Cyber Security - implications for small businesses

Cyber security: Potentially a serious issue for small businesses:

The most common types of threats include Malicious Software (Malware), Scamming Emails (Phishing) and Ransomware.  The consequences from a Cyber security incident can be significant.  It could be the loss of critical business information, loss of productivity, or even complete shutdown for periods of time until the issue is resolved.

The Australian Government Cyber Security Centre (ACSC) provides resources and checklist for individual & families, small & medium businesses, and organisations & critical infrastructure providers.  For more information, please refer to their website at Small Business Cyber Security Guide | Cyber.gov.au.

Importantly, businesses operating in Australia are governed by Data Breach Notification Law:

The Data Breach Notification Scheme in Australia requires organisations covered by the Privacy Act 1988 to notify affected individuals and the Office of the Australian Information Commissioner when a data breach involving personal information is likely to result in serious harm and where the organisation hasn’t been able to prevent or mitigate the likely risk of serious harm with remedial action. In essence this requires all data breaches to be disclosed.

If your business is operating in Australia and you suffer a data breach, please do not hesitate to contact us for confidential guidance on both your minimum obligations under the law and the best commercial approach you can adopt to protect your business. Email j.brewster@baumgartners.com.au.

Further reading:

• Loans and gifts received from overseas entities
• Trends - Cyber Security
• Tax implications for individuals when moving to Australia - part 2
• Tax implications for individuals when moving to Australia – part 1

About Baumgartners:

Baumgartners, Alliott Global Alliance's accounting member firm in Melbourne, Australia, is an entrepreneurial firm of Chartered Accountants, Chartered Tax Advisers and strategic business experts who truly believe in building successful relationships. They are an energetic and passionate firm of professionals with a breadth of technical expertise. Combined with real business experience, this sets them apart from the rest.

Their practice is growing rapidly because of their genuine approach to client service, the exceptional results achieved, and emphasis on people and relationships. An integrated full-service approach to strategic planning and a broad range of services provided, from accounting and taxation through to business consulting, superannuation, growth and wealth management strategies, financial planning, asset protection and risk minimisation strategies.