Welcome to 2024, a year poised to be pivotal for Small and Medium-sized Enterprises (SMEs). In the realm of cybersecurity, change is not just a choice; it’s a necessity.
The Reality of Cyber Threats in 2024
The Australian Cyber Security Centre’s report in September 2023 highlighted a 13% increase (77,000 attacks) in cyber-attacks reported compared to the previous year. With AI advancements, the threats are only escalating. The extent of the damage hit the new this week about The Victorian Court System’s compromise due to a simple phishing email? No business, regardless of size, is immune. The cost of a breach is not just financial; it’s the trust in your brand that’s at stake. Image if your business was the next Optus or Victorian Court System in the news?
The landscape is evolving rapidly, and SMEs must adapt to stay secure and competitive. Here are essential focuses to embrace in 2024:
Embrace Cloud Technology
• Go Serverless: Eliminate on-premise hardware like servers and storage. It reduces the attack vectors and modernizes your infrastructure.
• Cloud-Based Identity Management: Transition to platforms like Azure and Azure AD. They offer robust security and ease of management.
Strengthen Access Control
• Mandatory Multi-Factor Authentication (MFA): MFA should be non-negotiable on every platform to prevent unauthorized access.
• Robust Password Polices: Implement policies for regular password changes and complexity. It’s a fundamental step in protecting your data.
Rethink Your Perspective on IT, Security and Risk Management
• Value Over Cost: It’s crucial to view IT, Risk Management, and Cybersecurity as integral to your business’s survival, not just as bottomless cost centers. Remember, there would be no business without all the IT infrastructure we now must protect.
Cybersecurity Awareness and Training
• Empower Your Human Firewall: Regular Cyber Security Awareness Training for staff can significantly mitigate risks. They are your first line of defense.
Proactive Monitoring and Insurance
• 24/7 Security Monitoring: Ensure continuous monitoring of your internal and external assets, including dark web scanning.
• Invest in Cyber Insurance: It’s essential for mitigating financial risks associated with cyber incidents.
Ensure that all Backups and Disaster Recovery Plans and up-to-date and tested
• Adhere to the 3-2-1 Backup Rule: Have backups in multiple formats and locations, and test them regularly.
• Disaster Recovery Plan: Keep an updated and tested Business Continuity Plan to ensure resilience in emergencies.
Continuous Monitoring and Legal Awareness
• Asset Monitoring: Implement round-the-clock monitoring for all your assets.
• Understand Legal Obligations: Stay informed about breach reporting obligations for Company Directors. ASIC’s recent guidelines are a must-read.
Build a Security focused Culture and an Incident Committee
• Security-First Culture: Foster a workplace culture that prioritises cybersecurity in every aspect.
• Incident Response Committee: Establish a dedicated team to review and respond to security incidents effectively.
2024 is not just another year; it’s a call to action for SMEs to revolutionise their approach to cybersecurity. The risks are real and escalating, but with the right strategies and mindset, your business can thrive securely in this digital age. Embrace the change, invest in cybersecurity, and protect the future of your business.