Cyberattacks can be avoided if businesses have the right skills and knowledge. Source: Shutterstock

Cyberattacks can be avoided if businesses have the right skills and knowledge. Source: Shutterstock

National Australia Bank provides cybersecurity training to small businesses

SMALL businesses in Australia are most susceptible to cybercrime. Yet, 87 percent of them believe that they are protected against cyberattacks solely because they have antivirus software installed.

In reality, about 43 percent of small businesses are the target of cybercrimes because they fail to realize that they need to do more safeguard their organization’s network.

National Australia Bank (NAB) Chief Customer Officer – Business and Private Banking Anthony Healy recently said that the bank understood the needs of its clients, and therefore, has proactively taken to educating its customers – small businesses – about cybersecurity best practices.

Considering that the bulk of cyberattacks affect small businesses, NAB has launched a countrywide roadshow to help customers learn about the cyber protection skills they need to acquire.

Healy said that the bank believes it has an important role in educating its customers on the issue given the fact that many fall victim to invoice fraud and other types of scams.

Through NAB’s initiative, small businesses will have the chance to speak directly to experts regarding cybersecurity concerns. Much like any other training, customers will be counseled on the types of threats they might be exposed to and instructions on how to mitigate them.

Invoice scams and ransomware are among common threats faced by small businesses, so instructions entailing the steps to update defense systems through data encryption will be included as well.

Ransomware, in particular, has caused 22 percent of small infected small businesses to shut down operations completely. In fact, the Australian economy is said to lose more than AUD1 billion (US$680 million) annually to cybercriminals.

Another famous threat is identity theft which NAB plans to thwart by urging customers to employ multi-factor authentication to protect their digital identity online.

An estimate of 40,000 small businesses are expected to benefit from the NAB Cyber Security Roadshow which will take place this month. The bank predicts more cybersecurity measures will be in motion as it collaborates with vendors and other partners for the initiative.

Overall, NAB’s efforts are highly valuable, especially at a time where cyberattacks are becoming more and more sophisticated. Fighting cybercrime with education is, of course, the best way forward for the nation’s small businesses.