The Australian government has announced the launch of the Small Business Cyber Resilience Service this week. This initiative is a key component of the 2023–2030 Australian Cyber Security Strategy and is backed by the Albanese government’s $60 million investment to enhance the cyber resilience and capabilities of small businesses.
Delivered by IDCARE, the service will offer free, tailored one-on-one support to help small businesses navigate cyber challenges, enhance their cyber resilience, and recover from incidents. This initiative is expected to benefit Australia’s 2.5 million small businesses.
In addition to this, the government is investing $23.4 million in the Cyber Wardens program, $7.2 million to establish a voluntary Cyber Health Check program, and $18.6 million in the Digital Solutions program.
In Australia, small businesses are prime targets for cybercriminals due to their relatively weak infrastructure and limited resilience. The average cost of a cyberattack on small businesses is estimated at $46,000, a substantial burden considering their limited ability to absorb financial losses and the accompanying reputational damage. The Australian Cyber Security Centre reported nearly 94,000 incidents of cybercrime in the 2022/23 fiscal year alone.
Otonata recommends small businesses take proactive steps to improve their cybersecurity by leveraging available services.
