With the Federal Government announcing a new national cyber office and an overhaul of Australia’s cyber law also announced, cybersecurity continues to be a top issue for business and industry.

According to the Australian Cyber Security Centre’s Annual Cyber Security report, the average cost of cybercrime to Australian businesses has risen by 14 per cent from FY21 to FY22, and can cost $39,000 to a small business, $88,000 to a medium business, and more than $62,000 to large business per incident.

The difficult aspect of managing cybercrime is that it changes day to day, with cybercriminals quickly adapting to evade detection and be more effective.

Andrew Pade – GM, cyber defence operations at CommBank, says it is no longer an issue of businesses achieving secure status, but maintaining security in their business day-to-day to limit catastrophic cyber-attacks.

“It’s not if your business will face a cyber-attack, but when. So, measures need to be in place, and constantly checked and adjusted to mitigate the ever-evolving nature of cybercrime.

“Think about cybersecurity risk in the same way you think about risk in every other part of your business and lives – what are the vulnerabilities, what could happen if those vulnerabilities are realised, and how can they be avoided or reduced?” Pade says.

For businesses, he adds, there are several things to consider to ensure you are being cyber-safe:

1. Prioritise security the same way you prioritise insurance and other costs that secure your business. It’s less expensive to prevent an attack than recover from one. 
2. Make cyber awareness part of business as usual. There are free resources to do that starting with the Australian Cyber Security Centre and their Essential 8 Framework or CommBank’s Cyber Security information page. 
3. Keep your systems up to date. Get the latest versions of productivity tools like Microsoft Office that have multi-factor authentication and password security built in, and get technical assessments of your systems to find potential vulnerabilities and resolve or patch them, and automate as much of this as possible. 

Pade notes that businesses need to not only think about their own internal measures but what measures are they using externally when dealing with customers and clients.

“Cybersecurity only works if we all work as a team. We are here to not only protect your business but protect your customers and their business as well.” 

When working with external customers and clients:

1. Consider scams and fraud when you design and deliver communications. Set expectations on how your business asks for or shares information to help customers spot scams. 
2. Review how you secure and manage personal information. Businesses are subject to penalties in the event of a data breach. Look at the systems you’re using and governance practices for storing and sharing this sensitive information. 

Pade says CommBank is constantly working with customers to help mitigate their risk from cyber-attacks. Cyber security is changing, and is often not a ‘buy off the shelf’ solution, but involves working collaboratively and innovatively to prepare for attacks and combat them when they arise,” he says.

“You can think you have every type of system and process for security in place, but often it’s those working right at the coalface with sensitive information that can be the target, so the safeguards are important, but also is consistent education with staff on how they handle data and where the risks may be.”

“The Federal Government’s renewed focus on cyber security is critical to ensure we’re all equipped to deal with a cyber-attack; from government policy to industry involvement, and right down to working with those dealing with personal and sensitive information each and every day. We need to ensure we’re constantly on the front foot, no matter where the risk is coming from.”

Want to know more?

CommBank is committed to protecting its business and customers from scams, fraud and other cyber-attacks. For more ways to safeguard your information, search CommBank Business Security. 

To learn more from leading industry experts about what’s important to business and the economy visit CommBank Foresight – insights for future-facing businesses.

Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information. The information in this article and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its publication but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this article.

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