SME owners must not overlook cyber security since they are vulnerable to the same scams and cyber-attacks that prey on individuals. SMEs may suffer severe ramifications from a significant security breach, which may even hamper businesses’ ability to continue operating.
According to a 2015 study by US-based Ponemon Institute and IBM, a security breach in Australia can cost millions of dollars, in addition to the reputational damage a high-profile attack can cause.
Recent threats include online banking scams in which customers receive a text message that directs them to a fake page and provide their bank account details. These scams are successful because they look plausible and busy business owners may not take the time to check the links they’re clicking on. One way SME owners can protect themselves from such scams is to use business banking services rather than consumer services.
Here are eight ways SMEs can protect themselves:
