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New research from COSBOA and its Cyber Wardens program reveals multiple stress points for Australian small businesses.
Cyber security is the third-highest concern in the minds of small-business owners, according to new research from the Council of Small Business Organisations of Australia (COSBOA) and its Cyber Wardens program.
Just over half of small businesses in Australia – 51 per cent – are concerned about keeping their businesses cyber secure.
COSBOA’s survey polled over 2,000 small-business owners about what they saw as threats to their operation in 2024, and it turns out small-business owners are worrying about a lot.
Top of the list are energy prices and the cost of employing staff, but they’re not ahead by much, at 54 and 52 per cent, respectively. It goes to show just how concerned local businesses are about cyber security.
Breaking it down a bit further, while 51 per cent view cyber security threats as a medium or high risk, there is an interesting spread of groups that view cyber as a high risk. Twenty-two per cent of chief executives or owners fear a cyber attack, while 26 per cent of sales and service businesses fear such attacks.
Perhaps unsurprisingly, the IT sector is most worried about cyber attacks, with 33 per cent rating them as a high-risk concern.
However, despite knowing the risk is there, 37 per cent of respondents felt they had little or no confidence in their ability to prepare for a cyber attack.
“Cyber security is important for every small business – that includes sole traders, side hustles and micro businesses,” said Luke Achterstraat, COSBOA’s CEO, in a statement. “It doesn’t matter whether you work in the office or from home, whether you’re growing or shrinking, you still need to take steps to protect your business.”
“The latest Australian Signals Directorate’s (ASD) Annual Cyber Threat Report revealed the average cost of cyber crime per incident had risen by 14 per cent to $46,000 for small businesses. That would be terminal for most small businesses.
“Together, we can strengthen the cyber security skills of Australian small businesses and protect our economic backbone.”
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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