The COVID-19 pandemic has fuelled a critical need to invest in technology solutions and capabilities among organizations of all sizes, at first for survival, and now to thrive in the new normal. As Australian SMBs continue to digitise, with 85% having a digitalisation roadmap in place, cyber threats are mirroring the pace of digitalisation, with 77% of Australian SMBs more worried about cybersecurity now than 12 months ago.
Commissioned by Cisco and conducted by Dynata, the Cybersecurity for SMBs: Asia Pacific Businesses Prepare for Digital Defense study is a double-blinded survey of over 3,700 business and IT leaders with cybersecurity responsibilities across 14 markets in Asia Pacific. It explores the evolving cybersecurity challenges facing SMBs in Australia and APJC region, how SMB leaders are approaching cyber preparedness, and recommendations for improving it.
The survey highlighted that SMBs saw a myriad of ways in which attackers tried to infiltrate their systems. Malware attacks, which affected 88% of Australian SMBs, topped the charts, followed by Phishing, which affected 70% of Australian SMBs, and Denial of Service which affected 64% of Australian SMBs.
The number one reason highlighted as the cause of these incidents was cybersecurity solutions not being adequate to detect or prevent the attack. More than a third (37%) of those that suffered incidents ranked this as the top factor. Meanwhile, 32% ranked not having cybersecurity solutions as the number one reason.
These incidents are having a tangible impact on business. Of those that suffered cyber incidents in the past year, 1 in 3 Australian SMBs said these have cost their business more than $1.3 million.
Conquering Fear with Preparedness
The good news is, SMBs across the region are not giving up. In fact, the study highlights they are taking strategic measures like carrying out simulation exercises to improve their cybersecurity posture. According to the study, 85% of Australian SMBs have completed scenario planning and/or simulations for potential cybersecurity incidents in the past 12 months. 85% of these SMBs who did the simulation exercises said they uncovered weak points or issues in cyber defenses.
Luke Power, Head of Small Business and the Partner Organisation of Cisco Australia and New Zealand said, “The accelerated pace of digitalisation over the last 18 months has fuelled a critical need for SMBs to invest in solutions and capabilities to ensure they are safeguarding themselves on the cybersecurity front. This is because the more digital they become, the more attractive a target they are for malicious actors.”
“While the growing cybersecurity concerns among SMBs may be seen as negative by some, it is an encouraging sign as it demonstrates increased levels of awareness and understanding of cyber risks, which is the first step in improving the security posture. And, from the Australian data, we can see there are high levels of scenario planning and preparation from SMBs. This needs to continue,” said Mr Power.
The report highlights five recommendations that organisations of all sizes can employ to improve their cybersecurity posture given the ever-changing landscape. They are:
1. having frequent discussions with senior leaders and all stakeholders,
2. taking a simplified, integrated approach to cybersecurity,
3. staying prepared through conducting real-world simulations,
4. training and educating employees, and
5. working with the right technology partner.
