Are Australian SMBs adopting an all or nothing approach to Cyber Security adoption?

In recent years, cyber attacks have become an increasingly common threat to businesses in Australia, with small and medium businesses being particularly vulnerable. The state of cyber security in Australia is a growing concern, especially for businesses that are trying to keep up with rapidly evolving threats. 

Small and medium businesses (SMBs) are often seen as easy targets for cybercriminals due to their perceived lack of investment in cybersecurity. According to a report by the Australian Cyber Security Centre, 43% of all cyber incidents reported in 2020 affected SMBs. These attacks can be costly, with the average cost of a cyber attack on an Australian business being around $276,323. 

One reason why SMBs are vulnerable is that many of them are overwhelmed by the sheer complexity of cybersecurity. There are numerous threats to consider, ranging from ransomware and phishing attacks to malware and social engineering tactics. With limited resources, it can be difficult for businesses to identify the most significant risks and implement the right controls to mitigate them. 

At the other end of the spectrum, some SMBs try to do too much at once when it comes to cybersecurity. They may invest in a range of tools and services, such as firewalls, antivirus software, and intrusion detection systems, without having a clear understanding of how they all fit together. This approach can be both costly and ineffective, with the risk of gaps in security coverage and duplicated effort. 

This is where mcrIT can be of service – we help SMBs to navigate the complex world of cybersecurity. We provide advice and guidance on the most critical risks, help businesses understand the gaps in their security posture, and recommend the right solutions to address those gaps. 

We help businesses identify the most significant risks by conducting a security risk assessment. This process involves reviewing the business’s existing security controls, assessing their effectiveness, and identifying any gaps or weaknesses. The results of the assessment can then be used to develop a cybersecurity roadmap, outlining the most critical areas for improvement and the recommended solutions. 

One of the key benefits of working with mcrIT is that we can help businesses avoid the pitfalls of trying to do too much at once. By taking a phased approach to security improvement, using the ASD Essential Eight mitigation strategies as a guide, we help businesses prioritise their investments and implement the right solutions in a logical sequence. This can help to ensure that the business gets the most value from its cybersecurity investment, without overspending on unnecessary tools and services. 

If you’re unsure of where to start, reach out to our team today.