Cyber threats are increasing and pose serious risks to organisations everywhere warns Chartered Accountants Australia and New Zealand in a new publication.
Its Cyber Security Playbook for SMEs says companies of all sizes need to take steps to protect their systems and client data from hack attacks.
“One person can bring down a network with a careless error,” warns the organisation adding that “…cyber threats are a major risk whatever the size of your business or organisation”.
“Too few organisations plan both to prevent cyber incidents as well as respond to and recover from them,” states the publication.
It says business owners should focus on people and process, not just technology.
“You need people to be aware of threats and with knowledge and skills to respond effectively,” it states.
Turning to New Zealand, it says 28% of attacks on company computer systems come from foreign state-sponsored ‘exploitation groups’.
It reports that last year there were 404 significant cyber attacks in New Zealand – an increase of 15% on the 2019-2020 year. In all, almost 9,000 incidents were reported to the government’s cyber security department Cert NZ in 2021 – a 13% increase on 2020.
A study of 1,000 SMEs revealed that 24% had experienced a cyber attack in the last year. Of those, half had been phishing attacks and a quarter were ransomware, while a further 30% said their customer data had been leaked on the web.
Chartered Accountants Australia and New Zealand recommend business owners develop a tailored, targeted plan to proactively mitigate risks and enhance their organisation’s cyber security.
Four steps to handle cyber risks
- Accept and work with it
- Reduce to an acceptable level by applying controls
- Transfer to another party such as through insurance
- Avoid by halting activities that create the risk
“The process of enhancing your organisation’s resilience means going through a series of iterations in planning, implementation, review and evaluation based on what you learn and experience,” states the report.
“Be open to reassessing your approach and look for strategies and models that can assist you to upgrade your security posture and continuously improve your controls.”
Download the full 34-page cyber security PDF here.
See our report: FMA Highlights Finance Sector Cyber Security Failings