{"id":12761,"date":"2024-06-18T01:13:02","date_gmt":"2024-06-18T01:13:02","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/retailers-face-rising-risk-of-cybercrime-heres-how-to-lock-your-digital-doors\/"},"modified":"2024-06-18T01:13:02","modified_gmt":"2024-06-18T01:13:02","slug":"retailers-face-rising-risk-of-cybercrime-heres-how-to-lock-your-digital-doors","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/retailers-face-rising-risk-of-cybercrime-heres-how-to-lock-your-digital-doors\/","title":{"rendered":"Retailers face rising risk of cybercrime. Here\u2019s how to lock your digital doors"},"content":{"rendered":"

\"Retail<\/a><\/p>
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Every six minutes a cybercrime is reported in Australia, with the average cost of an attack to a small business owner around $46,000. <\/p>\n

Enter Cyber Wardens, a free online training program launched by the Council of Small Business Organisations Australia (COSBOA), supported by the Australian Government and an industry alliance led by Telstra, CommBank and the Australian Cyber Security Centre. <\/p>\n

In less than an hour, the course can help retailers and other small businesses lock their digital doors, minimising the risk they will fall prey to cyber crooks. <\/p>\n

Luke Achterstraat, COSBOA\u2019s CEO, says 43 per cent of cyber criminals target small businesses. <\/p>\n

\u201cBy their very nature, small businesses are extremely vulnerable to cyber attacks, but many owners and employees don\u2019t believe they could be a target. The belief that being small makes you safe is a dangerous fallacy leading to complacency.  <\/p>\n

\u201cCyber criminals are increasingly targeting Australian small businesses, and their methods are getting more sophisticated. But knowing a problem exists isn\u2019t enough to solve it. We need a cultural shift and targeted support,\u201d he continues.<\/p>\n

\u201cJust as we physically protect ourselves by locking up our businesses and homes at night, small businesses need to understand how and why they should lock their digital doors.\u201d<\/p>\n

Achterstraat says Cyber Wardens is a nationwide initiative, developed after extensive consultation with the government on its cyber security strategy. Launched last November, the intention is to train at least 50,000 small business cyber wardens over three years.  <\/p>\n

\u201cWe wanted to leverage our grassroots infrastructure and reputation to change the behaviours of Australia\u2019s 2.5 million small businesses.\u201d<\/p>\n

Online attacks can cost more than money<\/strong><\/p>\n

As Achterstraat explains, an online attack\u2019s impact on a business goes beyond the financial damage. \u201cIt can result in your business closing down for days, weeks \u2013 or even forever. That is a gamble most small businesses cannot afford to make \u2013 particularly when you consider that the average business forks out $40,000 alone in their first year just to operate.<\/p>\n

\u201cAnd then there is the reputational damage that a cyber incident can cause. Trust is at the cornerstone of every business-customer relationship, and a cyber attack can quickly erode that.\u201d<\/p>\n

One serious threat from cyber criminals especially relevant to retailers is the misuse or theft of Bank Identification Numbers, which can expose a retailer to bank charges for every attempted transaction. <\/p>\n

\u201cThis expense can multiply quickly if you are hit with a large attack,\u201d says Achterstraat. \u201cAnd there can be a serious reputational risk when victims start seeing your store charged on their credit card.\u201d<\/p>\n

Last year $677.5 million was stolen through fraudulent card transactions, according to data from the Australian Payments Network.<\/p>\n

Everyday habits put retailers at risk<\/strong><\/p>\n

COSBOA\u2019s research found that 78 per cent of small business owners have everyday habits that inadvertently make them more vulnerable to cybercrime, such as keeping their passwords written down somewhere or observing personal details added to out-of-office messages.<\/p>\n

\u201cSimple mistakes many businesses make include failing to install a software update in a timely manner, putting a computer in \u2018sleep mode\u2019 instead of shutting it down overnight \u2013 which may prevent software updates from installing, \u2018snoozing\u2019 software updates, and sharing passwords with team members. <\/p>\n

\u201cOur research found that one in four people reuse the same passwords across multiple systems and platforms and about 16 per cent of small businesses also use short passwords, making them easier to crack.\u201d<\/p>\n

Furthermore, retailers selling online are at even greater risk of cyber attacks than businesses without transactional commerce. One in four retailers have experienced an online marketplace scam, yet 41 per cent do not see cyber threats as a serious risk to their business and only 22 per cent identify cyber security threats as a high risk. <\/p>\n

\u201cWe know an active culture of cyber safety is key to protecting small businesses from attack, but only 41 per cent of retailers are discussing cyber security monthly or more often,\u201d says Achterstraat. \u201cTwo in 10 retailers cannot recall a time they have talked about it.<\/p>\n

\u201cSmall businesses must remain aware of the increasingly acute risk of cyber attacks,\u201d says Achterstraat. \u201cInvesting time in cyber security training and tools is essential to help protect your small business, staff and clients. Our Cyber Wardens program can help give small business owners the skills to help mitigate the risks, reducing one of their many worries.<\/p>\n

\u201cIt takes just two minutes to enrol in Cyber Wardens. The course is self-paced and the content is jargon-free \u2013 you don\u2019t need to be an IT wizard to complete the program\u201d.<\/p>\n

Among the key fundamentals of cyber security covered by the program: <\/p>\n