- Changes to overseas working holiday tax
- Employment and the 457 visa
- Exciting new service offering at YML!
- Right Corporate Structuring
- Stamp Duty
- Annual Wage Review
- Interest Only Loans
- GOVERNMENT ANNOUNCES CHANGES TO THE WORKING HOLIDAY VISA MAKER PROGRAM
- Six Things that Can Keep a Business from Growing
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- How The Cloud and Automation Make Business Management Easier
- Avoiding the Wealth Creation Con Artists
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- Buying Property? Why You Should Care About Interest Rates
- Buying property through SMSF – what are the rules?
- 4 reasons to consider refinancing your home loan
- Big data for small business
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- 5 Top Causes Of Stress for Small Business Owners Open page Preview for 5 Top Causes Of Stress for Small Business Owners
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- Carry forward your unused Concessional Contributions
- 2015 Federal Budget Report
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- Prepaying Interest
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- Small Business Cyber Security
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Small Business Cyber SecurityDid you know that 43% of cyber-attacks target small businesses? A study* across 86 countries and over 41,000 cyber-attacks determined this to be true. So what can you do about protecting your small business, your customers and your reputation from a hacker determined to steal your business data?
First, it’s important to remember that cyber security risks exist but you also want your business to benefit from the online world to broaden your reach, expand your clientele and utilise distant third-party suppliers, so make sure you draft – and put in to action – a responsible cyber security plan.
Next, let’s look at these tools and processes to help you in safeguarding your business data and then make them part of your cyber security plan:
|There is a myriad of software available that can be uploaded on to your server to help prevent infection from malware (software sent to you that may infiltrate or damage your data) and from viruses, as well as provide filters for spam and spyware. A reputable software provider can assist you with finding the best-for-your-business software tool to install.|
|When your customers use your website to order products and/or services online, your business is responsible for detecting fraudulent transactions and for paying any costs related to fraud. In order to protect your customers and your business, consider using machine learning, whereby fraud prevention is automated. In addition, relying on your payment gateway provider is worth considering as artificial intelligence used by them will likely help your business too.|
|a. Educating employees is key to internal security measures. Start by collating a record of all device information (hardware and software), passwords and access codes. Train your employees to use computer equipment correctly and to navigate online safely. Remind them that the use of an external hard drive, even a personal USB, is a risk to cyber security as malware can inadvertently upload on to your business server.|
|b. Change passwords frequently, ideally marking a regular day or date in your cyber security plan.|
|4.||Data Storage / Encryption|
|Data back-up is a process that is essential for anyone using a computer. This is one of the easiest ways to make certain that your business data is safely stored elsewhere, enabling you to still access stolen data if it is illegally accessed. Regular decluttering of data will help to ensure that only data necessary for the day-to-day is kept on your server and devices. Consider external cloud storage and external hard drives held off-site. In addition, encryption of data is a tool that will convert data in to secret code before it travels online, making it near impossible to be accessed by hackers.|
|Small business management and their IT department should remain vigilant to cyber threats by keeping up-to-date with the latest online scams and security risks. You can subscribe to service providers whose job it is to alert you to cyber security concerns.|
A single attack successfully executed by an unwarranted perpetrator, either internally or externally, can wreak havoc on your business, potentially disrupting your customers, your employees and the business itself. The financial ramifications of not protecting your online transactions and your business data could be disastrous.
Avoid being one of the many small businesses attacked from cyberspace by formulating and implementing your own business cyber security plan today.
*Verizon 2019 Data Breach Investigations Report (DBIR)
How can YML help?
Talk to our YML Innovation Team today to see how YML Group can assist you with your cyber security. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.