Cybersecurity

Cybersecurity is the practice of protecting your computers, mobile devices, servers, networks, electronic systems, and data from malicious attacks. Cybersecurity protects your technology and information from:

  • Unauthorized or illegal access
  • Corruption
  • Theft
  • Damage

You have to safeguard any digital data that your business creates and gathers, along with any information you collect from your customers.

Anyone can be a cyber threat, not just a hacker. They can be clients you do business with who accidentally compromised your information or your business competitors who are looking to gain an advantage over your business. Threats can also come from your current or former employees who accidentally or intentionally compromised your data.



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Types of Cybersecurity Threats

The threats faced by cyber security include:

  • Cybercrimes perpetrated by single actors or groups that target systems for financial gain or to cause disruption.
  • Cyber attacks that involve politically motivated information-gathering.
  • Cyberterrorism that is designed to undermine electronic systems in order to cause panic or fear.

Hence, it is important to maintain a secure system. It is crucial to protect your business from cyber attacks and to build customer trust in your business. Every business should make cyber security a part of their daily business processes.




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Background

How Cyber Attacks Happen

Cyber criminals often look for ways to access data on your business, employees, and customers that they can exploit. This is done by:

  • Stealing or unauthorized access of your devices, such as computers and phones
  • Use of malware, such as viruses, ransomware, and spyware
  • Website attacks
  • Targeting third-party systems
  • Spamming with emails containing malware
  • Phishing

Once the cybercriminals have your information, they can then perform other illegal activities using your data or steal from your business directly.

Cybercriminals usually target customer records and personal information, emails, financial records, business and marketing plans, intellectual property, product design, patent applications, and employee records.




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How Cyber Attacks Affect Your Business

Cyber attacks are dangerous not only for individuals, but for businesses as well. According to a report by the Australian Cyber Security Centre, 90% of businesses and ­departments have been targeted for industrial espionage, hacking or security breaches. In fact, cybercrime costs the Australian economy more than $1 billion annually.

A successful cyber attack can cause:

  • Financial loss – Theft of money and information; disruption to business
  • Business loss – Damage to your reputation and third-party companies you rely on to do business
  • Costs – Damage control and getting your affected systems back up and running
  • Investment loss – Time lost in notifying the relevant authorities about the incident

Cyber Security Tips for Businesses

How can businesses guard against cyber threats? Here are some cyber safety tips:

  1. Update your software and operating system so you can benefit from the latest security patches.
  2. Use anti-virus software for your devices.
  3. Use strong passwords
  4. Do not open email attachments from unknown senders
  5. Do not click on links in emails from unknown senders or unfamiliar websites.
  6. Do not use public WiFi networks.
  7. Educate your employees and staff about your cybersecurity strategy.



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“This project is funded by the Australian Government Department of Industry, Science, Energy and Resources through the Cyber Security Business Connect and Protect Program.”