Cyber security tips: how to protect yourself and your business

Short answer: Keep passwords strong and long, train your team, back up your data, keep software up to date, and protect financial data with encryption, multi-factor authentication and SSL/TLS certificates. When you make or take payments online, use a platform that tokenises card details, like B2Bpay.

Why cyber security matters for every business

As businesses rely more on technology, they need stronger cyber security to match. Cybercrime does not discriminate, and it is not uncommon. Every organisation's computers and online networks are open to hackers, viruses, email phishing, malware and ransomware attacks.

According to an Australian Cyber Security Centre survey cited when this article was first published, small businesses report a cybercrime incident every 10 minutes, and estimated annual losses from cybercrime are upwards of $300 million.

Financial damage is usually only one consequence. A business can also lose its reputation and goodwill, which leads to customers leaving. Rebuilding customer relationships and market share costs more than time and money.

Keeping your business data and network secure doesn't need to be complicated. Here are our top five tips to stay protected and prevent cybercrime and malicious attacks.

1. Keep passwords strong and long

With several employees using several devices to log in to different websites and software, it is tempting to choose a generic password. Strong passwords are a must, both to stop outsiders getting into your systems and to keep critical customer information, like payment details, private. Remind staff to change passwords periodically.

Make sure every password is:

• Long. Use at least 14 characters. Stringing together a series of random words works well.
• Memorable but unique. Use an uncommon phrase or combination of words that only you will remember and a hacker wouldn't know.
• Complex. Mix uppercase and lowercase letters with numbers and special characters.
• Unpredictable. Hackers can use personal details such as your pets' names to guess passwords. Avoid easily found information like birthdays, current addresses or your spouse's name, and avoid sequences such as abcd1234.
• Random. Forget pet names or favourite foods. Need inspiration? Think of a memorable incident from a place you've lived or visited, or a fun memory from childhood.

Sharing passwords with your team

• Limit access. Only give password information to the staff who need that platform or device.
• Use password management software. A password storage and sharing tool keeps the right people updated as passwords change, keeps access restricted, and stops passwords being shared casually around the team.
• Store passwords safely. Don't keep a document listing all your passwords, and don't send passwords by email. If an employee's email account is compromised, 'password' is the first thing a hacker will search for.
• Set rules and guidelines. Tell staff what their passwords must include. Create a guideline sheet with your password and cyber security requirements and make sure everyone has a copy at their desk.

2. Educate and train your team

Building on those guidelines, make time to train staff on your company's cyber security policies and procedures. Training is a chance to explain the real dangers of cyber threats, and to make sure everyone knows they play an important part in keeping the business safe.

Training sessions should cover:

• Why strong passwords matter
• How to identify and prevent cyber threats
• The kinds of cyber threats that can occur
• What to do when a cyber threat occurs
• How, and to whom, to report a cyber threat

Keep staff up to date with any policy or procedure changes. Annual or quarterly training sessions help keep cyber security a high priority for your team.

3. Have a data back-up strategy

It may seem a daunting task, but backing up data is critical for any business. It can save you from losing important data, and from financial ruin. Once you have a back-up and storage strategy, making it a regular routine is straightforward. Depending on your business, consider:

• Back up often. Ideally daily, with incremental back-ups to a portable device or cloud storage. You could also run server back-ups at the end of each week, month and year.
• Keep storage devices off-site. Don't risk physical storage devices being damaged or stolen. Store your data at a safe distance from your office.
• Check regularly. Make sure your data can be restored easily. Storing it is one thing; being able to get it back is another.

4. Keep software up to date

Outdated software doesn't just cause disruption and delays. Without regular updates, your network and devices can be exploited, leaving your business open to hackers. Updating software regularly and proactively deals with potential exploits ahead of time and keeps your systems secure.

If downtime is an issue, schedule updates after business hours or at another time when fewer employees are online. Updates can fix security vulnerabilities and flaws, and it is also a good time to check whether there have been any attempted cyberattacks.

5. Protect your financial data

When it comes to financial data like payroll, or making and taking payments, there is no room for risk. Start with these:

• Use encryption. Encryption converts data into a code so it stays confidential as it travels across networks or the internet. Only the authorised recipient can decode it. Use it to add an extra layer of security to your internet and computer networks, and to your data.
• Use multi-factor authentication (MFA). MFA asks users for two or more proofs of identity before giving access, for example a password plus a code sent to their mobile. Use it for confidential documents and for online payroll, accounting and payment systems.
• Secure your website with an SSL/TLS certificate. For businesses that rely on ecommerce or online services this is critical. Without it, information travelling between your website and the server is usually sent as plain text, which leaves it open to hackers. An SSL/TLS certificate encrypts that data end to end.

B2Bpay: the secure payment solution

When you pay and take payments online, you need a system that is efficient and saves you paperwork. More importantly, it must safeguard your company's data and financial information.

B2Bpay is an online payment portal that lets businesses pay all their bills using their existing credit cards, debit cards or bank account. All cards are tokenised, which means B2Bpay never stores card numbers in full. As a B2Bpay Biller, you can email invoices securely, and your customers pay on your secure payment page knowing their card details are protected.

As well as its security features, B2Bpay lets you:

• Earn credit card points and Qantas Points when paying business expenses
• Earn full points when paying ATO, government and utility bills
• Use your credit card's interest-free period of up to 55 days to boost cash flow
• Save time by integrating your accounting software: Xero, MYOB or QuickBooks
• Pay easily and securely on multiple devices
• Track and monitor transactions from any device, at any time

B2Bpay is PCI DSS (Payment Card Industry Data Security Standard) compliant, so you don't need to worry about credit card compliance issues. It meets Australian standards and requirements for credit card data security, so your business and customers are well protected. Whether you are making or taking payments, you can be confident that nothing gets lost or stolen and your customers' payment information stays secure. Read more in is B2Bpay safe?

Keeping you, your business and your customers cyber safe

When it comes to the security of your business data, there are no compromises. Give your employees and customers confidence that their details are protected with every transaction.

Sign up for free today. If you have questions or need more information, contact our locally based customer support team on 1300 205 575.