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Cyber Security for Australian Businesses

Cyber Security for Australian Businesses – Staying Safe in the Digital Age

From invoice scams to ransomware, cyber threats are no longer just an IT issue — they’re a business risk with real financial consequences. For Australian businesses, especially Small & Medium Enterprises (SMEs), the rise in cloud computing and remote work has delivered flexibility and efficiency, but it’s also opened the door to sophisticated cybercrime. And with the average cost of a cyberattack for a small business sitting at around $49,600¹, the question is no longer “Will it happen?” but rather, “Are we ready?”

Why Cyber Security Should Be a Business Priority

Cybercrime doesn’t just affect multinational corporations. In fact, nearly 3 in 10 Australian SMEs have experienced a cyberattack or data breach. Small businesses are attractive targets precisely because they often lack the layered defences of larger organisations. Whether it’s phishing scams, invoice fraud, or hacked emails, a single breach can impact cash flow, damage client trust, and stall business operations.

Business owners can lose hundreds of thousands of dollars due to cyber security breaches a hacked email — underscoring just how devastating the consequences can be. And it’s not just about dollars lost. Reputation, supplier relationships, and long-term client confidence are also at stake.

The Cloud, AI, and the Risks They Bring

Cloud-based accounting platforms and AI-powered tools have changed the game for business operations. They allow real-time reporting, automated reconciliations, and seamless remote collaboration. But they also centralise sensitive data — making them prime targets for cybercriminals. Without strong internal protocols and smart software choices, businesses risk exposing client details, financial data, and proprietary information. It’s not the tools that are risky — it’s poor implementation and lack of cyber hygiene that create vulnerabilities.

How to Protect Your Business — Simple, Practical Measures

Cyber security doesn’t need to be overwhelming or expensive. It starts with awareness and is maintained through consistency. Some of the most effective safeguards are also the simplest:

• Multi-Factor Authentication (MFA): Turn it on across all platforms — accounting, email, CRMs — no exceptions.
• Staff Training: Simulate phishing emails (there are services available to automate this process). Also, teach your team how to spot red flags and make cyber awareness a regular conversation.
• Secure Messaging and Document Sharing: Use encrypted portals or password-protected files, particularly when sharing sensitive information. For example, if you need to share banking details with someone, don’t do it via email!
• Password Managers: Adopt secure password management tools. Not only so these allow you to set strong, complex passwords that increase security, they also automate the use of those passwords for an efficient solution.
• Role-Based Access: Limit who can see what – permissions should be based on responsibilities, not convenience.
• Regular Backups: Simply being cloud-based doesn’t automatically mean you’re invincible. Consider external backups and test restoration regularly.
• Know Your Vendors: Understand where your data is stored and how your software partners respond to breaches.

Protecting Data Internally — Policy Beats Panic

Your biggest risk may already be on payroll. Internal processes must be just as robust as external protections. Create and enforce policies that reduce risk:

• Don’t store sensitive documents on local drives — use shared, logged, cloud-based systems.
• Introduce version control and audit logs for financial and legal documents.
• Set and enforce a data retention policy — the less you store, the less you risk.
• Conduct regular access reviews to ensure only the right people have the right level of access.
• Map data access in a matrix — and stick to it.

Business Cyber Security Checklist

Here’s a quick snapshot of what to check off:

• MFA enabled on all systems
• Staff trained in phishing and cyber awareness
• Use secure portals for document sharing
• Password manager in use
• Regular data backups
• Access logs and version control turned on
• Clear internal data handling policies
• Never email bank details – use secure methods
• Confirm payment details via phone if unsure
• Internal comms via secure channels (e.g. MS Teams)

Moving Forward Safely

Being “cyber safe” isn’t just for the tech-savvy — it’s for every business owner who values their data, clients, and cash flow. But with consistent processes, the right training, and a culture of digital awareness, your business can operate with confidence and protection. McKinley Plowman’s CFO2GO team helps clients improve their financial and operational resilience with software solutions that retain cyber security as a key priority. Contact us on (08) 9301 2200 or visit www.mckinleyplowman.com.au.

¹ Australian Signals Directorate – Australian Cyber Security Centre (ACSC), Annual Cyber Threat Report July 2022 to June 2023: https://www.cyber.gov.au/about-us/reports-and-statistics/cyber-threat-report-2022-23

written by:

Claire Ginbey

Heading up our CFO2GO team, Claire's skills as a SME Business Specialist and cloud accounting specialist have developed in line with advancements in technology and best practice; allowing her to maintain the highest service standards for clients.

Claire's passion for growing small businesses and helping them achieve sustained success is what motivates her to continuously develop her skills and knowledge. Her clients appreciate her considered and dedicated approach to working with them, and her personal oversight across their operations and financial performance.