Despite some headways already made to improve small-business cybersecurity, a majority of Australian small businesses remain much vulnerable to potential online threats as they have yet to invest in vital coverage and planning,
According to the latest State of Small Business Report from marketing solutions provider Localsearch, an overwhelming 91 per cent of small businesses are not investing in cyber insurance coverage and risk mitigation.
Furthermore, three-quarters of Aussie small businesses do not have enhanced cybersecurity measures in place to protect against cyber threats and data breaches, which is similar to the figure identified in last year’s report. The data also found that only 22 per cent reported to have enhanced measures.
When compared to the data in 2023, fewer small-business owners have set up adequate security measures in 2024. In 2023, 24.5 per cent had expanded their online presence to reach wider audiences and connect with communities, followed by a further 13 per cent this year.
The report added that cybercrime has already cost Australian small business owners $300 million per year, with the Australian Cyber Security Centre (ACC) receiving a report on average every ten minutes.
Gary Mandelkow, Chief Technology Officer of Localsearch, commented, “Cybercrime is an ever-growing threat to Australian small businesses, and the alarming statistics in our latest report highlight just how vulnerable many are. Despite the rising costs and frequency of cyberattacks, the majority of small business owners are still not investing in the tailored insurance coverage or proactive cybersecurity measures needed to protect their assets. “
“With cybercrime costing Australian small businesses an estimated $300 million annually, it’s crucial that owners prioritise cybersecurity and risk mitigation as part of their long-term business strategy. The good news is that it’s never too late to start — investing in the right tools and strategies today can help secure the future of any small business,” Mandelkow added.
