$41.6m Cybersecurity Boost for SMBs

With Australian cybercrime witnessing a year-on-year increase of 23% and the costs incurred to businesses from these attacks rising by 14%, the need for robust cybersecurity measures has never been more pressing. Recognising this urgency, the Albanese government has recently announced a $41.6 million investment, as part of the 2023–2030 Australian Cyber Security Strategy, marking a step in reinforcing the cybersecurity of small and medium businesses (SMBs).

A Milestone for SMB Cybersecurity

This investment, announced by Minister for Home Affairs and Cyber Security Clare O’Neil, could prove to be a game-changer for small businesses, which form 97% of all Australian businesses.  

What Does This Mean for Your Business?

The investment includes several key initiatives:

• Voluntary Cyber Health-Check Program: A $7.2 million allocation towards this program allows businesses to conduct a free self-assessment of their cybersecurity maturity. It's not just an assessment; it comes bundled with educational material and tools to enhance your cyber safe skills.
• Small Business Cyber Resilience Service: With an $11 million investment, this service aims to help SMBs defend against cyber threats, mitigate damage, and recover faster.
• Sophisticated, Third-Party Assessments: For SMBs with higher risk exposure, the government is offering more in-depth assessments, helping businesses understand and fortify their cybersecurity posture.  

How We Can Help

Understanding and implementing these new cybersecurity measures can be overwhelming. If you’re an SMB looking to unpack the results of your free cybersecurity assessment or seeking to enhance your cyber defences, we at The Virtual IT Department, are here to assist. Our team of experts can help interpret your assessment results, guide you through the necessary steps to improve your cybersecurity posture, and ensure you make the most of the government's new initiatives.

Conclusion

As we move towards becoming ‘the most cyber secure nation by 2030’, as said by Minister O’Neil, these measures by the Australian government are a leap forward in protecting the backbone of our economy - the small and medium businesses.