At 5pm on a Wednesday, Sarah’s accounting firm received an urgent email from their “bank” requesting account verification. By Friday morning, $47,000 was gone from their business account, and their client files were encrypted with a ransom demand for another $15,000.
Sarah’s story isn’t unique. 43% of cyberattacks target small and medium businesses, and the average cost of a breach is now $108,000. Yet most small business owners assume they’re “too small to be targeted.”
Here’s the reality: cybercriminals specifically target SMEs because you have valuable data but weaker defences than large enterprises. The good news? You don’t need an enterprise budget to build solid protection.
1.Lock the Front Door: Strong Passwords + Multi-Factor Authentication
The problem: We recently audited an SME where 4 out of 12 staff were using “Summer2024!” as their password.
The solution:
- Use a password manager (LastPass, 1Password, Bitwarden) for unique 12+ character passwords
- Enable multi-factor authentication (MFA) on email, accounting software, cloud storage and banking
- MFA blocks over 99% of automated attacks – it’s a very effective security measure
Cost: Password managers cost $3-5 per user monthly. MFA is often free.
2.Close the Back Door: Keep Everything Updated
A Melbourne law firm was breached because their server ran Windows software from 2019. The vulnerability had been patched two years earlier, but not regularly updated.
What to update regularly:
- Operating systems and business software
- Browsers and web applications
- Router and network equipment firmware
Enable automatic updates where possible or schedule monthly update sessions.
3.Train Your Human Firewall
The harsh reality: 95% of successful cyberattacks involve human error.
Common tricks targeting Australian SMEs:
- Fake ATO emails requesting “urgent tax verification”
- Phishing emails from fake Australia Post about deliveries
- “CEO fraud” emails requesting urgent money transfers
Simple training: Monthly 5-minute security tips, practice spotting phishing emails together and create a “when in doubt, ask” culture.
Real example: One client prevented a $23,000 fraud because an employee questioned a suspicious payment request.
4.Your Safety Net: Proper Backups
A Sydney retailer’s entire system was encrypted by ransomware two days before Christmas. Their untested “backups” were also encrypted. They lost three years of customer data.
The 3-2-1 backup rule:
- 3 copies of important data
- 2 different storage types (local and cloud)
- 1 offsite location
Critical step: Test backups monthly. If you’ve never tested your backup, you don’t have one.
Quality cloud backup, archive and restore: $10-15 monthly per user for most SMEs.
5.Your Digital Bodyguard: Modern Endpoint Protection
Traditional antivirus isn’t enough. You need Endpoint Detection and Response (EDR) tools that monitor behaviour patterns, detect ransomware before encryption and protect all devices, including smart printers.
Business-grade options: Microsoft Defender for Business, CrowdStrike or SentinelOne typically cost $5-15 per device monthly.
Your 1-Page Incident Response Plan
When Sarah’s firm was attacked, they wasted crucial hours figuring out who to call. Don’t let that be you.
Your plan should include:
- Emergency contacts (IT support, bank, insurance, legal)
- Steps to isolate infected systems
- Communication plan for staff and clients
Simple template: “If we suspect attack: 1) Disconnect affected devices, 2) Call IT support, 3) Notify manager, 4) Document everything, 5) Don’t pay ransoms without expert advice.”
The Real Cost of Doing Nothing
Beyond immediate financial impact, cyberattacks cost SMEs:
- Reputation damage – 60% of customers stop doing business after a breach
- Operational disruption – Average recovery time is 3-4 weeks
- Lost productivity – Staff dealing with the aftermath instead of serving customers
Getting Professional Help
At Augmented People, we provide SME-focused cyber protection:
- Security assessments to identify vulnerabilities
- 24/7 managed endpoint protection and monitoring
- Staff training programs and incident response support
- Automated, tested backup and recovery solutions
No enterprise complexity. No enterprise prices. Just practical protection.
Take Action Today – Cybersecurity isn’t something you can put off. Every day you wait increases your risk.
Book your FREE Cyber Health Check. We’ll review your security posture, identify vulnerabilities and give you a practical action plan.
Don’t become another statistic. Protect your business before you need to recover from an attack.