In Australia and New Zealand, Small and Medium Enterprises (SME) are facing numerous challenges and cybersecurity is one of the prominent challenges in recent years. The recent global pandemic has made cybersecurity more challenging for SMEs as they are forced to move their operations online with little or no warning or training due to health restrictions and government regulations to ensure the safety of lives. SMEs are a critical part of the economy of Australia and New Zealand, contributing over 20% to both of their GDPs. Despite the value they add to the economy, they are facing cybersecurity issues threatening not only their productivity but existence. It is, therefore, important to examine these challenges and provide effective recommendations to policy makers and business owners so that these businesses can stay protected in these challenging times and beyond.