This year the biggest threat to businesses of all sizes are cyber security incidents. It is estimated this will cost the world economy some $2 TRILLION dollars in 2020!

It’s not uncommon to hear about a couple of these incidents a week at the moment impacting innocent but vulnerable victims. Ransomware attacks have been steadily increasing causing major disruption, loss of revenue and embarrassment to businesses that do not have preventative measures in place to combat such attacks.

If your business is regulated by the Privacy Act 1988, depending on the data that has been breached, your business is required by law to report these types of attacks to the Office of Australian Information Commissioner (OAIC) and your clients .

To avoid these types of incidents businesses should be creating a cyber security strategy to help prevent these attacks protect themselves. The Australian Cyber Security Centre has provided a number of areas that your strategy should focus on:

Key Threat Areas

  • Malicious Software (Malware)
  • Scam Emails (Phishing)
  • Ransomware

Software Considerations

  • Automatic Updates
  • Automatic Backups

Other Areas

  • Multi-factor Authentication
  • Identity Protection
  • Pass-phrases instead of passwords
  • System Access Control
  • Employee Training

These areas of focus are not new to the IT industry and there are a number of tools available and procedures readily available to assist you. Unfortunately, businesses with the mentality “it won’t happen to me”, are making themselves prone to these attacks. Don’t get caught out!