Cybersecurity has become a critical concern for small businesses in New Zealand. Recent studies reveal alarming statistics and trends that every business leader should be aware of. Here, we break down the key findings and offer actionable insights to help protect your business from cyber threats.
Cyberattacks Targeting NZ Small Businesses
The cybersecurity landscape for small businesses in New Zealand is increasingly hostile:
• Up to 132,000 NZ small business leaders have been targeted by cyberattacks.
• Among those affected, 29% reported experiencing financial losses due to these attacks.
• Despite the increasing threat, over a quarter of small businesses in NZ have reduced their cybersecurity budgets due to rising costs.
Business Priorities vs. Cybersecurity
Small businesses are currently grappling with the challenge of balancing cybersecurity with other business priorities:
• With consumer spending on the decline, businesses are prioritising revenue-generating activities such as customer acquisition (72%) and client relationships (60%) over cybersecurity (18%).
• While more than half (51%) of small business leaders worry about cyberattacks, a significant number (54%) believe that investing in cybersecurity is too expensive.
Barriers to Cybersecurity Investment
The high cost of cybersecurity solutions is the primary barrier for many small businesses. Other challenges include:
• Lack of knowledge of cybersecurity solutions (34%)
• Lack of knowledge about cyber threats (28%)
• Limited resources (26%)
The Need for Cybersecurity Awareness and Resources
Interestingly, the study found that increased awareness and better resources could drive more investment in cybersecurity:
• 67% of small business owners would invest more in cybersecurity if they were more aware of the risks.
• 65% of small businesses believe they would benefit from simple, easy-to-understand cybersecurity resources.
Take Action: Strengthening Your Small Business’s Cybersecurity
Given these insights, here are some steps you can take to protect your small business:
1. Assess Your Current Cybersecurity Posture: Identify your vulnerabilities and understand where your business stands.
2. Invest in Cybersecurity Training: Educate yourself and your team about cyber threats and best practices for cybersecurity.
3. Prioritize Cybersecurity in Your Budget: Allocate funds specifically for cybersecurity measures, even if it means cutting back in other areas.
4. Leverage Simple Cybersecurity Solutions: Use accessible and easy-to-implement tools to enhance your security.
5. Stay Informed: Keep up with the latest cybersecurity trends and threats to ensure your business is always protected.
Cybersecurity is no longer optional for small businesses in New Zealand. By understanding the risks and taking proactive measures, you can protect your business from potential financial and reputational damage. Remember, investing in cybersecurity today can save you from significant losses tomorrow.