A strong cyber security strategy is now a necessity for Australian businesses. This is the only way to guard against the rising tide of cyber threats targeting the accounting and construction sectors.
From ransomware to phishing scams, attackers can come in many forms, and accounting and construction businesses are often the most vulnerable. Supply chain attacks and data breaches are growing alarmingly, making proactive defence more important than ever.
In this blog, we’ll explore the essential cyber security strategies that can help safeguard your business assets and ensure compliance in sectors where sensitive data is a constant target.
Breaking Down Cyber Security Strategies
A cyber security strategy is a structured plan that outlines how a business will defend itself against online threats.
For businesses in the accounting and construction sectors, it must go far beyond basic perimeter defences.
An effective action plan should include:
- Risk identification and assessment – understanding where your vulnerabilities lie.
- Policy development and governance – defining clear protocols and accountability.
- Technical safeguards and tools – such as endpoint protection, encryption, and monitoring systems.
- Employee awareness and access control – ensuring staff are trained to recognise and respond to threats.
- Incident response planning – preparing for fast recovery when breaches occur.
These elements form the foundation for resilient cyber security management strategies that protect sensitive financial data, project information, and business continuity.
For practical steps to improve your security, see our guide on Building a Strong Cyber Security Foundation.
Key Cyber Security Strategies to Protect Your Business
Before exploring individual defence measures, it helps to understand how Australia is approaching cyber resilience at a national level.
Australia’s national Cyber Security Strategy 2023–2030 outlines how the government, industry, and communities will work together to make the country a world leader in cyber resilience by 2030.
It focuses on prevention and rapid threat detection, encouraging businesses to strengthen risk management and governance while partnering with trusted providers.
These national priorities provide the foundation for every organisation’s cyber security strategy, particularly for small and medium-sized firms in accounting and construction.
Risk Assessment and Management
In industries where sensitive financial and project data is constantly in play, minor breaches can escalate into major problems. According to the ACSC Annual Cyber Threat Report 2023–24, small and medium accounting and construction businesses reported over 94,000 incidents in a single year. This was a 23% increase compared to the previous reporting period.
A structured cyber security risk and strategy approach evaluates potential threats and implements proportionate controls. This gives leaders clarity on where to invest, helping prevent costly incidents before they strike.
Practical steps include:
- Conducting a formal risk assessment at least annually, with updates after major projects or system changes.
- Prioritising risks by potential business impact, not just likelihood.
- Documenting controls and assigning accountability to senior staff.
- Reviewing third-party vendor access to ensure supply chain risks are managed.
To better understand the risks facing the professional services, explore our article on the Top Cyber Security Threats Targeting Architects in 2025.
Employee Cyber Security Awareness and Training
Human error causes 30% of breaches, which is why cyber security awareness and training are critical to ensure your people don’t fall into the same trap.
Training equips staff to recognise phishing attempts and respond appropriately to suspicious activity. Regular awareness programs also build a security-first culture, closing off the human vulnerabilities that attackers most often exploit.
Practical steps include:
- Running simulated phishing exercises to test employee readiness.
- Delivering short, recurring training sessions rather than one-off workshops.
- Establishing clear reporting channels for suspicious emails or incidents.
- Reinforcing best practices around password management and multi-factor authentication.
To see how awareness ties directly into risk management and financial resilience, read Cyber Insurance: Why Construction Firms Need It in 2025.
Implementing Technical Controls
Strong technology underpins every effective plan. Firewalls, encryption, endpoint protection, and monitoring tools form the first line of defence. But technology alone isn’t enough.
These technical and procedural measures align closely with the government’s recommended baseline for cyber resilience.
The Australian Cyber Security Centre’s (ACSC) Essential Eight outlines eight mitigation strategies proven to reduce the likelihood and impact of cyber incidents.
These include measures such as multi-factor authentication and patch management, which align closely with the proactive steps outlined below.
Practical steps include:
- Enforcing multi-factor authentication across all critical systems.
- Encrypting sensitive financial and client data at rest and in transit.
- Using endpoint detection and response (EDR) tools to monitor suspicious behaviour.
- Regularly patching and updating software to close known vulnerabilities.
Developing Mitigation Strategies
Effective mitigation strategies combine structured response planning with targeted technical measures.
For example, some accounting and construction firms adopt a just-in-time (JIT) access model, where elevated user privileges are granted only when required. This limits the exposure of sensitive systems during an attack and makes it easier to contain unauthorised activity.
Other mitigation practices include segmenting networks to isolate compromised systems quickly and maintaining secure offline backups to enable fast recovery. The goal is to create a layered plan that prevents a single point of failure.
However, even with strong prevention in place, every business must plan for the possibility of a breach.
Incident Response and Recovery Planning
No business can eliminate risk entirely, which is why having an incident response plan is non-negotiable. Effective planning ensures threats are detected, contained, and resolved quickly.
Regular rehearsals strengthen organisational resilience and improve recovery outcomes. This preparation directly safeguards continuity, minimises financial loss, and supports regulatory obligations.
Practical steps include:
- Developing a documented incident response policy tailored to your business’s working environment.
- Assigning clear roles and responsibilities for executives, IT staff, and external partners.
- Running tabletop exercises and simulations to test readiness.
- Reviewing and updating your plan after each incident or major IT change.
Learn more about practical response measures in our article on Why Incident Response is Better with Microsoft Sentinel.
Regulatory Compliance and Cyber Security
Compliance is a legal obligation. Regulations like the Privacy Act 1988 and APRA CPS 234 mandate that businesses take reasonable steps to protect sensitive data.
The Privacy Act, overseen by the Office of the Australian Information Commissioner (OAIC), governs how personal and client information is collected, stored, and used. It applies to most professional services firms that manage or store identifiable client information.
APRA CPS 234, issued by the Australian Prudential Regulation Authority (APRA), sets out information security standards for financial institutions and related entities — including accounting firms that manage regulated financial data.
While only regulated financial entities fall directly under APRA’s supervision, adopting its information security principles demonstrates due diligence and builds client confidence across all professional services.
Leveraging Cyber Security Services and Insurance
Partnering with specialised cyber security and insurance providers gives construction and accounting businesses access to expertise and resources that are often difficult to maintain in-house.
Managed cyber security services deliver proactive monitoring, rapid incident response, and tailored advice to reduce risks. Cyber insurance also plays a role in financial protection, covering losses that may arise even with the best cyber security management strategies in place.
For many businesses, insurance provides an added layer of financial protection. To learn more about coverage options, see our blog Cyber Insurance: Do You Need It?
Strengthen Your Next Steps in Cyber Security
Building a comprehensive cyber security strategy remains critical for businesses handling sensitive data and regulated information.
By focusing on risk assessments, awareness training, technical defences, and incident response planning, SMBs in accounting and construction can better protect themselves.
Take the next step by speaking with Steadfast Solutions about:
- Assessing your current security posture with a cyber security consultant.
- Tailoring a cyber security strategy action plan to your industry.
- Accessing ongoing IT support to keep pace with new threats.
Contact Steadfast Solutions today to ensure your business is prepared, compliant, and resilient against what’s coming next.
Frequently Asked Questions
What is a cyber security strategy?
A cyber security strategy is a structured plan that defines how an organisation will protect its data, systems, and networks from threats. It includes policies, training, and technical controls to reduce risks.
How can SMBs mitigate cyber security incidents?
SMBs can adopt layered defences, conduct regular risk assessments, and use cyber security mitigation strategies to prepare for and respond to attacks. Awareness training also plays a major role.
Why is employee awareness critical in cyber security?
Employees are often the first line of defence. A robust cyber security awareness strategy reduces human error and helps staff detect threats early, preventing costly breaches.
How does the Australian cyber security strategy impact my business?
The Australia cyber security strategy sets out national priorities for protecting businesses and individuals. By aligning with these guidelines, SMBs can strengthen compliance, resilience, and trust.
