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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yord

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Speaker 1: Order Kerni Whoalbury and a waddery woman. And before we

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Speaker 1: get started on She's on the Money podcast, I would

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Speaker 1: like to acknowledge the traditional custodians of the land of

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Speaker 1: which this podcast is recorded on a wondery country, acknowledging

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Speaker 1: the elders, the ancestors and the next generation coming through

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Speaker 1: as this podcast is about connecting, empowering, knowledge sharing and

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Speaker 1: the storytelling of you to make a difference for today

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Speaker 1: and lasting impact for tomorrow. Let's get into it.

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Speaker 2: She's on the Money, She's on the Money. Hello, and

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Speaker 2: welcome to She's on the Money the podcast Millennials who

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Speaker 2: want financial freedom. Guys, as you probably already know, my

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Speaker 2: name is Victoria Devine and I don't have someone here

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Speaker 2: with me today. I have a little solo episode for

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Speaker 2: you today, all about keeping your small business cyber safe.

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Speaker 2: I feel like at the moment, it's another day another

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Speaker 2: high profile data breach Medibank, Canva Optist Latitude. But it's

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Speaker 2: not just big corporations that are being targeted. Literally every day,

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Speaker 2: individuals and small businesses are under attack and these stories

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Speaker 2: just don't make the news because they're not that newsworthy

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Speaker 2: according to the media. As a small business owner myself,

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Speaker 2: this kind of terrifies me, and a cybersecurity attack could

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Speaker 2: literally end my business but also ruin my reputation and

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Speaker 2: hurt my community. But it is so easy to ensure

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Speaker 2: that your business and your community and your customers are safe,

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Speaker 2: and it's something that we all gloss over, right as

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Speaker 2: a small business owner, it is something that we are

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Speaker 2: so good at overlooking because it's always on the back burner.

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Speaker 2: There's always something so much more important to do. But

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Speaker 2: today I really want to chat to you about how

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Speaker 2: to get cyber safe. But first i'm Statskirl, so I

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Speaker 2: have come prepared with a number of stats for you.

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Speaker 2: So research shows that women are not as confident as

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Speaker 2: men when it comes to preparing, managing, and responding to

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Speaker 2: cyber attacks, even though we are less likely to be

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Speaker 2: scammed compared to our male counterparts. I feel like that's

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Speaker 2: the only good thing to come out of that. A

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Speaker 2: survey of more than two thousand small business owners and

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Speaker 2: employees showed that while female business owners are less likely

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Speaker 2: to be scammed compared to their male counterparts, they're not

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Speaker 2: as confident as men when it comes to their general

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Speaker 2: cybersecurity knowledge. And this survey it was part of the

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Speaker 2: Council of Small Business Organization cyber Warden's program A mouthful,

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Speaker 2: but it was developed in partnership with the CBA, so

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Speaker 2: the Commonwealth Bank and Telstra. All right, let's start with

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Speaker 2: arguably the most vital step, and that is passwords. I

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Speaker 2: feel like I'm talking to myself here, one because this

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Speaker 2: is a solo episode, but two because I'm really bad

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Speaker 2: at passwords. They all used to just be one word,

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Speaker 2: and everyone in my entire team used to know that word.

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Speaker 2: If you knew my family, you probably knew that word.

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Speaker 2: It wasn't good. But passwords really are your first line

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Speaker 2: of defense against cyber break ins, and it's essentially the

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Speaker 2: keys to your business. So strong, long and unique passwords

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Speaker 2: make your accounts more secure and are more likely to

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Speaker 2: keep out hackers. But now with the rise of supercomputers

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Speaker 2: and AI having a short and simple password, it means

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Speaker 2: that these are really easy for cyber criminals to crack.

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Speaker 2: Reusing passwords across different businesses or even personal accounts can

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Speaker 2: make you a target for what they call credential stuffing scams.

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Speaker 2: One compromised account is like giving cyber criminals the master

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Speaker 2: key to your entire business, which is really scaring. In

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Speaker 2: really busy small businesses, the temptation to use short, simple

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Speaker 2: passwords and repeat them is a really easy trap to

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Speaker 2: fall into, and one I used to fall into until

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Speaker 2: I learned about this and had to get myself to

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Speaker 2: get If you're doing your best to create secure passwords

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Speaker 2: and then struggling to remember them all, you're not alone.

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Speaker 2: So pass phrases are actually your best line of defense. Now,

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Speaker 2: if you're wondering what a passphrase was. When I first

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Speaker 2: heard passphrase, I was a little confused, so they let

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Speaker 2: me talk you through it. A passphrase are a type

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Speaker 2: of password that are harder for cyber criminals to crack,

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Speaker 2: and they're easy to remember, which makes them an easy

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Speaker 2: cyber safety win. Passphrases are longer, and they actually contain

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Speaker 2: a sequence of really random words, usually four or five

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Speaker 2: of them, and the trick is making sure it isn't

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Speaker 2: a proper sentence, but an easy combination for you to remember.

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Speaker 2: So if you're wondering the how do I create a

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Speaker 2: strong passphrase? A good passphrase generally contains at least four

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Speaker 2: words that are completely unrelated and completely unpredictable, and the

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Speaker 2: best way to generate a passphrase is to choose completely

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Speaker 2: random words, be extra careful, and make sure that they

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Speaker 2: don't contain any personal information. So if you were me,

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Speaker 2: you wouldn't go, all right, well, I'll use my cats

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Speaker 2: and my dog's name and my husband's name, because that

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Speaker 2: is really easy to guess because it's all over the internet.

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Speaker 2: It is not hard to find that information. Many websites

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Speaker 2: now require you to have it a capitalized character, number

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Speaker 2: and symbol, so you could still add this to a passphrase.

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Speaker 2: So you could capitalize random letters, or you could add hashes,

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Speaker 2: or you could add the at sign. You could also

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Speaker 2: spell out numbers instead of just using the number and

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Speaker 2: mix it all up. So that's what I've ultimately done.

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Speaker 2: And the important thing here is that they're not words

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Speaker 2: that are relatable to you. So I haven't used my name,

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Speaker 2: i haven't used my cat's name. I've literally used random words.

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Speaker 2: I've written down four key points that are kind of

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Speaker 2: like pro tips when using passphrases. So let me whip

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Speaker 2: through these really quickly so that we're all on the

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Speaker 2: same page. Number one don't duplicate your passphrases. So what

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Speaker 2: we want to do is ensure that each passphrase for

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Speaker 2: each account is unique and we never double up. Ever,

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Speaker 2: this means that if one does become compromised, you haven't

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Speaker 2: breached all of your accounts. Number two, We're going to

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Speaker 2: keep our passphrases to ourselves, so we're not going to

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Speaker 2: share our log in details with team members. It might

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Speaker 2: save some time and some money, but it honestly increases

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Speaker 2: your cyber risks and it is not worth doing it.

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Speaker 2: Number three is use a password manager to safely store passwords.

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Speaker 2: So this has been a game changer for me. Apps

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Speaker 2: can be used to securely manage passwords for all of

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Speaker 2: your accounts, and using one is going to keep all

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Speaker 2: of your accounts more secure. Number four is add a

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Speaker 2: virtual alarm by pairing passphrases with multi factor authentication. So

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Speaker 2: if your passphrase is ever compromised, multi factor authentication is

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Speaker 2: going to add another layer of security to keep your

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Speaker 2: account protected. And this for me, I thought it was

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Speaker 2: going to be really complicated, but it's not. I have

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Speaker 2: an app on my phone and it guards all of

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Speaker 2: my accounts. It's a simple code. I pop it in

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Speaker 2: and it just makes so much sense in all honesty,

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Speaker 2: I don't know why I didn't do it earlier. Another

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Speaker 2: massive threat to your small business is what's called a

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Speaker 2: bin attack. No, someone doesn't come at you with a

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Speaker 2: willie bin. Unfortunately, bin attacks are happening in Australia and

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Speaker 2: they're increasing year on year. At the end of twenty

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Speaker 2: twenty three, there was an ABC report who talked about

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Speaker 2: a Melbourne based business who had more than fifteen thousand

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Speaker 2: attempted transactions through their online shop in just a space

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Speaker 2: of two months. You're probably wondering what's a BIN. So

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Speaker 2: a BIN is a bank identification number and it refers

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Speaker 2: to the initial sequence of four to six numbers that

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Speaker 2: appears on your credit card. So it's the number used

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Speaker 2: to identify a cards issuing bank or another financial institution.

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Speaker 2: And a BIN attack is when cyber criminals steal BIN

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Speaker 2: numbers and then attempt to generate working cards by guessing

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Speaker 2: the remaining card numbers to check if these card numbers

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Speaker 2: are linked to real cards. Fraudsters they test them on

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Speaker 2: the payment page of your online shop and then if

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Speaker 2: it's a successful transaction, it means they've guessed a winning

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Speaker 2: combination of numbers and then they can start making a

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Speaker 2: heap more fraudulent transactions, which is really scary. So although

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Speaker 2: every bank card has sixteen numbers, it can be relatively

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Speaker 2: straightforward and pretty fast for cyber criminals to cycle through

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Speaker 2: the oldest of numbers that follow the bin in order

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Speaker 2: to make enough correct guesses and find a live card

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Speaker 2: number with accounts attached. So generating thousands of guesses and

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Speaker 2: testing them is actually fairly easy for a cyber criminal

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Speaker 2: thanks to the help of AI and computer bots. The

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Speaker 2: cyber criminal might then use these working card numbers to

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Speaker 2: make transactions themselves, or they might actually on sell those

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Speaker 2: numbers to other criminals to use them for bigger and

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Speaker 2: scarier things. Then, attacks pose two major risks to small businesses.

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Speaker 2: So firstly, they can be really expensive. Depending on the

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Speaker 2: contract with your payment gateway, you might actually be charged

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Speaker 2: for each attempted transaction, so this expense can multiply really

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Speaker 2: quickly if bots and AI are involved and your hit

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Speaker 2: with a really large attack. Secondly, they can be a

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Speaker 2: serious reputation risk when victims starts seeing your store charged

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Speaker 2: on their credit card, which is terrifying because you know

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Speaker 2: that wasn't you it was actually somebody else. So there

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Speaker 2: are multiple signs of a bin attack. And here are

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Speaker 2: some things that you need to look out for. So

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Speaker 2: are you experiencing lots of low value transactions that might

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Speaker 2: be pretty unusual for your business. You might have gotten

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Speaker 2: a heap of notifications that your customer's cards have been

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Speaker 2: declined multiple times. Have you seen the use of international cards,

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Speaker 2: so banking cards consistently from countries that are outside of Australia.

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Speaker 2: Maybe you've experienced a spike in transactions, whether they're attempted

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Speaker 2: and processed in a short period of time and the

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Speaker 2: same card number being used for multiple transactions. You might

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Speaker 2: also have noticed strange transactions outside your normal customer behavior.

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Speaker 2: So you might see things at three am in the morning,

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Speaker 2: for example, when all your normal transactions generally take place

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Speaker 2: between twelve pm and eleven pm. Or you might have

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Speaker 2: seen an unusually significant increase in transaction fees from your bank.

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Speaker 2: The final thing I want you to watch out for

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Speaker 2: is a really unusual spike in customers disputing payments. If

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Speaker 2: a group of customers all notice that their cards have

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Speaker 2: successfully been used on your website, they might contact you,

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Speaker 2: or they might just go direct to their bank and

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Speaker 2: dispute the payment because they go, well, this is fraudulent,

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Speaker 2: and process a refund or a chargeback. So these are

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Speaker 2: things that I need you to be looking out for.

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Speaker 2: And any small business with an online presence that accepts

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Speaker 2: payments over the internet is ultimately at risk. And this

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Speaker 2: includes me and I don't even have physical products. So

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Speaker 2: the best thing that you can do is actually set

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Speaker 2: yourself up with a payment processor that can identify these

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Speaker 2: types of attacks. So when you're searching for this type

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Speaker 2: of service for your online shop, I really need to

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Speaker 2: make sure that you're reading through what they offer in

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Speaker 2: regards to fraud prevention. Some processors may offer multiple additional

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Speaker 2: layers of protection, requiring customers to type in a capture

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Speaker 2: three D secure and the rate limit that you can

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Speaker 2: easily implement on your website. And I've got a few

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Speaker 2: points that I've written down here, so bear with me,

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Speaker 2: my friends. So what these processes are going to do

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Speaker 2: is check transactions are real and not a robot. This

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Speaker 2: means that you're making sure that genuine customers can make

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Speaker 2: their purchases, but a scammer using software to test various

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Speaker 2: credit card numbers might not be able to get through.

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Speaker 2: Adding a capture is one way that you can do this.

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Speaker 2: So then we're going to want to limit transactions and

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Speaker 2: set alarms for large transaction volumes. A rate limit actually

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Speaker 2: prevents the number of new customers who can be created

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Speaker 2: from a single Internet addressing one day, which is really

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Speaker 2: important if you're a small business where a customer only

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Speaker 2: places maybe like one or two orders. A rate limit

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Speaker 2: is a really sensible option and isn't going to impact

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Speaker 2: your genuine customers because what type of customer is creating

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Speaker 2: lots and lots of different accounts from the same Internet

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Speaker 2: address right. What it's going to do for you is

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Speaker 2: ensure that a scammer can't process hundreds or even thousands

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Speaker 2: of purchases through your website, which protects you and your consumer.

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Speaker 2: And then the next thing you want to do is

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Speaker 2: turn on a virtual alarm for online payments. Are you

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Speaker 2: familiar with multi factor authentication for your online accounts? When

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Speaker 2: you try to log in, you might have to enter

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Speaker 2: like a code or a one time password to double

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Speaker 2: check it's you. I mention before that I've got an

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Speaker 2: app on my phone that lets me get into everything.

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Speaker 2: And when I say everything, I mean everything. If I

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Speaker 2: can multi factor authenticate something. I have my Facebook, my Instagram,

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Speaker 2: obviously my bank, but also more recently I was able

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Speaker 2: to multifactor my pet food ordering company. So we are

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Speaker 2: going hard on this because it's so important, and to

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Speaker 2: be honest, my credit card details are where my pet

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Speaker 2: food is ordered, so I don't particularly want anyone jumping

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Speaker 2: into that. And business is. You can do the same

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Speaker 2: for all online payments. Its official name is three D

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Speaker 2: Secure or three DS, but it works really simply when

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Speaker 2: a customer's card is attempted to be charged, they will

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Speaker 2: have to verify that you're the one trying to make

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Speaker 2: a payment. Think of it like turning on a virtual

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Speaker 2: alarm to online payments, which I think is really smart.

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Speaker 2: Now let's go to a really quick break, because I

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Speaker 2: feel like I have been talking underwater with a mouthful

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Speaker 2: of marbles. So I'm gonna grab a coffee, and when

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Speaker 2: we get back, i'm gonna give you my top four

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Speaker 2: security tips for small businesses, and we're going to be

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Speaker 2: talking about how to pimp your passwork. So don't go anywhere,

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Speaker 2: all right, guys, we are back, and I did promise

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Speaker 2: that I would give you my top four security tips

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Speaker 2: and in a minute, I'll get to how to pimpy

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Speaker 2: a password, but calm down, we actually need to get

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Speaker 2: through these top four security tips first. So number one,

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Speaker 2: I need you to make sure that you don't ignore

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Speaker 2: software upgrades. I am always clicking the button that says

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Speaker 2: remind me later, and it's really easy to do that

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Speaker 2: when pesky software updates pop up on your phone or

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Speaker 2: computer screen. Literally I have only just updated my iPhone

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Speaker 2: and it has been months since the last update came out,

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Speaker 2: and that is honestly not good enough. I also feel

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Speaker 2: like whenever my computer needs an update, it always pops

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Speaker 2: up at the most inopportune time. I'm jumping into a

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Speaker 2: Teams meeting in my computer's like, oh hey, they good

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Speaker 2: time to update your computer, and I always hit remind

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Speaker 2: me later. But what you're gonna do if that happens

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Speaker 2: is just set a little reminder on your phone so

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Speaker 2: that you can come back to it. Software updates often

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Speaker 2: contain really important patches or fixes for secure flaws in

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Speaker 2: your operating system or software, so what we need to

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Speaker 2: do is make sure that they're always up to date.

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Speaker 2: Cybercriminals know about these weaknesses, and they know how to

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Speaker 2: exploit them. It's why your software company wants to update

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Speaker 2: them because they've identified them as well, and usually it's

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Speaker 2: through a breach. So updating your software can close the

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Speaker 2: gaps to make it harder for cyber criminals to break

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Speaker 2: into your business, which is a win for everyone. And

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Speaker 2: cyber criminals, let's be honest, they're quite intelligent. I mean

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Speaker 2: I wish that they would use their intelligence for better

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Speaker 2: but they don't. But they know this and they attempt

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Speaker 2: to impersonate these trusted organizations to scam small businesses. So

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Speaker 2: always check who is sending you this notification. Is it

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Speaker 2: an email, Is that a trusted email? If it's a

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Speaker 2: text message, make sure you're trusting where this is coming

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Speaker 2: from before you action anything. In fact, across my entire life,

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Speaker 2: I have decided to never click a link in a

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Speaker 2: text message ever again, and I think that most businesses

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Speaker 2: are on board with this nowadays. I know the banks

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Speaker 2: are jumping up and down about how do not click links?

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Speaker 2: We would never send you a link, We would never

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Speaker 2: do that to you. So I feel like, if you

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Speaker 2: want my business, you will not send me a link.

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Speaker 2: You'll say, go to my website. I know your website.

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Speaker 2: Oh key it in myself. Thank you. The second thing

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Speaker 2: we're going to do is use multi factor authentication on

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Speaker 2: your devices. So, as I said before, I'm obsessed with this.

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Speaker 2: I have it now. It does make me feel a

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Speaker 2: lot safer. Multi factor authentication is an added layer of

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Speaker 2: security for your accounts that makes it so much harder

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Speaker 2: for hackers to break in. Using multi factor authentication means

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Speaker 2: that anyone who wants to log into your account is

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Speaker 2: going to need to supply additional information in addition to

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Speaker 2: your username and password, and some accounts use a unique

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Speaker 2: text message. Well others will suggest to use an authenticator app,

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Speaker 2: so I use both. But I think it's really important

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Speaker 2: that you're implementing these things. I told you that i'd

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Speaker 2: tell you how to pimp out your password. So new

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Speaker 2: financial year knew me, but also new password babe. The

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Speaker 2: new financial year is a great time to wipe the

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Speaker 2: slate clean with old passwords and usher in some new,

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Speaker 2: stronger ones week. Passwords, especially those used across multiple accounts,

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Speaker 2: are one of the biggest risks to cybersecurity for small businesses.

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Speaker 2: As I mentioned before, a password manager can help you

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Speaker 2: create strong passwords and then save them in a really

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Speaker 2: secure place, meaning you don't need to remember them all

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Speaker 2: for your accounts. They're in your password manager, which is

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Speaker 2: completely protected. And then four, what we're going to do

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Speaker 2: is back up our business. You back yourself in business.

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Speaker 2: You need to back your actual business when it comes

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Speaker 2: to protecting it from a cyber attack. What will you

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Speaker 2: do if your small business was the victim of a

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Speaker 2: cyber attack and your critical business information couldn't be recovered.

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Speaker 2: There's a few things here, right. Let's pretend that someone

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Speaker 2: attacks your business. You lose a heap of money, and

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Speaker 2: the bank refunds all of your money. Fantastic money win. However,

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Speaker 2: what about your reputation. I know that companies who have

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Speaker 2: experienced these types of breaches lose a lot of customers.

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Speaker 2: And they don't just lose customers because it happened to them.

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Speaker 2: They lose customers because the reputation that they were safe

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Speaker 2: makes people really, really worried. So it is so much

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Speaker 2: more important than just worrying about the financial loss. A

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Speaker 2: loss as important as business and customer data could be

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Speaker 2: completely devastating for any small business, and a really good

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Speaker 2: way to help protect yourself from that loss is to

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Speaker 2: make a plan to regularly back up your critical business

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Speaker 2: information either through an external storage drive or in the cloud,

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Speaker 2: or if you're me, you do both because you have

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Speaker 2: anxiety while you make up a backup plan. It's a

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Speaker 2: really good time to consider making an emergency plan in

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Speaker 2: the event of a cyber attack. A sound emergency plan

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Speaker 2: will outline how staff should report a suspected cyber incident,

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Speaker 2: who would you contact for help, and how would you

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Speaker 2: communicate any incident to customers or stuff, and how would

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Speaker 2: you manage if critical systems are then offline for any

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Speaker 2: period of time. An emergency plan sounds a bit silly,

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Speaker 2: but it can actually help you feel in control and

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Speaker 2: recover quickly in the event of a cyber threat or incident.

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Speaker 2: The other thing I would say here is how do

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Speaker 2: you educate your consumer in advance? So I know, because

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Speaker 2: I own a mortgage broken company and we deal with

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Speaker 2: money every single day, that at the bottom of our

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Speaker 2: emails we are always letting customers know. It's literally in

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Speaker 2: our email signature that we will never ask you via

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Speaker 2: email to transfer funds. If we ever send you bank

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Speaker 2: codes BSB and account numbers to deposit money, it is

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Speaker 2: not us because we would never do that. And I

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Speaker 2: think that educating your consumer upfront is going to mean

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Speaker 2: that you're protecting yourself as well as you can. Now,

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Speaker 2: I feel like that was a lot, because it is

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Speaker 2: a lot. Cybercrime is sadly on the rise, and I

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Speaker 2: think it's so important to keep your small business cyber safe.

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Speaker 2: It is something that has slipped to the wayside for

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Speaker 2: a long time for me and now is not, thank God,

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Speaker 2: But I think it's really important that you take it

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Speaker 2: seriously as well. To me, one of the things that

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Speaker 2: stopped me was it felt like an overwhelming admin task.

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Speaker 2: So if you're going to do it, set some time

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Speaker 2: aside and get it done, because it's one of the

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Speaker 2: most important things that you do for your business. But friends,

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Speaker 2: I know I have talked a lot about this. I'm

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Speaker 2: happy to continue the conversation, but unfortunately when it comes

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Speaker 2: to podcast time, that is all we have time for today.

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Speaker 2: So if you'd like to chat more about this, we

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Speaker 2: can jump into the Business Bible Facebook community. You can

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Speaker 2: join us on Instagram. Obviously, we're a community that shares

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Speaker 2: our business and money tips and tricks every single day

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Speaker 2: free of judgment. So so she's on the Money or

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Speaker 2: the Business Bible on Facebook and join us if Facebook's

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Speaker 2: not your thing though, She's on the Money aus so

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Speaker 2: don't forget to join the conversation and I will see

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Speaker 2: you next time, hopefully for another solo episode. The advice

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Speaker 2: shared on She's on the Money is general in nature

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Speaker 2: and does not consider your individual circumstances. She's on the

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Speaker 2: Money exists purely for educational purposes and should not be

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Speaker 2: relied upon to make an investment or financial decision. If

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Speaker 2: you do choose to buy a financial product, read the

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Speaker 2: PDS TMD and obtain appropriate financial advice tailored towards your needs.

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Speaker 2: Victoria Divine and She's on the Money are authorized representatives

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Speaker 2: of Money sherper P t y lt D A b

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Speaker 2: N three two one six four nine two seven seven

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Speaker 2: zero eight AFS L four five one two eight nine