The importance of cybersecurity cannot be overstated, especially for businesses in their early stages. Start-ups, by nature, are more vulnerable to cyber threats and cyber criminals because they have limited resources and little to no cybersecurity practices. Hackers are aware of this and may target start-ups hoping to steal sensitive data.

Your start-up may be subject to malware, phishing attacks, and data breaches. Expenses associated with a data breach can extend for months or even years, and these are expenses that companies do not anticipate when planning their budgets.

The Australian Cyber Security Centre (ACSC) acknowledges that Australian small to medium enterprises (SMEs) operate in a different environment compared to larger enterprises, with 97% of Australian businesses having less than 20 staff (Australian Cyber Security Centre, 2022) Managing competing business priorities with fewer resources, Australian small businesses require specific advice to better defend themselves from ever present cyber security threats.

On average, there is a cyber-attack every 10 minutes in Australia, with 43% of these attacks targeting SMEs.

Despite the frequency of cyber-attacks, cybersecurity is almost non-existent in a lot of startup/ SMEs businesses. Most startups invest their resources and budget in technology development, sales, and marketing, and overlook the importance of cybersecurity, leading to a lack of protection of their assets and work environment.

In other words, by not having a cybersecurity strategy in place, not only do you put yourself at risk of hackers who pose a threat to your data acquisition and integrity but also to your company's reputation and your customer's personal information.

These threats can be costly and disruptive, and data breach/cyber-attacks may be significantly more than you think, according to the latest report by IBM. The technology firm found that the average data breach in 2023 cost companies a record $4.45 million. This figure includes direct costs that are easily measured, such as fines or lawsuits, non-compliance penalties, as well as indirect costs, such as reputational damage which can have serious and long-lasting financial impacts.

Investing in cybersecurity early on can save start-ups a lot of time and money in the long run. You can prevent them by setting up a robust cybersecurity framework, educating staff on cybersecurity best practices, and carrying out regular security audits.

Regulatory requirements are becoming stricter, and so are consumer expectations.

Protecting your organization and scaling it up requires investing in cybersecurity. Security isn't just about protecting data, but also about acquiring clients, accelerating market growth, and building public and client trust, which will serve as the foundation for future business growth.