Cyber attacks on small businesses surge; average cost now $49,600, with risks rising and protection becoming essential.

Cyber attacks are increasing, particularly targeting small to medium businesses.

The average cost of a cyber attack for a small business is approximately $49,600, with costs rising by about 8% annually.

Luke Irwin from Aegis Cyber Security recently shared insights into Australia’s cyber security landscape.

Currently, the Australian Cyber Security Centre receives a logged case every six minutes, though many incidents go unreported.

Most cyber attacks on SMBs stem from automated systems and criminal gangs, primarily seeking financial records and personal information to leverage for ransom or data theft.

Small businesses can improve their cybersecurity by training staff through programmes like Cyber Wardens, which offer free awareness training.

For guidance, businesses should conduct gap assessments to understand their current security posture and can access resources from the Australian Cybersecurity Centre and other tech websites.

Basic measures to enhance security include training employees, using complex passwords, and setting up firewalls.

Any improvement is beneficial, as cybercriminals often target the easiest victims.

For support, Luke Irwin from Aegis Cyber Security works with SMEs to address these risks and can be contacted through LinkedIn or aegiscyber.com.au.

From living in a car to Forbes’ “King of Sales,” Adam McCaughey’s journey highlights resilience and entrepreneurial success.

Adam McCaughey, known as the King of Sales by Forbes, shares his remarkable journey from sleeping in a car to building a multi-million dollar business.

His experience in a Michelin star kitchen instilled in him the values of hunger and persistence, but he realised the financial limitations of restaurant work. Observing successful individuals like Tony Robbins, he recognised the importance of sales skills in achieving financial freedom.

Living in his car served as a turning point, empowering him to take risks in business without fear of failure. He emphasises that leadership is crucial for building successful teams and businesses.

McCaughey believes that managing oneself is essential. He advises those wishing to leave their nine-to-five jobs to fully commit to their passions and take risks to succeed.

As he looks ahead, McCaughey aims to scale his business and reach a wider audience while maintaining focus on his goals.

He urges aspiring entrepreneurs to choose between fear and faith, highlighting that taking bold steps can lead to unexpected successes.

For guidance and inspiration, McCaughey encourages followers to engage with his content on platforms like Instagram and YouTube, and he offers insights designed to motivate those working hard to achieve their dreams.

As inflation cools in mid-2025, the Reserve Bank is signalling a shift toward cutting interest rates—a move that could bring welcome relief to households and boost confidence in the broader economy.

For mortgage holders, expectations of lower rates are already influencing repayment strategies, with some opting to refinance in anticipation of reduced costs. A formal rate cut would ease monthly financial pressure, particularly for those on variable loans.

Businesses, too, may benefit from cheaper lending, potentially unlocking investment and expansion plans that had been shelved during the high-rate environment. Increased borrowing confidence could flow through to job creation and stronger economic activity.

But there are risks. Cutting rates too early—especially while other global central banks hold steady—could fuel inflation or put pressure on the Australian dollar. The Reserve Bank’s decisions in the months ahead will be key to balancing recovery with stability.

Dr Steven Enticott is a finance professional, speaker, regular columnist, and author of The Man With A Plan.

For more information www.ciatax.com.au