87% of SMEs believe their business is safe from cyberattacks because they use antivirus software
72% believe their information is safe when stored in the cloud
Half of SMEs plan on improving their business security in the next 12 months
MYOB has called for Australian SMEs to consider the impact that a
cybersecurity attack could have on their business and consider
implementing stronger measures to ensure that an online security
breach won’t mean having to close shop.
The call to action comes following findings from MYOB’s SME Snapshot
that showed Australia’s SME sector remains unfazed from global
security threats affecting big business, with the majority of SMEs (87
per cent) stating they consider themselves safe.
The MYOB SME Snapshot found that small businesses who
believed they were safe from attack attributed this to having
antivirus software installed.
Head of Information & Cyber Security at MYOB, Christie Lim said
that while anti-virus software was an important measure that
businesses invest in it was not fail-safe.
“It’s great to see that small businesses are embracing technologies
such as the cloud and taking some measures to protect themselves from
cyberattacks, however there is still more that can be done to reduce
online threats,” Ms Lim said.
“Cloud based technology is now one of the safest systems businesses
can invest in as security constantly being updated by software
providers to ensure information is secure. It’s great to see that
nearly three-quarters of SMEs (72 per cent) believe their information
is either moderately or completely safe when stored in the cloud.
Other measures businesses can take include regular review of active
accounts to ensure only the right people are given access to company
information and adopt multi-factor authentication where
Barriers to protection
The MYOB SME Snapshot found that while the SME sector felt adequately protected from cyber threats, alarmingly only 13 per cent of businesses surveyed stated they had a cybersecurity plan in place.
The biggest barrier SMEs feel they face when improving their
cybersecurity is not having sufficient expertise (38 per cent),
followed by not having a strong online presence (32 per cent), closely
followed by a lack of understanding and finding the whole issue too
complex (28 per cent).
“Small businesses don’t have big budgets to spend on securing their
online systems. However, there are small steps they can take to beef
up their online security including using vendors that adhere to
best-practice security protocols.”
Ms Lim recommends that businesses familiarise themselves regularly
with best-practice approaches through websites such as Stay Smart
Online Small Business Guide and seek advice from the Australian
Government via the Australian Cyber
Moving forward with cyber-tech
The MYOB SME Snapshot found that around half the SMEs surveyed were planning to improve cybersecurity measures in the next 12 months. Updating software, education and changing passwords were the most frequently cited plans.
“Government initiatives such as the instant tax write-off are
helping small businesses inject money into parts of their business
that really matter, such as improving security measures. This protects
business owners and means they can invest more energy in developing
other parts of their business such as innovation.”
For further comment or other information please contact:
Sean Rogasch, Media Relations Consultant, MYOB
M: 61 400 069 951/ E: email@example.com
Georgia Colahan, Ogilvy PR
P: 02 8437 5384 / M: 61 432 882 080 / E: Georgia.Colahan@ogilvy.com.au
MYOB Group Ltd (ASX: MYO) is a leading provider of online business management solutions.
MYOB makes business life easier for approximately 1.2 million
businesses across Australia and New Zealand by simplifying accounting,
payroll, tax, practice management, CRM, job costing, inventory and
more. MYOB operates across four strategic segments – Small to Medium
sized businesses (SMEs), Practices (accountants, advisers and
bookkeepers), Enterprise (larger businesses) and Payments. It provides
ongoing support via many client service channels including a network
of over 40,000 accountants, bookkeepers and other consultants. MYOB is
committed to ongoing innovation and delivering efficiencies and growth
opportunities for its growing client base across Australia and New
Zealand. For more information, visit http://investors.myob.com.au/Investors
or follow @MYOB on Twitter.