The federal government says it will support small and medium businesses to strengthen their cyber security as part of a new national strategy.
The federal government says it will support small and medium businesses to strengthen their cyber security as part of a new national strategy.
Business cyber safety is a key priority under the cyber security strategy released today.
The document identifies concerns over lack of time, resources and expertise from small business owners when it comes to cyber issues, despite an increasing threat of damage and incurred cost.
As a result, the government committed to creating a cyber health-check program, giving business owners educational tools and materials it says will help improve cyber security.
The program will be complementary to the existing $23.4 million cyber wardens program announced in May’s federal budget.
A small business cyber security resilience service will also be established to help small businesses deal with the aftermath of cyber incidents, with tailored support dependent on situation, capability and cyber risk level.
Initiatives protecting businesses and citizens will come at a cost of $290.8 million. A further $143.6 million will be invested in critical infrastructure protections and $129.7 million will go towards regional cyber resilience initiatives.
“We understand the challenges that small businesses face in the complex world of cyber security, but they are not on their own,” Cyber Security Minister Clare O'Neil said.
The cyber strategy follows high-profile data breaches at companies including Optus, Medibank Private, Latitude Financial Services, HWL Ebsworth, Fortescue Metals Group and Dymocks during the past 18 months.
Most recently, freighting company DP World had four Australian port operations closed by a cyber attack.
The strategy’s release comes only a week after a damning report from the Australian Securities and Investments Commission, which found many organisations had limited or no capacity to adequately protect data.
The broader report specifies not only Australia’s need to bolster its cyber security defences but also the opportunity that stems from a cyber security industry in the nation.
It outlines three stages to Australia’s progress: the strengthening of cyber foundations from 2023-2025; the scale of cyber maturity across the Australian economy from 2026-2028; and global cyber security leadership by 2029-2030.
“Millions of Australians have had their data stolen and released online in the past year,” Ms O'Neil said.
“Cyber also presents major opportunities for Australia. The global cyber industry is growing rapidly, and it is here to stay.
“That’s why cyber security must be an urgent national priority.”
