A successful cyber attack can cripple a small business. So we’ve partnered with Outcomex to offer preferential pricing on the kind of cyber security protection used by big business and government.

Small businesses are an easy target

Think your small business is too small to be a target for cyber criminals? Think again.

More than 500,000 Australian small businesses fell victim to cybercrime in 2017, according to research by online security provider Norton1.

It costs the Australian economy more than $1 billion a year and half of all attacks are targeted at small businesses2.

Be aware of common threats

Some of the most common threats include:

  • invoice scams
  • phishing
  • ransomware
  • denial of service attacks.

Criminals will often try to target a business’ employees who process payments, or action requests via email or phone.

Counting the cost of cybercrime

In the digital era, data has become just as valuable as physical assets. Recovering data and restoring normal service after a cyber attack is often time consuming and expensive.

A quarter of businesses that fall victim to a ransomware attack experience at least 25 hours of downtime as a result3.

The resulting remediation and compliance costs, and loss of business and reputational damage can prove highly expensive. Studies show that a business may lose 30 per cent of its customers, following the loss of customer data4.

For medium-sized enterprises, the average cost of a successful cyber attack in Australia is $1.9 million5. Many businesses would struggle to afford such an expense.

Security software to keep you safer

Despite the growing threat, over a third of Australian small businesses don’t take proactive measures to protect against cyber attacks. Most (87 percent) incorrectly believe their business is safe because they use anti-virus software alone2.

The good news is that there are simple things businesses of all sizes can do to better protect themselves from cybercrime and fraud.

One way to protect your small business against cybercrime is through the use of effective cyber security software.

Preferential pricing for NAB customers

We’ve partnered with national systems integrator Outcomex to offer all NAB small business customers preferential pricing on Cisco’s enterprise-grade cloud security platform, Cisco Umbrella.

This easy-to-install, low maintenance platform protects business networks and operating systems from a wide range of cyber threats. It ensures employees are only able to access web sites, portals and services deemed safe, blocking them from visiting sites and services linked with malicious activities.

It offers small business customers the same high level of protection afforded to enterprise and government, at a reasonable price, without loss of core functionality.

“Installing Umbrella is as easy as downloading the app and following the prompts,” says Outcomex National Sales Manager Mike van Zoggel. “When complete, the app runs a quick test to ensure the service is active – then you’re done!”

How NAB helps protect your business

“Across Australia and often in regional areas, we see hundreds of small businesses every year that are unfortunately targeted by cyber criminals, through tactics like identity theft, romance scams and invoice fraud,” NAB Chief Customer Officer of Business and Private Banking, Anthony Healy says.

As Australia’s biggest business bank, we’re committed to helping our 400,000 small business customers manage the threat of cybercrime.

“Recent research by PwC suggests cybercrime has become the most disruptive economic crime of the day. We recognise the important role NAB can play in helping our customers better protect their businesses from cyber criminals. We’re delighted to partner with Outcomex to offer a cost-effective solution that can help small businesses safeguard their systems and data,” NAB Chief Security Officer, David Fairman says.

To find out more about NAB’s Cisco Umbrella preferential pricing deal, go to nab.com.au/umbrella

More ways to safeguard your business

For more ways to protect your business from cybercrime and fraud, visit the NAB Security Hub at nab.com.au/security. Our Cyber Security Toolkit designed for small to medium businesses includes information about common threats and practical tips and resources.

Important information

Sources

1 Norton SMB Cyber Security Survey: Australia 2017 (PDF, 1MB)

2 Australian Small Business and Family Enterprise Ombudsman Research Report (PDF, 292KB)

3 Malware Bites: The Second Annual State of Ransomware Report – Australia (PDF, 3.1MB)

4 NAB Cyber Security Toolkit (PDF, 3.48MB)

5 Smart Company: Cyber attacks cost Australian SMEs an average of $1.9 million, but there’s “hidden” costs too

6 PwC 2018 Global Economic Crime & Fraud Survey (PDF, 1MB)

Other important information

NAB is Australia’s Biggest Business Bank according to Monthly Banking Statistics data (combined deposit and lending data (non-financial corporations)) published by the Australian Prudential Regulation Authority as at May 2019.

The information contained in this article is correct as of November 2019 and is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.

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