Australia’s cyber security watchdog says cybercrime reports are increasing and malicious cyber activity continues to pose a risk to every Australian, including small businesses.¹

The Australian Cyber Security Centre (ACSC) reports that in the 2023-24 financial year, the average cost of self-reported cybercrime for small businesses was $49,600, an 8% increase on the previous financial year.²

ACSC says the cyber threat to businesses is constantly evolving with Australian businesses holding either customer data or proprietary knowledge, making attractive targets for cybercriminals.

ACSC reports that the most common cyber threats for businesses include:

• Online banking fraud
• Email compromise
• Business email compromise fraud.

What you can do

There are many simple and inexpensive measures businesses can use to improve security. As a starting point, we recommend:

• Activating multi-factor authentication (MFA)
• Applying all software updates
• Avoiding password reuse
• Asking: is this a phishing email?

Learn more about cyber security for small businesses.

How to spot a scam

Financial scams cost Australians almost $346 million between January and March 2024.³

So how do you spot a scam? Common signs can include:

• It’s an amazing opportunity to make or save money
• Someone you haven’t met needs your help – and money
• The message contains links or attachments
• You feel pressured to act quickly
• They ask you to pay in an unusual or specific ways
• They ask you to set up new accounts or PayIDs.

Source: ACCC Scamwatch, Ways to spot and avoid scams.

How Beam keeps super information safe

3rd party certification

Beam’s information security management system has been certified by a third-party to ensure security controls are in place and operating effectively.

All your data in one place

Beam works within your payroll platform, meaning all your super payments information is recorded in one place.

Say goodbye to third party portals

Beam removes the need to make contributions through third-party portals so there’s no more exporting and uploading sensitive information.

More help to stay safe

The Australian Signals Directorate offers resources that can help keep you safe from cyber security threats.

Learn more

Important information

This is general information. It’s not based on the specific objectives, financial situation or needs of your business. So think about those things and read the Product Disclosure Statement before you make any decision about our products. Contact us or your payroll provider for a Product Disclosure Statement (PDS).

Beam is issued by Precision Administration Services Pty Ltd (Precision) (ABN 47 098 977 667, AFSL 246 604). Precision is wholly owned by Australian Retirement Trust Pty Ltd (ABN 88 010 720 840, AFSL 228 975), trustee of Australian Retirement Trust (ABN 60 905 115 063).

1. Australian Signals Directorate, Cyber Security Awareness Month 2024, accessed 11 November 2024 ↩︎
2. Australian Signals Directorate, Annual Cyber Threat Report 2023-24, accessed 21 November 2024. ↩︎
3. Media Release, 21 May 2024, ACCC Scamwatch, National Anti-Scam Centre reports on third quarter and first fusion cell, at scamwatch.gov.au ↩︎

Back to Knowledge Hub