As the digital landscape grows, so does the risk of cyber threats. SMEs and larger businesses across Australia are prime targets for cybercriminals. A single breach can lead to major financial losses, reputational damage and compliance headaches.
The average self-reported cost of cybercrime per report for businesses was: $49,600 for small businesses, $62,800 for medium businesses and $63,600 for large businesses – Australian Signals Directorate Annual Cyber Threat Report 2023-2024
That is why having the right cyber security framework in place is essential. This article breaks down the most popular frameworks available, highlights their pros and cons, as well as explains which ones make the most sense for business owners looking to protect their operations.
1. The Essential Eight
Created by the Australian Cyber Security Centre (ACSC), the Essential Eight is a practical, no-nonsense framework designed to protect businesses from the most common cyber risks.
Pros:
- Tailored specifically for Australian businesses, making it highly relevant to local threats.
- Provides actionable, easy-to-follow strategies, even for businesses with limited IT resources.
- Helps reduce the chances of a cyber incident before it happens.
Cons:
- Focuses on basic, foundational security measures, so it may not cover more advanced cyber risks.
- Could be seen as too simple for larger businesses with complex IT environments.
Who is It For?
- The Essential Eight is perfect for businesses of all sizes that need to strengthen their cyber security quickly and affordably. If you are looking for a solid foundation, it is a good place to start.
2. ISO/IEC 27001
ISO 27001 is an internationally recognised standard that helps organisations manage their information security. It provides a comprehensive approach to establishing and maintaining an Information Security Management System (ISMS).
Pros:
- Globally recognised, so it boosts credibility and trust, especially if you are working with international clients.
- Covers all aspects of information security, from risk management to specific security controls.
- Helps you stay compliant with various regulations, which can be a huge selling point for clients.
Cons:
- Implementing ISO 27001 can be resource-intensive and may require external expertise, making it a bit of an investment.
- The certification process can take time, so it is not a quick fix.
Who is It For?
- Larger SMEs or businesses with sensitive data (e.g. financial data, intellectual property) will benefit most. If you are looking to expand and need a proven, globally recognised standard, ISO 27001 is a strong choice.
3. Cyber Essentials (UK)
Cyber Essentials is a UK government-backed framework, now adopted by many businesses worldwide, focusing on securing your business against basic cyber threats like malware and hacking.
Pros:
- Simple and cost-effective, it is great for businesses with limited cyber security budgets.
- Focuses on essential, easy-to-implement security measures.
- Offers certification, providing your clients with confidence that you take cyber security seriously.
Cons:
- It is a basic framework and does not cover more advanced cyber threats.
- Limited to protecting against common, everyday risks, so it may not be enough for larger businesses or those with complex needs.
Who is It For?
Perfect for small to medium-sized businesses that need a simple and affordable way to improve their cyber security quickly. If you are just starting out or do not have dedicated IT staff, Cyber Essentials is an easy win
4. NIST Cybersecurity Framework (CSF)
The NIST Cybersecurity Framework (CSF) was developed by the National Institute of Standards and Technology (US) and is widely used globally. It offers a flexible, risk-based approach to managing cyber security across all aspects of a business.
Pros:
- Highly flexible and scalable, which means it works for businesses of all sizes.
- Covers the full cyber security lifecycle, from identifying risks to responding and recovering from incidents.
- Encourages continuous improvement, meaning you are always evolving your cyber security strategy as new threats emerge.
Cons:
- More complex than other frameworks, so it may require more resources to implement and maintain.
- You might need to customise it for your business, which could take time and effort.
Who is It For?
- Best suited for larger businesses or those with more complex IT systems. If you are looking for a comprehensive, long-term cyber security strategy, NIST is an excellent choice.
5. The Australian Privacy Principles (APPs) and Notifiable Data Breaches (NDB)
While not a cyber security framework in the traditional sense, complying with the Australian Privacy Principles (APPs) under the Privacy Act 1988 is essential for any business that collects or processes personal information. The Notifiable Data Breaches (NDB) scheme requires businesses to notify customers and the Australian Information Commissioner (OAIC) if their data is breached.
Pros:
- Ensures you comply with Australian privacy laws, which is critical for any business handling personal information.
- Helps build trust with your customers by demonstrating your commitment to protecting their data.
- Non-compliance can lead to hefty fines and reputational damage, so it is a must for any business dealing with sensitive data.
Cons:
- Focuses more on compliance and reporting rather than proactively preventing cyber incidents.
- Does no cover all aspects of cyber security, so it’s not a standalone solution.
Who is It For?
Absolutely necessary for businesses that handle customer data, especially in industries like retail, finance and healthcare. If privacy is important to your customers (which it should be), this is a must-have.
Which Cyber Security Frameworks Should You Consider?
In addition to the above frameworks, various Acts and cyber security compliances are applicable depending on whether you are a regulated industry and/or whether you carry data directly or indirectly concerning critical infrastructure.
By adopting the right cyber security framework, you are not just protecting your business from cyber threats—you are also building trust with your customers and ensuring long-term success. Start with the basics, and as your business grows, you can scale your cyber security strategy to stay one step ahead of evolving threats.
Cyber Collab’s Cyber Health Check and Essential 8 services help businesses identify benchmark themselves to the most relevant framework. Following any relevant remediation work, or for entities already on the journey to uplifting their cyber security posture, our Penetration Testing and Tabletop Exercise provides valuable feedback as to the effectiveness of the systems, policies and processes in place.
Additionally, Cyber Collab CEO Chris Watson is available for Virtual CISO appointments for those requiring permanent or temporary cyber security project management expertise.
Do not leave cyber security to be a problem until it is a problem. Let Cyber Collab work with your team to ensure that your business is cyber ready—contact us today to book a complimentary appraisal of your needs.