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Data from the business management platform has revealed most Australian SMEs have experienced a cyber attack or cyber incident in the last two years.
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SMEs at risk of cyber crime, MYOB data reveals
30 August 2024
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New data from MYOB has revealed 61 per cent of medium-sized businesses and 12 per cent of small businesses have experienced a cyber attack or cyber incident.
MYOB said it has shared the data to provide awareness for Scams Awareness Week and to equip SMEs with knowledge to navigate the digital landscape.
The research consisted of 1,000 small businesses and found 42 per cent have experienced a cyber attack in the last two years.
Five hundred medium-sized businesses were also included within the research.
Out of these, 83 per cent have undergone a cyber security upgrade or cyber training in the last two years to prevent a cyber security breach.
According to MYOB, 84 per cent of these businesses said they feel prepared for a cyber event or attack.
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MYOB general manager of reliability and cyber security Peter Wolski said the research results have underscored the pressing need for robust cyber security measures.
“As businesses navigate an increasingly digital landscape, staying vigilant against cyber threats has never been more crucial,” he said.
“This Scams Awareness Week, MYOB encourages businesses to take proactive steps in fortifying their defences.
“Make sure teams are aware of the most common threats like email compromise, invoices with changed payment details and online banking fraud.”
In the data, it was revealed 12 per cent of small businesses have experienced a cyber attack or cyber incident.
Of these SMEs that have experienced a cyber-related breach, 36 per cent said customer data was impacted and 39 per cent said it cost them between $1,000 and $5,000.
Sixty-one per cent of medium-sized businesses said they had been impacted by scams and had experienced a cyber attack or cyber incident.
Of the 500 medium-sized businesses included within the research, the most impacted industries included finance and insurance; wholesale; and business, professional, and property industry.
According to the data, 81 per cent of businesses in finance and insurance were impacted, 68 per cent in wholesale and 62 per cent in the business, professional, and property industry.
MYOB said the average cost of cyber crime for medium businesses from 2022–23 was $97,200 according to the Australian Signals Directorate’s Cyber Threat Report.
Small businesses reported a smaller average than this, with most scams and cyber crimes costing SMEs $46,000 and larger businesses $71,600.
MYOB said the Cyber Threat Report also noted the top three cyber crime types for SMEs that included email compromise, business email compromise, and online banking fraud.
Wolski said Australian businesses need to be more aware of and prepared for any form of cyber crime that could have a critical impact on their operations.
“It’s essential for all businesses to recognise the impact of cyber crime from the risk of compromised data to the significant financial burden,” he said.
“By staying informed and investing in cyber security, businesses can better protect themselves, their customers and their bottom line.”
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