Analysis of the findings of a 2019-2020 survey conducted by emerging technology analyst firm, Telsyte.
Though COVID-19 accelerated tech adoption and digital transformation for countless businesses across Australia, it also brought possible threats against the cloud to light. Fortunately, many businesses understand the importance of cybersecurity. In a recent survey conducted by Telsyte, almost 40% of small business leaders cited disruption to business as their biggest concern. Of those who had experienced a data breach in the preceding 12 months, 33% were concerned about further disruptions. These businesses know firsthand that security breaches affect both revenue and reputation.
These threats are greatly compounded by ignorance.
According to a report in The Conversation, Australia is a sitting duck for ransomware—and it’s been this way for 30 years. Three in ten SMEs that experienced data breaches in the previous 12 months worry about their lack of cloud cybersecurity strategy. Though they’re aware of possible breaches, they aren’t exactly certain what a breach looks like.
For many small businesses, security is the main barrier to adopting cloud technology. They assume data is safer offline, in on-premise servers and in paper systems that present physical barriers to access. However, just because your data is locked up in a cupboard doesn’t mean it’s not vulnerable.
The more data you accumulate, the more likely you are to mislabel information or forget to back up the latest version. Every day of manually updating and maintaining an offline database is a massive time sink. What’s more, when you want to expand your business geographically, you have to comply with international data protection principles, most of which require you to classify, organise, and meticulously restrict unauthorised access to your data. A lock and key just won’t cut it.
One in four SMEs responding to Telsyte’s survey said they’re already investing in cybersecurity systems to manage disruptions. We’ve got a long way to go, but that’s definitely a step in the right direction.