October is Cyber Security Awareness Month, an annual reminder for all Australians to prioritise online security. For mid-market businesses, this serves as a timely opportunity to reassess and strengthen their digital defences.  
 
As cybercrime continues to rise, it’s essential for businesses to take proactive steps in safeguarding sensitive data and protecting their operations from malicious threats. 

In this blog, we’ll discuss the growing threat landscape and how implementing the right ERP solutions, like MYOB Acumatica, can bolster your business’s cyber security, ensuring you remain resilient in an ever-changing digital world.  

Cyber security is no longer just an IT concern—it’s a business-wide responsibility, and now is the time to act. 

The Current Cyber Threat Landscape in Australia

In the 2022-23 financial year, cybercrime in Australia rose by 23%, with nearly 94,000 reported incidents.  Small businesses faced average losses of $46,000 per incident, while medium businesses suffered losses of up to $97,200 .  
 
These figures underline the need for businesses of all sizes to take action against common threats, such as phishing, ransomware, and business email compromise (BEC). 

The First Australian Cyber Security Act: What Small Businesses Need to Know

In response to the rising threat, Australia is introducing its first Cyber Security Act, aimed at strengthening the nation’s overall cyber resilience. This legislation will focus on making businesses more accountable for the protection of customer data and enhancing reporting mechanisms for cyber incidents.  

For SMEs, this means it’s crucial to stay informed about the new requirements and to implement stronger security measures to comply with evolving regulations. 

Understanding Phishing Attacks

Phishing scams remain a significant threat to Australian businesses. These attacks often masquerade as legitimate entities, mimicking the look and feel of trusted sources such as banks or official organisations. 
 
According to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch service, nearly 109,000 reports of phishing scams were recorded in 2023, leading to losses of AU$26.1 million. Alarmingly, there was a 479.3% increase in the volume of phishing content hosted within Australia. 
 
The manufacturing sector experienced the highest number of phishing attacks in 2023, with a staggering 5.98 million incidents recorded over the year. The services industry was also heavily impacted, with 5.77 million attacks.  

Other industries, such as technology, government, education, finance, insurance, retail, and wholesale, were also significantly affected by high volumes of phishing attempts. 

Spotting a Phishing Attempt:

• Unsolicited requests for personal or financial information. 
• Inconsistent email addresses or URLs, often subtly altered to resemble legitimate ones. 
• Urgent messaging, prompting users to take quick action without thinking. 
• Poor grammar and spelling mistakes, though sophisticated attacks may avoid these errors. 
• Unusual attachments or links, potentially containing malware designed to infiltrate your systems 

Key Cyber Security Practices to Protect Your Business

1. Stay Vigilant Against Phishing Attacks

Phishing remains a top cyber threat, tricking employees into revealing sensitive information. Emails that appear trustworthy but are fraudulent are often used to steal login credentials or financial details. Educating your staff on how to identify phishing attempts is crucial for reducing your exposure to such attacks. 

2. Use Multi-Factor Authentication (MFA)

MFA adds an extra layer of security, ensuring that even if a password is compromised, the attacker will not be able to gain access to critical systems. It’s a simple yet effective measure that every business should adopt. 

3. Regular Software Updates

Cybercriminals frequently exploit vulnerabilities in outdated software. Keeping your systems and software updated with the latest security patches can significantly reduce your risk of a breach. 

4. Employee Training and Awareness

Regular cyber security training helps employees recognise potential threats and phishing attempts. It’s essential to empower your team to act as the first line of defence against cyber threats.

How an ERP System Can Protect Your Business from Cyber Threats

In today’s increasingly digital world, an ERP system not only streamlines operations but also serves as a critical defense against cyber threats. Systems like MYOB Acumatica are designed with robust security features that help protect sensitive business data while improving efficiency. Here’s how these ERP solutions enhance security:

1. Data Encryption for Maximum Protection

An ERP system like MYOB Acumatica uses advanced encryption technologies to secure business data, whether it’s in storage or during transmission. This ensures that sensitive information, such as customer details or financial records, is safeguarded from potential breaches or unauthorised access. 

2. Real-Time Security Monitoring

Modern ERP platforms incorporate real-time monitoring capabilities to detect and mitigate potential threats before they can cause damage. With continuous tracking of network activity and access points, any irregularities or suspicious behaviour are flagged and addressed immediately, helping to prevent data breaches.

3. Regular Security Updates and Patches

ERP providers like MYOB Acumatica continuously update their systems to address vulnerabilities as they arise. Regular software updates ensure that businesses are protected against new cyber threats, including malware, ransomware, and phishing attacks. These updates strengthen the system’s resilience and help to reduce exposure to security risks.

4. Multi-Factor Authentication (MFA)

ERP systems now include multi-factor authentication (MFA) to provide an extra layer of security. By requiring users to verify their identity through additional methods beyond just a password, MFA significantly reduces the risk of unauthorised access, even if login credentials are compromised. 

Through these robust security features, ERP systems not only optimise business operations but also provide a secure environment for handling sensitive data, making them a crucial tool in the fight against cyber threats.

What to Do If You’ve Been Attacked

If you suspect that you’ve been the target of a cyberattack, it’s critical not to engage with the attacker. Report the incident immediately to your IT department or manager, and change any potentially compromised passwords. Notify the entity being impersonated and your customers if necessary. 

In Australia, you can report cyberattacks to the Australian Cyber Security Hotline at 1300 CYBER1 (1300 292 371). It’s essential to act quickly to minimise damage and to alert others to potential ongoing threats.

Cybersecurity for Remote Work

As businesses adopt remote or hybrid working models, protecting employees working from home becomes crucial. Encourage staff to use secure networks, enable MFA on all work-related accounts, and avoid using unsecured public Wi-Fi for sensitive tasks.

Final Word: Take Control of Your Cyber Security

Cyber security is not just about having the right tools—it’s about being proactive and informed in defending your business against ever-evolving threats. With robust ERP solutions like MYOB Acumatica, businesses can ensure their data remains secure while improving operational efficiency. 

The threat landscape is constantly changing, and staying one step ahead is critical. By leveraging encryption, multi-factor authentication, real-time threat monitoring, and regular updates, you can protect your business from cyber risks. 

Don’t leave your business vulnerable—book a demo with our expert ERP consultants at AlphaBiz Solutions today and discover how MYOB Acumatica can enhance both your operations and your security.
 
Let’s work together to fortify your business against the growing cyber threats.