Cyberattacks are heavily targeting smaller operations across Australia. This can be due to their often limited security infrastructure and, even more damaging, the belief that they’re too small to be hit. They are not. The Australian Cyber Security Centre (ACSC) reported that the average self-reported cost of cybercrime to small businesses increased 8% in 2023–24, climbing to $49,615 per incident from the prior year, while costs to the medium to large sector decreased. These targeted losses in the smaller sector are enough to make cybersecurity a priority from the top down.
Despite these risks, many Australian small and medium-sized businesses (SMBs) treat cybersecurity as a technology issue, something best left to the IT department. This misconception exposes organisations to even greater danger. Cyber risk management must come from the top. It must be a priority in the boardroom before it reaches the IT team or the sales floor, so to speak.
Who Really Owns Cyber Risk?
Cybersecurity is fundamentally a business issue. A single breach can compromise customer data, interrupt operations, and cost millions in recovery and fines. The OAIC’s Notifiable Data Breaches scheme holds businesses accountable when they fail to protect personal information. Reputational damage and loss of stakeholder trust often follow such incidents, making cybersecurity a strategic concern, not just a technical one.
In the current regulatory and risk landscape, executive leadership cannot afford to delegate this responsibility entirely. The Australian Institute of Company Directors (AICD) stresses that directors are legally and ethically accountable for cybersecurity oversight. Failure to prepare or to respond appropriately to cyber incidents could result in breaches of fiduciary duty.
Business leaders must take ownership by:
- Including cybersecurity in regular board discussions
- Reviewing metrics and incident reports
- Ensuring investment in people, processes, and technologies that protect business assets
Cybersecurity must align with your overall business objectives, ensuring that risk tolerance, compliance obligations, and threat mitigation efforts are all considered in strategic planning.
Breaking Down the Barriers
One of the biggest challenges in securing a business is the communication gap between technical and non-technical teams. Executives may struggle to grasp the scope and scale of cyber threats due to jargon, while IT teams may find it challenging to convey risks in terms that resonate with the business.
This disconnect can lead to:
- Underestimation of cyber risks at the board level
- Budget constraints for critical cybersecurity initiatives
- Inadequate incident response plans
- Lack of clarity around roles and responsibilities
Organisations can adopt structured, easy-to-understand risk frameworks such as the Essential Eight, developed by the ACSC, to close the gap. This framework offers a practical and proven approach for all business sizes. It includes baseline mitigation strategies such as application control, patch management, and restricting administrative privileges, which can dramatically reduce cyber exposure across your IT infrastructure when implemented effectively.
Non-technical leaders are expected to be fluent in cyber risk management. Clear, ongoing dialogue between leadership and IT helps align investment decisions with actual threat profiles and industry best practices.
The Role of a Managed Cybersecurity Provider
Even with internal IT resources, many businesses struggle to stay ahead of threats. Cyber attacks are developing new malware strains, ransomware-as-a-service, phishing-as-a-service, and supply chain attacks and becoming more challenging to detect.
A Managed Cybersecurity Provider can be an invaluable partner in navigating this landscape. With dedicated security expertise, these providers offer round-the-clock protection, regular vulnerability assessments, and compliance assistance tailored to your industry.
Key services include:
1. 24/7 Threat Monitoring
Using advanced threat intelligence and detection tools, A provider monitors systems in real time and responds to incidents as they occur. This proactive approach helps prevent minor breaches from becoming major business disruptions.
2. Risk Assessments & Compliance Support
Productiv conducts Essential Eight assessments and broader risk evaluations to ensure your business meets regulatory requirements and industry standards. These assessments clarify where your vulnerabilities lie and what actions are required to strengthen your cyber posture.
3. Vulnerability Management
By continuously scanning software, networks, and systems for known vulnerabilities, Productiv identifies weaknesses before attackers do. This includes managing patches and security configurations to reduce the attack surface.
4. Penetration Testing
Productiv combines automated tools and manual testing to simulate real-world attacks. This process reveals hidden vulnerabilities and helps you evaluate the effectiveness of your current defences.
5. Employee Training & Phishing Simulations
Human error is still one of the most significant cyber risks. Productiv delivers customised training programs and phishing simulations to help employees recognise threats and respond appropriately. Education builds a vigilant workforce, the first line of defence.
With a managed security partner, your executive team can confidently make informed decisions, knowing that your defences are continuously being monitored and improved.
Practical First Steps for Executives
Cybersecurity strategy doesn’t need to start with a million-dollar investment. The most crucial step is making it a business priority. Here’s how Australian business leaders can begin:
1. Conduct a Cybersecurity Audit
Understand your current security posture. Identify what assets you have, where your data resides, and where your vulnerabilities are. Use the findings to shape your roadmap and budget priorities.
2. Develop an Incident Response Plan
Create a detailed and rehearsed plan for how your organisation will detect, contain, and recover from cyber incidents. Ensure roles and responsibilities are clear, and the plan is tested regularly.
3. Build a Security-First Culture
Cybersecurity should be embedded into your company’s DNA. This means:
- Turning on multi-factor authentication for all systems
- Using strong passphrases and avoiding password reuse
- Regularly updating software and enabling auto-updates
- Backing up data and verifying restoration procedures
- Ensuring your wireless networks are secured
- Training staff to spot phishing emails and unsafe downloads
Conclusion
Cybersecurity is not just an IT concern for Australian smaller businesses; it’s a leadership responsibility. The risks are too significant to ignore, from financial exposure and legal obligations to the continuity of operations and public trust. A top-down approach with a strong cybersecurity posture enables confident business operations, safeguards your brand, and ensures you’re reactive and proactive in defending against cyber threats.
Start with a Productiv Cybersecurity Readiness Assessment
Our team will help you evaluate your current posture and identify clear, actionable steps to strengthen your defences. Whether you need to improve your cybersecurity resilience, ensure compliance, or prepare for future risks, Productiv provides tailored solutions backed by technical depth and strategic insight.
Contact us today to explore how our Essential or Enterprise plans can support your business.
