercriminals use to infiltrate businesses. These attacks often trick recipients into clicking malicious links or divulging sensitive information. Knowles emphasizes that phishing attacks are becoming increasingly sophisticated, with new variants like ‘vishing’ (voicemail phishing) and ‘smishing’ (SMS phishing) emerging.

To mitigate these risks, Knowles advises taking a moment to scrutinize emails and messages before acting on them. “Take 10 or 15 seconds longer to read the email or text message properly. That small amount of time could save your company,” he suggests. This simple habit can help you avoid falling victim to scams that could have devastating financial consequences.

2. Prepare for AI-Powered Threats Like Deepfakes

The rapid advancement of artificial intelligence (AI) has introduced new challenges in cybersecurity. Deepfake technology, which can convincingly manipulate audio and video, is already being exploited by cybercriminals. Knowles cites a troubling incident in Hong Kong where a finance worker was duped into transferring $25 million during a video conference with deepfake participants posing as executives.

As AI continues to evolve, the lines between legitimate communications and scams are becoming increasingly blurred. Knowles recommends having a reliable IT support contact readily available. “Go and find someone who can be an IT support for you, and keep their number written down on a piece of paper you can easily find,” he advises. This proactive approach ensures you have immediate access to assistance if you suspect a scam.

3. Encourage a Team Culture That Celebrates Cybersecurity

Creating a culture of cybersecurity awareness within your team is vital. Whether you have a small group of employees or are running the business solo, investing in collective knowledge can pay dividends. Knowles suggests starting with simple initiatives, such as discussing phishing emails and identifying red flags together.

Additionally, forming community support networks can be beneficial. “Set up a chat group with other local businesses to share experiences,” Knowles recommends. Regular meetings can foster open discussions about the types of attacks being encountered, helping to demystify the issue and create a support system for when cyber threats arise.

4. Have an Incident-Response Plan Ready

While many small businesses may lack the resources for dedicated IT teams, having an incident-response plan is crucial. Knowles stresses the importance of having key contact numbers—such as your IT support or local law enforcement—written down and easily accessible. In the event of a ransomware attack, for example, you may find yourself locked out of your systems and unable to retrieve vital information.

Implementing a ‘safe word’ for trusted contacts can also enhance security. “Set up a safe word for your company’s trusted contacts and employees, so that when someone is messaging you, you can verify who they are,” Knowles suggests. This simple measure can help prevent unauthorized access and ensure that communications are legitimate.

5. Don’t Let Embarrassment Be Your Downfall

Cybercriminals often rely on the embarrassment of their victims to prevent them from reporting scams. Knowles warns that this can lead to further exploitation. “If they can embarrass you, they will come back and steal more and more from you,” he says.

It’s essential to overcome any stigma associated with reporting cyber incidents. If you realize you’ve been targeted, don’t hesitate to contact your bank or the police. “Make use of your community rather than being anxious about it,” Knowles advises. The sooner you seek help, the quicker you can address the problem and mitigate potential damage.

Conclusion

As Cybersecurity Awareness Month unfolds, it serves as a crucial reminder for small business owners to prioritize their cybersecurity measures. By implementing these practical strategies, you can significantly enhance your defenses against cyber threats. Remember, cybersecurity is not just a one-time effort but an ongoing commitment that requires vigilance, education, and community support. By fostering a culture of awareness and preparedness, you can protect your business and focus on what you love—growing and thriving in your industry.

For more resources and support, consider exploring Xero’s accounting software, which is trusted by over 4 million subscribers. Visit Xero to learn more.