Cyber Security for SMEs: How Small Controls Can Protect Your Money

Cyber threats are no longer just a concern for large corporates with complex systems and global operations. Today, small and medium-sized businesses are among the fastest-growing targets for cybercrime, including invoice fraud, phishing scams, and identity theft.

Why? Because SMEs often manage valuable financial transactions but may lack the layered security controls of larger organisations. The good news is that protecting your business doesn’t require enterprise-level budgets, it requires awareness, discipline, and a few smart safeguards.

Why SMEs Are Being Targeted

Cybercriminals are opportunistic. They look for businesses that process payments, hold customer data, or manage supplier relationships and SMEs tick all three boxes. Common attack methods include:

• Invoice fraud, where bank details are changed without notice

• Phishing emails impersonating suppliers, clients, or the ATO

• Credential theft, allowing unauthorised access to accounting or banking systems

Even a single successful breach can result in financial loss, reputational damage, and hours of recovery time.

Practical Steps to Strengthen Your Defences

The most effective cyber security strategies are often simple, consistent controls applied across your systems and team.

1. Use Multi-Factor Authentication (MFA): MFA adds an extra layer of protection beyond passwords. Even if login details are compromised, MFA can prevent unauthorised access to accounting software, email, and banking platforms.

2. Secure Devices with Biometric Protection: Using devices with fingerprint or facial recognition reduces the risk of unauthorised access if a laptop or phone is lost or stolen – particularly important for staff who work remotely.

3. Maintain Regular Bookkeeping Reconciliation: Frequent reconciliation helps identify unusual transactions early. The sooner irregularities are spotted, the easier they are to resolve before losses escalate.

4. Always Verify Supplier Bank Detail Changes: One of the most common fraud tactics involves altered invoices. Any request to change bank details should be verified through a secondary channel, such as a phone call to a known contact.

5. Educate Staff on Fraud Awareness: Your team is your first line of defence. Training staff to recognise suspicious emails, unexpected payment requests, and urgency-based tactics can significantly reduce risk.

Cyber Security Is a Financial Issue Not Just an IT One

Fraud prevention isn’t only about technology. It’s about processes, controls, and visibility over your numbers. Strong financial systems make it harder for fraudulent activity to go unnoticed and easier to act when something doesn’t look right.

At Attune Advisory, we regularly work with businesses to review internal controls, streamline processes, and ensure financial data is accurate, timely, and secure. These steps don’t just protect against fraud, they support better decision-making and long-term business health.

Protect Your Business Before a Problem Occurs

Cyber threats are evolving, but proactive businesses can stay one step ahead. By implementing simple controls and maintaining strong financial oversight, SMEs can significantly reduce risk without overcomplicating operations.

If you’d like support reviewing your financial systems, internal controls, or bookkeeping processes, the team at Attune Advisory is here to help.

Give us a call on 1300 866 113 or send us an email to start the conversation – we’ll help you protect what should be protected.

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