The cost of not prioritising your business’ security

In this day of digital technology, prioritising your business’ cybersecurity is non-negotiable. However, start-ups and small to medium businesses continue to put their security systems on the back burner.

Research shows, 51% of start-ups do not even have a security system in place. Small businesses spend little on their cybersecurity, with almost half (48%) spending $500 or less on security systems per year.

Further, when it comes to cutting business costs – only 22% of Australian businesses keep their cybersecurity investments.

But what is the real cost of under-investing – or not investing at all – in your business’ cybersecurity?

Between 2022-2023, the average cost of cybercrime per report, according to the ASD increased by 14%.

• Large businesses paid an average of $71,600 per report
• Medium businesses paid an average of $97,200 per report
• Small businesses paid an average of $46,000 per report

Not investing enough - or not at all - leaves a business significantly more vulnerable to cyberattacks. Moreover, while businesses may choose to not prioritise security, hackers are constantly at work, and improving their methods. Cybercrime continues to be an extremely lucrative business, and it is only growing in Australia.

The Australian Competition and Consumer Commission (2020) found that Australians reported losing over $634m to scams in 2019. Even this number is an underestimation, due to under-reporting by individuals and organisations.

With such facts, in a world where cybercrime is costing and occurring more at a more rapid rate, businesses should not be underinvesting in their cybersecurity, but unfortunately, this is the case.

Big brands lose millions in breaches – but so do small businesses

The only breaches we tend to remember are when the big brands are the victims. In one example alone The Iconic was breached through credential stuffing, resulting in affected customers losing up to $1000 each. Football Australia suffered a data breach after leaving security keys to a database openly accessible. This database contained personal details of ticket buyers, and documents and contracts belonging to players, amongst other sensitive information.

However, just because only big brand breaches make the headlines, this doesn’t mean cybercriminals aren’t actively hacking smaller businesses. Small businesses often are more attractive targets than larger businesses, as they have weaker security systems in place.

According to the ASD, between 2022-2023, the majority of cybercrime reports were from small businesses.

As mentioned earlier, hackers are constantly at work and various factors contribute to the continued sophistication of their methods. The rise of technology such as AI means that the methods of hackers have become more sophisticated, and trends like remote working also give hackers more opportunities to breach your sensitive information. This is not to mention the political, and economic events hackers use to make convincing phishing scams. And that’s not even half of the factors that have empowered hackers and made their methods easier. With such advancements, all businesses must continue to invest in security systems and training.

How do you know where your business’ cybersecurity stands?

The best way to know where to begin when it comes to your business’ cybersecurity is by conducting a penetration test (Pen Test). A Pen Test evaluates the strength of your security infrastructure by conducting authorised simulated cyber-attacks. Conducting a Pen Test is best done when it is conducted by an IT provider, who can identify areas of improvement and address them appropriately.

Don’t let your business’ cybersecurity fall behind – leave it to the experts

At Dynamic Business Technologies, we are an Australian IT provider that crafts innovative and tailored IT solutions with cutting-edge technology. Amongst our comprehensive services is building robust cybersecurity infrastructure for our national and international clients.

Our team of qualified and experienced technicians has years of technical experience in various areas of IT. This means that your security infrastructure is seen from multiple perspectives so that the solution provided is holistic, robust, and tailored to your business.

Don’t accept risks when it comes to your business security and data. Contact us to put your cybersecurity in the hands of the professionals.

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