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BizPay | Cyber security tips for Business Owners

16 Ways To Protect Your Business From Cyber Attacks

Cyber security is no laughing matter, with Australian businesses losing more than $850 million to scammers, including $128 million in loss due to payment redirection scams. No particular company or industry is safer than the other.

At BizPay, we take cyber security very seriously and utilise secure technologies to ensure your data is safe and that our customers have peace of mind when transacting with us.

The Australian Cyber Security Centre’s (ACSC) Annual Cyber Threat Report showed that 67,500 cyberattacks were reported in 2021. This is an increase of over 13% than the previous financial year, with a staggering financial loss of more than AUD33 billion. It is no wonder why cyber security is quickly becoming the most talked about subject amongst business owners.

With this push to invest in cyber security, some businesses struggle to justify the significant expense that this investment can bring and the amount of time it can take to implement. A great place to start your journey is to educate your employees, who are often the easiest targets for attackers. Employee training is a great initiative to strengthen your employee’s cyber security awareness, thereby saving you from data breaches and financial loss.

1. Watch out for scam emails.

Known as Phishing, where a hacker pretends to be someone else in an email to steal credentials and information from the organisation.

2. Update your passwords.

Ensure your employees are using strong passwords and have multi-factor authentication (MFA) set up where possible.

3. Keep your software updated.

Also known as Patching, software updates often address security vulnerabilities in your software. If left unpatched, organisations risk having attackers exploit these vulnerabilities. Conducting patching regularly is a simple yet effective way to improve security across your software stack.

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There are many types of cyberattacks that businesses should be aware of, from Ransomware, Data breaches, Credit fraud, Tech support scams and more. Small Business Connections reported on different ways you can protect your business from cyberattacks:

  1. Invest in personnel and security awareness training
  2. Practice good password hygiene and implement MFA where possible
  3. Utilise a firewall and antivirus software
  4. Use a Virtual Private Network (VPN)
  5. Keep software up-to-date
  6. Have anti-fraud measures in place
  7. Run penetration tests
  8. Encrypt email and messages
  9. Implement HTTPS
  10. Back up data
  11. Use mobile device management
  12. Consider a hosted virtual desktop
  13. Implement network access control tools
  14. Use data loss prevention software
  15. Tighten physical security
  16. Consider cyber insurance

Don’t know where to start? There are many resources out there for your business to use which can help guide you through your cyber security journey. The Australian Cyber Security Centre has developed a Cyber Security Assessment Tool for businesses to help you identify what your business is doing well and where your business can improve when it comes to cyber security.

 

BizPay

Written by BizPay

BizPay is a seamless technology platform that solves cash flow challenges associated with paying business invoices. The company was founded to help businesses grow better by enabling them to use top suppliers and professional service providers. Frictionless, transparent and affordable, innovative payment products allow businesses: to split bills into 4 easy instalments and/or receive full invoice payment in 24 hours to grow their businesses without being constrained by cash flow.