The modern digital age has increased the online presence of businesses worldwide and small businesses in New Zealand have absolutely grown alongside this trend. Despite the opportunities offered by operating online, these small businesses are also vulnerable to cybersecurity risks, and awareness of these threats is essential.
Small businesses in New Zealand are no stranger to cyber threats. According to recent studies, 43% of Kiwi businesses have reported a cyber security incident in the last 12 months, with the average cost of a breach ranging from $50,000 to $300,000 NZD.
The most common threats experienced by small businesses are:
- Phishing: Attackers can gain access to credentials, personal information, and corporate data by sending malicious emails that appear to come from trusted sources.
- Malware: Attackers can access devices and networks by disguising malicious software as legitimate applications.
Small businesses in New Zealand are held to the same compliance requirements as larger organizations. Depending on the industry, businesses may need to meet standards set by the GDPR, ISO 27001, and other data privacy regulations.
The GDPR is a set of rules that sets guidelines for how companies must protect the data of EU citizens. Any business that collects, processes, or stores data of EU citizens must comply with the GDPR. Compliance involves implementing certain security measures, such as encryption, data loss prevention, and access management.
ISO 27001 is an international standard that provides guidance on how to handle information security within an organization. ISO 27001 certifications demonstrate that an organization has implemented best practices for information security, such as the use of risk management processes, encryption, and security policies.
Best Practices for Small Businesses
Small businesses in New Zealand must remain vigilant in order to protect their digital assets from cyber threats. There are several best practices that can be implemented to improve the security posture of small businesses.
- Implementing a cybersecurity policy: All businesses should have a cybersecurity policy in place to ensure that employees are aware of the security measures that must be followed to protect company data.
- Conducting regular security assessments: Regular assessments are necessary to identify potential security vulnerabilities and areas of improvement.
- Implementing multi-factor authentication: Multi-factor authentication, such as biometrics or one-time passwords, ensures that only authorized personnel have access to critical systems.
- Regularly patching systems and applications: Regularly patching systems and applications is essential to ensure that they remain secure against the latest threats and vulnerabilities.
- Education and training: Training employees on best security practices is an important way to reduce the chances of a data breach.
Small businesses in New Zealand must recognize that their digital security is just as important as their physical security and must take steps to protect their data and systems from cyber threats. By implementing the best practices outlined above, small businesses in New Zealand can reduce the risk of a data breach and remain compliant with GDPR and ISO 27001 regulations.