How SMEs can secure successful relations with finance providers

Cybercriminals
ID:96176801

Most businesses are well aware of their own cybersecurity responsibilities but still fail to understand the vital importance of ensuring other organisations they do business with are also secure. This is particularly true for financial organisations, which pose an attractive target for cybercriminals. They are starting to pay closer attention to the cybersecurity posture of their partners, large and small. It’s important they have the right security measures in place, or they risk losing business.

Large organisations are magnets for cybercriminals, and none are as attractive as banks. Australian financial institutions are generally very secure but, if the businesses they partner with or purchase from aren’t similarly secure, it could create opportunities for cyber attackers to gain access.

Smaller businesses often don’t have the same stringent security measures as their larger counterparts, whether because they don’t have the resources or because they think their smaller size makes them a less attractive target. But a smaller company that does business with a bank is a perfect target for an ambitious hacker.

Banks are, therefore, increasingly demanding that the businesses they work with validate their security efforts. Smaller businesses looking to work with Australian financial institutions need to ensure they have the right security measures in place to ensure successful engagements and ongoing working relationships.

Businesses looking to work with financial institutions should conduct an assessment of their security measures. Navigating that process can seem daunting to small businesses who may never have had to consider their security posture in such detail before.

Business leaders should be closely involved in the preparations to work successfully with large Australian financial organisations. These preparations should include three key steps:

  1. Know and clearly define your cybersecurity and risk posture.

You should consider the key cyber assets in the business and what parts of the business could put others at risk if cybercriminals gained access.

  1. Find the security gaps within your risk posture and plan to address them.

It’s important to have a planned mitigation roadmap that takes all variables into consideration, rather than a reactive, tactical solution that may risk other parts of the business. Having completed step one, defining your cybersecurity and risk posture, you can quickly identify which gaps you don’t need mitigate.

  1. Budget appropriately.

Business leaders should ensure they have properly budgeted for any mitigation plans and have demonstrable governance to ensure these plans are appropriately delivered.

Smaller businesses looking to engage with financial institutions should seek advice and input from an experienced, trusted partner to help them ensure their security posture is strong, as well as help them understand the process of working with these large businesses.

Alex Morkos, Director, Aleron