Protect Your Business: The Essential Eight and Beyond

Does your business have adequate security measures in place to protect it against cybercrime? In Australia, cyber threats are more common and sophisticated than ever before. Malicious software, identity theft, ransomware attacks, data breaches, payment redirection scams, and phishing attacks are amongst the most common crimes.

A recent article in South Australian publication, InDaily, noted the financial loss attributed to inadequate security solutions can be severe. On average, small Australian businesses lose $45,965 and mid-sized companies lose $97,203, with these numbers continuing to rise.

Additionally, many businesses are unable to recover from reputational damage when a malicious source gains access to customers' sensitive and confidential information and can steal data.

Despite these risks, according to a recent survey by the Australian Cyber Security Centre (ACSC) almost half of Australian SMEs report spending less than $500 on cybersecurity each year.

As cyber resilience becomes increasingly crucial for organisations, especially in the context of tendering for contracts, meeting compliance requirements, and securing grant funding, many third-party suppliers are now requesting attestations of an organisation's Essential Eight posture.

This trend highlights the growing expectation for businesses to not only implement the Essential Eight but also to be able to demonstrate their cyber resilience capabilities.

By aligning with these expectations, organisations can enhance their competitive edge, ensuring they meet the stringent cybersecurity standards demanded by both clients and regulatory bodies. This proactive approach not only mitigates risk but also solidifies trust with partners and stakeholders.

To help you understand how to adequately protect your business, we have taken a deep dive into the ACSC’s Essential Eight as a baseline for cybersecurity. 

What is the Essential Eight?

The Essential Eight was developed by the ACSC to help organisations protect themselves against cyber threats, and the possibility of sensitive information being exposed on the dark web.

The set of strategies focuses on three primary objectives: preventing attacks, limiting their impact, and ensuring data availability.

The Essential Eight Core Mitigation Strategies

Preventing Attacks:

Application Control: This strategy allows you to block all applications (including ransomware) from running on any device by default, permitting only those necessary for business operations.

Patch Applications: Regularly patching applications is essential to cover vulnerabilities. This includes identifying missing patches, installing updates within specific time limits, and removing unsupported applications.

Configure MS Office Macros: This measure helps prevent malicious macros from being used against your organisation by controlling and mitigating potential threats within MS Office.

User Application Hardening: This strategy secures applications that frequently interact with the web, such as browsers and PDF software, by implementing hardening configurations, blocking ads, and restricting access to specific sites.

Limiting Attack Impact:

Restrict Admin Privileges: By limiting access to critical applications, files, and data, you can fortify your organisation's defences and ensure sensitive information is only accessible to those who need it.

Patch OS Systems: It is vital to update your operating systems regularly. This involves checking for updates, analysing vulnerability data, and testing patches to ensure they are necessary and safe.

Multi-Factor Authentication (MFA): MFA enhances security by requiring an additional identifier—beyond a password—before granting access to an application or service.

Ensuring Data Availability:

Daily Backups: The Essential Eight mandates regular backups of important data, software, and configuration settings. This includes ensuring that backups are accessible, adaptable, and securely stored.

The Essential Eight Maturity Levels

Entities adopting the Essential Eight can monitor their adherence via a maturity scale, encompassing three tiers:

Level One Maturity: Partial alignment with objectives of mitigation strategy.

Level Two Maturity: Predominantly aligned with objectives of mitigation strategy.

Level Three Maturity: Complete alignment with objectives of mitigation strategy.

Each level can be customised to suit a business's unique risk profile. This allows organisations to identify their current state of compliance and understand the specific efforts required to progress through each level.

The Australian Signals Directorate (ASD), the Federal Government body tasked with safeguarding Australia's national security through cyber intelligence, cybersecurity, and foreign signals intelligence, advises all Australian enterprises to attain Maturity Level Three; ensuring the best defence against malware threats and cyber intrusions.

Why Does Your Business Need the Essential Eight?

The Australian Government recommends that all organisations adhere to the Essential Eight framework regardless of size or location. The strategy is not just a precautionary measure, but the benefits of implementing this framework are significant and wide-reaching, and include:

-Protection against common cyber-attacks.

-Reduction of the impact of security incidents.

-A robust structure for assessing security threats.

-Framework for executing highly efficient yet cost-effective security precautions.

At Comunet, we understand the critical importance of cybersecurity for SMEs. Our cyber security experts can work with your business to develop and implement an effective security strategy that aligns with the Essential Eight framework and beyond.

Our team of cybersecurity professionals will help enhance and improve your organisation's information security structure, ensuring you are well-protected against the ever-evolving landscape of cyber threats.

Contact us today to speak with a cyber expert and together, we will start the journey towards safeguarding your business with our comprehensive cybersecurity solutions.