The Top 3 Cyber Threats Facing Small Businesses (and How to Prevent Them)

Today's episode is sponsored by Cyber Wardens.

43% of cyber attacks target small businesses, with an average cost of $46,000 per incident. Yet many owners think they're too small to be at risk. In this episode, discover:

• The top 3 cyber crimes reported by small businesses
• Why a "it won't happen to me" mentality leaves you vulnerable
• 5 critical steps to protect your business

Cyber security is like insurance - you hope you never need it, but you're glad you have it. Listen now to safeguard your business before it's too late.

My new book The Health Habit is out now. You can order a copy here: https://www.amantha.com/the-health-habit/

Connect with me on the socials:

Linkedin (https://www.linkedin.com/in/amanthaimber)

Instagram (https://www.instagram.com/amanthai)

If you are looking for more tips to improve the way you work and live, I write a weekly newsletter where I share practical and simple to apply tips to improve your life. You can sign up for that at howiwork.co

Visit https://www.amantha.com/podcast for full show notes from all episodes.

Get in touch at [e-mail]

Credits:

Host: Amantha Imber

Sound Engineer: Martin Imber

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:00):
Today's episode is sponsored by Cyberwardens. My name is doctor
Amantha Imba. I'm an organizational psychologist and the founder of
behavioral science Consultancy Inventium. And this is how I work,
a show about how to help you do your best work.

(00:21):
If you're a longtime listener of this show, you'll know
that as well as being a podcast host, I am
a small business owner of workplace Consultancy Inventium. Today we're
tackling a topic that might not be as exciting as
launching a new product or landing a big client, but
it's just as important cyber security. Now, I know what

(00:43):
you're thinking, I'm just a small fish in a big pond.
Why would anyone want to target my business? Well, I've
got some news for you. Picture this. You're sitting at
your desk, sipping your morning coffee, when suddenly an email
pops up from your bank saying there's been suspicious active
on your account. Your heart sinks as you realize that

(01:04):
someone has hacked into your business's finances and drained your accounts.
It sounds like a nightmare, right, Well, this is a
reality for many small businesses in Australia. In fact, in
twenty twenty forty three percent of cyber attacks were aimed
at small to medium businesses. That's almost half, and the

(01:27):
cost of falling victim to one of these attacks on
average it's forty six thousand dollars per incident. But here's
the thing. Many small business owners think they're too small
to be targeted. They have this it won't happen to
me mentality that leaves them vulnerable, and trust me, I

(01:47):
used to think the same way. I was so focused
on growing my business that cybersecurity was the last thing
on my mind. But then I heard about a colleague
of mine who lost everything because of a cyber attack,
and that was my wake up call. So what exactly
are these cyber criminals after? Let's dive into the top

(02:09):
three reported cyber crimes. First up, we've got inbox break ins.
This is where a hacker gains access to your email
account and uses it to launch even more damaging attacks.
It's like they're throwing a party in your inbox and
you're not invited. They could send out fake invoices to
your clients, poses you to try and scam your employees,

(02:31):
or even use your email to hack into other accounts.
It is a real mess Next on the list are
fake invoices and payment redirection scams. Imagine this. You receive
an invoice from a supplier you regularly work with, but
something seems off. The bank details are different, and the
email address isn't quite right. Turns out it's a scammer

(02:54):
trying to trick you into paying them instead of your
actual supplier. Finally, we've got online banking fraud. This is
where a cyber criminal gains access to your bank account
and treats themselves to a virtual shoppings free with your
hard earned cash. They could drain your account in a
matter of minutes, leaving you scrambling to pick up the pieces.

(03:16):
The scary start, right, but don't worry. I've got you back.
Let's go through five simple tips to help keep you
and your business safe online. Tip number one use multi
factor authentification for all services and software that offer it.
I know it might seem like an extra strip, but

(03:38):
trust me, it's worth it. Multi factor authentication means that
even if a hacker gets the hands on your password,
they won't be able to log in without access to
your phone or another device. It's kind of like having
a bouncer at the door. Of your online accounts, checking
IDs before letting anyone in Tip number two. Every six months,

(04:01):
take some time to review the permissions on software where
several people on your team have access. This could be
anything from file sharing services like Dropbox or Google Drive,
to social media accounts or marketing and CRM software. Ask yourself,
what permissions do people need to do their job? Chances
are not everyone needs to be an admin. And here's

(04:24):
the thing. People come and go from companies all the time.
If someone leaves or changes roles and you forget to
remove their access, that's a potential security risk. It's like
giving a set of keys to your office to someone
who no longer works for you. You wouldn't do that
in the physical world, so why do it in the
digital world. That brings me to tip number three. Create

(04:51):
a leaving company procedure. This is essentially a checklist of
all the different services and software that someone had access
to so you can remove their permissions accordingly. It's like
a digital exit interview, and trust me, it's much easier
to do this as soon as someone leaves, rather than
trying to track everything down months later. Tip number four.

(05:15):
Back up your data. This is critical for cybersecurity, because
if you do fall victim to an attack, you could
lose everything. Make sure to regularly back up important data
and files to an external hard drive or cloud storage service.
It's like having a spare key to your digital office.
And don't just back up once and call it a day.

(05:37):
Do it regularly at least once a week, if not more.
That way, if something does happen, you can get back
up and running quickly without losing too much. I personally
at Inventium do a double backup. All our data automatically
saves to a cloud storage service, but I also manually
back up data regularly to an external hard drive. Finally,

(06:00):
tip number five, educate your team on what phishing is
and I'm obviously not talking about the activity you do
out on a link and now with phishing, set a
rule to not click links in external emails. Phishing is
when a scammer tries to trick you into giving up
sensitive information like log in credentials or financial details by

(06:21):
posing as a legitimate company or person. They might send
you an email that looks like it's from your bank,
asking you to click a link to update your account information.
But when you click that link, it takes you to
a fake website designed to steal your information. The best
way to prevent falling for these scams is to simply
not click links in external emails. Instead, go directly to

(06:45):
the website yourself. If you get an email from your bank,
open up a new browser window and type in the
URL yourself. Yes, it takes a few extra seconds, but
it could save you a world of trouble at the
end of the day. Cybersecurity is a lot like insurance.
You hope you never have to use it, but you're

(07:06):
sure glad you have it when you need it. So
take a few minutes each week to check in on
your online security habits and make sure you're doing everything
you can to protect your business. Your future self will
thank you. Thank you for sharing part of your day
with me by listening to how I work. If you're
keen for more tips on how to work better, connect

(07:29):
with me via LinkedIn or Instagram. I'm very easy to find.
Just search for Amantha Imba