Small businesses can take steps to defend themselves, educate customers
This article was produced in partnership with NAB
Cybercrime is one of the biggest threats posed to Australian businesses and NAB is urging mortgage brokers to be alert to the risks and proactive in protecting data.
In 2023, the Australian government’s Scamwatch agency received more than 300,000 reports of scams, with losses totalling almost $3.1 billion. SMEs are common targets.
NAB Group Economics research shows around three in 10 Australian SMEs have experienced a cyberattack or data breach during the life of their business. Malware, ransomware, phishing, and business email compromise, including invoice scams, were the most common forms of attacks on SMEs.
NAB security awareness manager Laura Hartley (pictured above) said the threat of attacks continued to grow and brokers needed support to keep their businesses and customers safe.
“Brokers are responsible for a huge amount of customer data in addition to their own business information, making them attractive targets for cyber criminals,” Hartley said. “There are practical steps brokers can take to protect themselves and their clients.”
NAB has developed a suite of free training and materials to help brokers protect their businesses.
These include educational materials for employees and customers such as webinars, videos and how-to guides available via the NAB Business Security Hub, as well as a free Microsoft Cyber Security Assessment tool and CrowdStrike software offer for NAB small business customers, which can be found here.
The Australian Cyber Security Centre and Australian government’s ACCC Scamwatch websites have other useful resources.
How brokers can safeguard their businesses
Hartley said there were three essential steps that a broker could take to protect their businesses. These include:
- Implement the Australian Cyber Security Centre (ACSC) Essential Eight – developed by the Australian Signals Directorate, these principles provide baseline cybersecurity mitigation strategies, including multifactor authentication and regular backups.
- Turn on automatic updates – using out-of-date software and operating systems can leave computers and phones vulnerable.
- Learn how to recognise red flags – educate employees and customers to identify suspicious emails, texts and other scams that could compromise security and know who to report them to.
“In addition to being responsible for their own businesses, brokers are trusted advisers to customers. That means they can help educate Australians about cyber security,” Hartley said.
“Brokers can share their own knowledge of cybercrime prevention with customers, and also refer them to resources on NAB’s Cyber Security Hub.”
NAB Economics’ latest Consumer Insights research shows customers Australians have become more proactive about protecting themselves against scams over the past 12 months. Some seven in 10 have ignored phone calls, texts and emails they thought were a scam, while four in 10 aim to educate themselves more about the risks.
NAB has taken action across the bank to better protect businesses and customers.
NAB was the first bank to stop the use of links in unexpected text messages to customers. It has also made it harder for criminals to impersonate bank phone numbers and introduced real-time payment alerts to digital banking.
“These initiatives are having an impact. For example, customers have abandoned an average of $240,000 worth of payments a day since our payment alerts were introduced in March 2023,” Hartley said.
“While the number of reported scam events has increased, losses have reduced thanks to better notifications and greater customer awareness. Our research shows that customers really value these proactive interventions from the bank.”
While the threat of cybercrime and scams has not abated, continuous education, backed up with robust systems and processes can make a difference in reducing the risks for broker businesses and their customers.
Laura Hartley is the manager, group security advisory and awareness for NAB, working with colleagues, customers, and the community to empower them to keep themselves safe online and in the physical world. Hartley is a criminologist specialising in cyber safety and has worked in NAB’s Group Security team for 11. Hartley previously worked in personal, and institutional banking. She has a Masters in Criminology from the University of Melbourne. She started at NAB booking mortgage settlements before joining the 2013 Graduate program.
