Why This Comparison Matters

Small businesses in Australia face a completely different cybersecurity landscape than they did even five years ago. Modern cyber threats now include ransomware-as-a-service, MFA fatigue attacks, business email compromise (BEC), credential harvesting, remote-access scams, and automated attack kits that require no hacking skill at all.^[1][2][3]

Unfortunately, many Australian small businesses still rely on assumptions or outdated ideas about cybersecurity. These myths create blind spots that cybercriminals are more than happy to exploit. The result is avoidable downtime, reputational damage, financial loss, and in many cases, the business simply never fully recovers.

Myth 1: "We're Too Small to Be Targeted"

This is the most dangerous misconception. Attackers don’t target victims manually. Most attacks against small businesses come from automated scanners searching the entire internet for vulnerabilities, exposed services, weak passwords, outdated software, or misconfigured cloud accounts.^[1]

Myth 2: "Antivirus Is Enough"

Traditional antivirus only detects known malicious files. Modern attacks are often fileless, credential-based, or executed through remote access tools. ACSC specifically warns that relying on AV alone leaves Australian businesses exposed to ransomware and BEC.^[4]

Myth 3: "Cybersecurity Is an IT Problem, Not a Business Problem"

Cybersecurity failures now commonly lead to financial loss, legal exposure, privacy breaches, payroll fraud, invoice scams, and operational disruption. For Australian businesses, cybersecurity is a governance responsibility, not just a technical one.

Myth 4: "We Don't Store Anything Worth Stealing"

Attackers don’t care about the value of your data — they care about the value ofyour access. Stolen credentials can be used to impersonate your business, commit invoice fraud, or pivot into supply-chain targets.^[3]

Myth 5: "We Have Backups, So Ransomware Isn’t a Threat"

Many businesses discover too late that their backups were:

• not tested
• stored on the same network and encrypted with everything else
• missing critical data
• not protected with MFA or immutability

Myth 6: "MFA Is Optional"

Weak or reused passwords remain one of the leading causes of business email compromise in Australia. MFA is now considered a minimum requirement by ACSC and most cyber insurance providers.^[4]

Myth 7: "Cybersecurity Is Too Expensive for Small Business"

The ACSC notes the average cost of a single cyber incident for small businesses is $46,000. Most essential protections — MFA, patching, auditing, DNS security, vendor hardening — cost far less than recovering from a single attack.^[5]

Myth 8: "My Staff Would Never Fall for a Scam"

Most cyber incidents begin with human error. Phishing, invoice scams, remote-access scams, and MFA fatigue attacks all rely on tricking users… and they work extremely well.^[2]

Myth 9: "We Use Cloud Services, So Security Is Their Responsibility"

Cloud providers operate under a shared responsibility model. They secure the infrastructure; businesses must secure:

• passwords
• MFA
• access controls
• data backups
• user permissions
• device security

Myth 10: "Cybersecurity Is a One-Time Setup"

Cybersecurity is an ongoing practice. Threats, tools, and attack methods change constantly. ACSC and ASD specifically warn small businesses that failing to update, patch, and review controls is one of the biggest sources of compromise.^[4]

The Bottom Line

Most cyber attacks succeed because businesses operate on old assumptions. When small businesses understand the real risks — and the myths holding them back — they can protect themselves with practical, affordable measures that significantly reduce their exposure.

Sources & Further Reading

• [1] ACSC Annual Cyber Threat Report (Australia, 2023–2024)
  Explains current cyber threats affecting small and medium Australian businesses.
  cyber.gov.au/cyber-threat-report
• [2] Scamwatch (ACCC) — Scam Statistics
  Data on phishing, remote-access scams, invoice scams, and small-business impacts.
  scamwatch.gov.au/scam-statistics
• [3] AUSTRAC — Business Email Compromise Advisory
  Explains why small businesses are major BEC targets.
  austrac.gov.au/business-email-compromise
• [4] ACSC — Essential Eight Maturity Model
  Lists required controls for Australian businesses and explains AV/MFA limitations.
  cyber.gov.au/essential-eight
• [5] ACSC — Cost of Cybercrime to Small Business
  Average cost of a cyber attack to Australian SMBs: $46,000.
  cyber.gov.au/small-business-cybercrime-costs