Cybersecurity is no longer a luxury but a necessity for businesses. In 2024, several Australian companies, including Nissan Australia, Hal Leonard, and Quantum Radiology, have announced they were involved in cyber incidents.
According to recent reports from the Australian Cyber Security Centre, cybercrime in Australia continues to rise, with nearly 94,000 cybercrime reports submitted during the 2022-23 financial year—an increase of 23% compared to the previous year. The cost of these cybercrimes also surged, with businesses facing an average increase of 14% in financial losses. Small businesses reported average losses of $46,000 per incident, while medium businesses faced losses of around $97,200. (cyber.gov.au)
As cyber threats continue to evolve, it’s clear that Australian businesses must keep up. Cybersecurity measures are no longer just an option or an expense; they are an investment.
This is why we’re sharing these 10 essential cybersecurity investments every business should make in 2024.
Firewall
A firewall acts as a gatekeeper between your internal network and the outside world. It monitors and controls incoming and outgoing network traffic based on predefined security rules. Firewalls are important for preventing unauthorized access to your network and blocking malicious traffic.
How it works is it prevents hackers and malware from penetrating your network by filtering traffic. It blocks suspicious connections while allowing legitimate traffic to pass through.
Antivirus Software
Protects against malware, viruses, and other malicious software by detecting and removing threats.
An antivirus software scans, detects, and removes malicious software (malware) such as viruses, worms, and trojans. It continuously monitors your system for known threats and suspicious behavior.
Antivirus software acts as the first line of defense against malware. It can prevent infections by scanning files before they are opened, and by quarantining or removing malicious software.
Intrusion Detection and Prevention Systems (IDPS) and Encryption tools
IDPS solutions monitor network traffic for signs of suspicious activity. They can detect unauthorized access, abnormal behavior, or policy violations. Once a threat is detected, the system can either alert administrators or automatically take action to block the threat.
How it works is IDPS adds an extra layer of security by actively looking for and stopping attacks that may have bypassed the firewall or antivirus software.
Encryption Tools
Encryption on the other hand, is a must-have if you’re organization is geared towards collaboration on projects. Encryption tools convert data into a coded format that can only be read by someone who has the decryption key. These tools ensure that sensitive information is protected both while being transmitted over the internet and when stored on servers.
A good thing about encrypted data is even if it is intercepted, it remains unreadable without the correct decryption key, thus protecting the confidentiality of sensitive information.
Virtual Private Network (VPN)
We’re sure you’ve heard about Virtual Private Networks or VPN. A VPN creates a secure, encrypted connection over the internet between a user’s device and a private network.
If you adoped a hybrid work system or have employees working remotely, a VPN is a must for your company.
Multi-Factor Authentication (MFA)
MFA is not a hassle. It’s one of the best security feature a user can implement as it absolutely makes it harder for malicious actors to get in. MFA adds an additional layer of security by requiring users to provide multiple forms of verification (e.g., a password and a one-time code sent to a mobile device) before accessing a system.
By requiring more than just a password, MFA significantly reduces the risk of unauthorized access due to compromised credentials.
Security Information and Event Management (SIEM)
SIEM systems aggregate and analyze security data from various sources across the network to identify and respond to potential threats in real-time.
How it works is SIEM helps detect and respond to threats faster by correlating data from different sources, making it easier to identify complex attacks that might otherwise go unnoticed. But SIEM can often be costly to maintain in-house which is why Managed SIEM is a service businesses avail to still get this kind of security system.
Endpoint Protection
Endpoint protection secures individual devices (such as desktops, laptops, and mobile devices) by providing security measures like antivirus, firewall, and anti-malware tools directly on the device. This is extremely important for hybrid work setups or if you have remote employees.
Endpoint Protection ensures that every endpoint connected to the network is protected, reducing the risk of malware spreading across the network through unsecured devices.
Backup and Recovery Solutions
Backups are a must-have if you really want to protect your company data as you can feel at ease knowing that if ever a breach, or a hardware failure happens, you have a copy of your data.
Regular backups ensure that critical data can be recovered quickly, minimizing downtime and data loss in the event of a cyber incident.
Password Management Tools
Easy-to-guess passwords have always been a problem. Which is why having a password management tool is a must-have for business nowadays as it not only stores passwords, it also generates strong, unique passwords for each account. No more trying to create a slightly different variation of your password only to end up hitting “forget password.
Employee Cybersecurity Awareness Training
Employee Cybersecurity Awareness Training equips staff with the knowledge and skills to recognize and prevent cyber threats such as phishing, malware, and social engineering attacks.
As attacks become more sophisticated with the rise of AI and deepfakes, it’s crucial for employees to be able to discern authentic communications from phishing attempts.
In case you didn’t know, no matter how strong your cybersecurity is, if an employee repeatedly falls for malicious attacks, your business data could still be at risk.
Learn more about our Employee Cybersecurity Awareness Training here.
That’s about it!
One last thought
Implementing these essential cybersecurity tools is a critical step in protecting your business from modern threats. However, it’s important to recognize that this is just the beginning of your cybersecurity journey. To achieve comprehensive protection, businesses should consider reaching out to cybersecurity experts who can assess their current defenses and identify areas for improvement.
One effective way to enhance your cybersecurity posture is through a Cybersecurity Maturity Assessment. This assessment provides a detailed evaluation of your organization’s cybersecurity practices, identifying strengths and weaknesses. By understanding your current maturity level, you can develop a strategic roadmap to address vulnerabilities, prioritize investments, and enhance overall security.
