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Businesses urged to bolster cybersecurity for EOFY

18 June 2024: Take just two minutes to enrol in the Cyber Wardens program and protect your small business.

With cyber threats on the rise, the new collaboration aims to enhance cyber awareness among small business owners and employees.

Fake invoices and online banking fraud are particularly prevalent during this busy time.

MYOB chief executive Paul Robson said small businesses have resource constraints and often prioritise their day-to-day operations over cybersecurity.

“Yet small businesses remain a gateway to gain access to other clients, business partners, and suppliers, making them an entry point for hackers,” he said.

Local business owner Emma Bäcklund, who runs sustainable surfwear brand U&I Label and Emma Bäcklund Photography & Design, has enrolled to become a Cyber Warden for added security.

Ms Bäcklund’s credit card was recently compromised, and her tax agent was subjected to an attack.

Fortunately, she did not lose any money after quickly alerting her bank.

“I’m well aware I need to be street smart with any emails and SMS I receive, and always go to the source and not follow any links I don’t recognise,” she said.

Ms Bäcklund said the Cyber Wardens program was a good initiative for busy small businesses.

“It’s a great idea to stay well-informed,” she said.

COSBOA’s Cyber Wardens initiative, in partnership with MYOB, seeks to protect Australia’s 2.5 million small businesses from online threats.

“From our latest MYOB Business Monitor research of small businesses, we found that 41% of SME respondents don’t feel prepared for a cyber attack,” Mr Robson said. “That’s why we must all work together so that every small business and every small business employee knows the basic things they can do to protect themselves.”

In addition to the training, the free cyber education program, supported by the Australian government, has launched a new EOFY guide.

This quick reference tool helps small businesses identify and combat increasing threats. Common scams during EOFY include impersonating the Australian Tax Office (ATO), the government’s MyGov website, and financial institutions.

COSBOA chief executive Luke Achterstraat said financial small businesses can lose big in a cyber attack.

“Unfortunately, tax time is prime hacking season, and small business owners and their staff need to be prepared and alert to online threats,” Mr Achterstraat said.

“That’s why we are delighted to work with MYOB to spread the word among small business customers.”

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