Cyber security mistakes for businesses are becoming increasingly costly these days. Australian companies face a constantly evolving threat environment when it comes to protecting their data, systems and networks. Cyber attacks such as ransomware, phishing, malware and more are on the rise. In fact, the Australian Cyber Security Centre (ACSC) received over 67,500 cybercrime reports in the 2023-24 financial year, an increase of nearly 13 percent from the previous year. The average cost of a data breach in Australia hits $4.26 million in 2023-2024. Against the backdrop of these concerning trends, it is absolutely critical that Aussie businesses avoid making common cyber security errors that leave them vulnerable to attack.
Here are 10 of the most frequent and dangerous cyber security errors businesses need to steer clear of:
1. Not Implementing Multi-Factor Authentication
One of the biggest cyber security mistakes for businesses is not enabling multi-factor authentication (MFA) across all accounts and systems. MFA adds an extra layer of protection beyond just a username and password by requiring a second form of verification, such as a code sent to a mobile device. This makes it much harder for hackers to breach accounts even if they obtain login credentials.
2. Failing to Provide Security Awareness Training
Another major misstep is not properly training employees on cyber security best practices. Human error is responsible for a large portion of data breaches. Regular security awareness training helps staff recognize threats like phishing emails and malicious links, and teaches them how to respond. Without this education, workers are more likely to fall for scams and inadvertently grant access to company systems/data.
3. Not Keeping Software Updated and Patched
Neglecting to promptly install software updates and security patches is a serious but common mistake. Hackers are constantly finding new vulnerabilities in operating systems and applications. Vendors release patches to fix these flaws. The longer businesses wait to update, the longer that window of opportunity stays open for cyber criminals to exploit unpatched weaknesses and infiltrate networks.
4. Giving Users Too Much Access and Privileges
Many organizations are guilty of allowing users more access rights and privileges than they actually need to perform their jobs. This violation of the principle of least privilege widens the potential damage if an account is compromised. Businesses should carefully restrict access to sensitive data and systems. Permissions should be reevaluated any time someone changes roles, and promptly revoked when an employee leaves the company.
5. Not Segmenting Networks to Prevent Lateral Movement
Cyber security mistakes for businesses include not properly segmenting their networks. Once attackers gain a foothold, they often move laterally to access more sensitive systems and data. Separating networks and data stores makes it harder for intruders to jump between them. Techniques like air gapping (ensuring no direct paths between network segments) help contain breaches.
6. Lack of Comprehensive Cyber Security Policies
Not establishing, communicating, and enforcing clear cyber security policies is a major error. Formal policies should cover acceptable use of company devices and networks, data handling procedures, incident response plans, and more. These guidelines help ensure consistency and accountability when it comes to protecting the business.
7. Relying Solely on Antivirus Software
While antivirus is an important tool, it’s a mistake to depend on it alone. Today’s sophisticated threats can evade traditional antivirus detection. A multi-layered security strategy that includes tools like endpoint detection and response (EDR), email filtering, web gateway security, data loss prevention (DLP) and more is necessary for adequate protection.
8. Not Encrypting Sensitive Data
Failure to encrypt sensitive data, both at rest and in transit, is a huge misstep. Encryption renders data unreadable to unauthorized parties, providing a last line of defense in the event of a breach. Businesses should encrypt customer data, financial information, employee records, intellectual property, and any other sensitive assets.
9. Poor Password Hygiene Practices
Weak, reused, and default passwords are a hacker’s dream. Yet many businesses still have poor password hygiene. Organizations should enforce strong password policies, requiring long, complex and unique passwords that are changed regularly. Implementing a password manager makes it easier for employees to adhere to best practices.
10. Lack of Incident Response and Disaster Recovery Plans
Finally, one of the gravest cyber security mistakes for businesses is not having an incident response (IR) and disaster recovery (DR) plan in place before an attack happens. Every second counts when responding to a breach. Having a tested IR plan helps organizations quickly detect, contain and recover from an incident. A solid DR strategy ensures data can be restored and operations resumed rapidly in a worst-case scenario.
Businesses cannot afford to make these all-too-common cyber security mistakes. The costs are simply too high – from financial losses to operational disruption to irreparable reputational harm. Partnering with a trusted IT provider to assess current security posture, implement best practices, and continuously monitor and improve defenses is one of the best investments a company can make. Don’t wait until it’s too late. Act now to shore up your cyber resilience and protect your business.