The Federal government has announced the launch of its new Small Business Cyber Resilience Service, which will allow small-business owners and staff access to free “tailored, one-on-one” assistance in the event of a cyber incident or related threats.
The new service was launched as part of the 2023–2030 Australian Cyber Security Strategy as well as of the government’s $60 million investment to bolster the cyber resilience and capabilities of small businesses.
“We are enormously grateful for this investment from the federal government into cyber resilience for small businesses,” said Dr David Lacey, managing director for IDCARE, the agency running the new service.
“These are the people who have taken a risk and put their blood, sweat and tears into their idea, which forms the backbone of the Australian economy. Being able to further assist these small businesses with their cyber resilience is vitally important, and we look forward to providing tailored assistance,” Lacey added.
Small businesses have long been a favoured target demographic of cyber criminals due to their lack of cybersecurity budget and knowledge. According to Accenture’s Cost of Cybercrime Study, 43 per cent of cyber-attacks targeted small businesses. Additionally, 48 per cent of small to medium businesses (SMEs) spent under $500 a year on cybersecurity.
Another report by the Australian Cyber Security Centre said that in the 2022–2023 financial year, 94,000 cybercrimes were reported, with the average cost of recovery at $46,000.
“I know how critical it is for Australia’s small businesses to have the help they need to prevent and recover from cyber incidents,” said Julie Collins, Minister for Small Business. “Cyber crimes can have devastating impacts for small businesses, with the average cost of a cyber incident around $46,000.”
Collins added that the new Small Business Cyber Resilience Service is one of the ways the government is helping Australia’s 2.5 million small businesses.
“The government’s Small Business Statement outlines more than $640 million in targeted supports for small businesses to ease pressure, support small businesses to grow, and level the playing field,” she said.
