Cybersecurity for Small Business: Why It’s Time to Take It Seriously
In today’s digital world, cybersecurity is no longer just an IT issue, it’s a business survival issue. For small businesses, the stakes are high. A single cyberattack can lead to financial loss, reputational damage, and even legal consequences. Yet, many businesses still believe they’re “too small” to be targeted. Unfortunately, every year we see several small business clients being affected by various cyber security issues.
Why Small Businesses Are at Risk
Cybercriminals know that small businesses typically lack the resources and expertise to implement robust security measures. This makes them prime targets for:
- Phishing attacks: Fake emails designed to trick staff into revealing passwords or financial information.
- Impersonation scams: Criminals impersonating the ATO, ASIC or someone else and fraudulently asking for money.
- Ransomware: Malicious software that locks your data until a ransom is paid.
- Data breaches: Unauthorised access to sensitive customer or business data.
What You Can Do – Practical Steps
The following government resources are available:
- Australian Cyber Security Centre, Essential Eight, 2023
- Australian Securities & Investments Commission, ASIC warns small businesses to be on high alert for scams, 22 October 2024.
Some other practical tips includes:
- Train Your Team: Human error is the biggest cybersecurity risk. Regular training on how to spot phishing emails and use strong passwords can go a long way.
- Use Multi-Factor Authentication (MFA): MFA adds an extra layer of protection by requiring a second form of identification before logging in.
- Keep Software Updated: Outdated software is a common entry point for hackers. Enable automatic updates wherever possible.
- Back Up Your Data: Regular backups, stored securely and offsite, can save your business if ransomware strikes.
- Ensure you have cyber insurance
If a breach does occur, having cyber insurance may help you manage and navigate the financial impacts.
If you’re unsure where to start, reach out to a trusted advisor or IT provider.
The Macro Group is here to help you navigate the complexities of running a business including the digital ones.
Date: 23/09/2025
The Macro Group Limited AFSL:485843 Tax Agent Number 24 76 5236.
The information in this article contains general information only. We have not taken into consideration any of your personal objectives, financial situation or needs. Before taking any action, you should consider whether the general advice contained in this communication is appropriate to you having regard to your circumstances and needs, and seek appropriate professional advice if you think you need it. We recommend that you consult a licensed or authorised financial adviser if you require financial advice that takes into account your personal circumstances.